Midland Credit Management

[Anonymous]

Hi everyone!

So, after all my hard work, it seems Midland Credit Management has decided to buy a debt from an old CC that was set to fall off my reports in April of this year.  After receiving the "settle letter" two weeks ago, which gave me until mid-Feb to respond (which I haven't yet), they are now reporting to the CRAs.  As you can imagine, my scores have plummeted.  Not good, since I was hoping to buy a home later this year.  I'm sick to my stomach over this.

I am unsure what to do.  Any chances I'd be successful with a PFD to Midland, since the reporting time period is set to be up in just a few months with the OC? 

Also, is it accurate that this "new account" with Midland can reage the debt?  As in, if the debt with the OC is set to fall off in April, shouldn't Midland as well? Since I never signed an account agreemnt with them, is this legal?  Midland is reporting as a collection on TU.  Not yet reporting on EQ. Showing as a new account on EX, Midland is reporting as a collection on TU, not yet on EQ, but as a new account on EX, 120+ late as of Dec. 2007.  Interestingly enough--the date of last activity on the OC has now been updated from 2001 to 2005 on my EX report.  This doesn't feel right.  How can they do that?

Also--Midland's letter stated what is apparently the usual settlement offer letter (I have never gotten one before), and included a line stating that if I paid, they'd update my reports "Paid in Full" OR would not update my reports "if they have not previously reported on my account."  Since the offer date has not happened yet, can they just now start reporting on my account?  I was hoping to just pay them to get them off my back and escape reporting.

What would you do if you were me?

This debt with the OC is one of only two negatives I have on my reports.  The other is a S/L that I was late on in 2002 but have since paid off, and am hoping to GW.  The reason EX is so low is due to an account that has already dropped of the other two reports last year (DOLA is May 2000).  I'm hoping to dispute the dates with EX and have them remove it.  So ultimately--the only negative info would be this collection.

Thanks in advance.

Message Edited by mrsfoofyfoo on 01-31-2008 06:14 AM

[Cory]

I know, I have the same problem with this company. I sent a Debt Validation letter to them certified mail. I just got back the green card Tuesday.

Seems like that didn't budge them at all. The day after they received it, a collector called me asking me to pay the debt.

So, I know how you feel, awful. I'm not threw with them yet. If it takes me sometime, I'll get to the bottom of this, or die trying. The worst thing that could come out of this is that I get some hands on experience to help someone else down the road.

I pray that you get yours taken care of.

God bless you,

Cory

[Anonymous]

mrs - if I were you, I would do absolutely nothing. Do not respond to any settle letter.

call the CRA to learn when this is scheduled to drop off.

[creditballer]

I need help too. Nov 06 I disputed Midland and they were deleted from all 3 CRA's. However just this month Jan 08 they have showed back up on Exp and TU and my score dropped 13 and 40 points respectively.  I have re-disputed and written letters to them on 01/28/08. Is there anything else I should do? Help...

[FICOfit]

It is illegal for them to reage the debt.  What is the SOL for your state?  If you are past SOL and the CRTP is almost up, I would do NOTHING.  They must remove the report from your CRs.  The DOFD is when the 7 years starts, whether it was sold to a CA or not.  You need to pull your reports and see what Midland has listed as the DOFD.  If it is different than the OC's DOFD, I would dispute.  I would maybe even contact your AG or send an ITS (innaccurate reporting according to the FCRA).

Message Edited by argonne on 01-31-2008 10:37 AM

[creditballer]

Thank you so much. The DOFD has changed to 12/2007 which is false. This account is from '00-'01. I will contact my AG and I'm in California...I believe the SOL is 7 years. I really appreciate your advice. I'm on it now...p.s. I actually googled Midland and there is a lot of negative sites about them. It seems they just recently purchased a bunch of old accounts and are now using devious tactics to get people to pay on old debts! they must be stopped

[Ausfarm]

Midland is practically the definition of a  scavenger debtor.  They bought your old debt for pennies on the dollar and now they are trying to turn a profit.  Please don't be alarmed by this, but they may and probably will file suit against you to collect the debt.  DO NOT FREAK ABOUT THAT.  They bet that people will just freak out and pay --even when they don't owe anything.

Okay, as already discussed they can't reage the debt.  DO NOT AGREE TO PAY THEM ANYTHING. What they want is an agreement from you --any kind of agreement in which you agree to pay.  That will allow them to lawfully reage the debt.  Unless and until they can get you to agree to pay them, they can't change the DOFD.  Dispute the DOFD. 

This shouldn't affect you buying a home.  Midland's account should drop off the same time the original account does b/c the DOFD is the same.  After they drop off, go buy your house.  Until then just ignore these jerks UNLESS they file a suit against you.  In that case, you do NOT want to ignore the suit.

IF they do file suit YOU HAVE NOTHING TO WORRY ABOUT.  More than likely the statute of limitations on this debt is long past.  Which means legally you are not liable for the debt.  So, if they file suit, you will win b/c the SOL has passed.  Just DON'T IGNORE IT IF THEY FILE SUIT.  If you ignore them then they can get a default judgment --which will have a new date and not fall off of your credit report for rediculously long time. 

[Ausfarm]

Creditballer,

Search these forums for the phrase "reinsertion."  They can't reinsert something that was deleted as the result of a previous dispute w/o sending you some kind of notification.  By searching "reinsertion" you should be able find out what you can do.

[creditballer]

I will do that...thank you so much!

[Cory]

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creditballer wrote:

Thank you so much. The DOFD has changed to 12/2007 which is false. This account is from '00-'01. I will contact my AG and I'm in California...I believe the SOL is 7 years. I really appreciate your advice. I'm on it now...p.s. I actually googled Midland and there is a lot of negative sites about them. It seems they just recently purchased a bunch of old accounts and are now using devious tactics to get people to pay on old debts! they must be stopped

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Hello Creditballer,

The Stature of Limitations in California are 4 years. I live in California as well. You are far past the SOL.