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@FireMedic1 wrote:Take it and be done with it. (Portfolio) Is Midland more than 2yrs old yet?
What's the significance of 2 years. I've heard that before from other sources. If something is more than 2 years old dont pay it just ignore it. But i dont fully understand why/if that is sound advice.
@aesl1982 wrote:
Thanks for the advice. I’ll just pay em both and have clean report finally worked this hard on it I’ll just finish it off
Sounds good. Hope to read of your score improvements in the future.
MCM believes in fairness and transparency around credit reporting. We do not report to credit reporting agencies for accounts that are more than two years old (based on the date of delinquency) and paid in full (including accounts paid in full for less than the full balance).
We also don’t start reporting on new accounts if your payments begin within three months after we send our initial letter and you continue making payments every month until the account is paid in full (or paid in full for less than the full balance)
@Anonymous wrote:
@FireMedic1 wrote:Take it and be done with it. (Portfolio) Is Midland more than 2yrs old yet?
What's the significance of 2 years.
The reference to 2 years of age in this case is specific to the Midland collection agency. They have a policy to delete their collections if the debt is both paid in full and at least 2 years old. So instead of having it remain on your reports for 7 years -- you can have it removed after 2.
@Anonymous wrote:I've heard that before from other sources. If something is more than 2 years old dont pay it just ignore it. But i dont fully understand why/if that is sound advice.
It's not sound advice. Ignore bad advice - not debts.
@Anonymous wrote:
@FireMedic1 wrote:Take it and be done with it. (Portfolio) Is Midland more than 2yrs old yet?
What's the significance of 2 years. I've heard that before from other sources. If something is more than 2 years old dont pay it just ignore it. But i dont fully understand why/if that is sound advice.
Do NOT do this. The creditor or collection agency that owns the debt could come after you via litigation, meaning they can sue you, get a judgement against you, garnish your bank accounts or wages, etc. It's best to contact them early and try to work out a payment plan that works for YOU, on your terms, before it gets to that point.
The 2 year thing is in reference to Midland Funding/Midland Credit Management collection agency, and their stated policy about deleting the debt if it is over 2 years old AND paid/settled in full.