cancel
Showing results for 
Search instead for 
Did you mean: 

2 accounts left

tag
Anonymous
Not applicable

Re: 2 accounts left


@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.

Message 11 of 16
AllZero
Mega Contributor

Re: 2 accounts left


@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.

Message 12 of 16
aesl1982
Regular Contributor

Re: 2 accounts left

That is midlands policy 2 years old and they will pfd
Discover it miles 9/19 Sl 5000 | Care Credit 9/19 SL 3500 | Cap 1 QS 4/14 AU 500 | Cap 1 QS1 4/14 AU 600 | NFCU Secured 8/19 200 | NFCU CLOC 9/19 500 | NFCU auto 10/19 6.29 66k | NFCU Auto 4.9% 37k
Experian- 702
Equifax- 676
Transunion- 611
Util- 9%
Message 13 of 16
FireMedic1
Community Leader
Mega Contributor

Re: 2 accounts left

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)


Message 14 of 16
thornback
Senior Contributor

Re: 2 accounts left


@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.

Personal Aphorism:"Forget What You Feel, Remember What You Deserve"
Starting FICO 8s | 09/2017: EX 641 ✦ EQ 634 ✦ TU 647
Current FICO 8s | 04/2022: EX 796 ✦ EQ 793 ✦ TU 790
Current FICO 9s | 04/2022: EX 790 ✦ EQ 788 ✦ TU 782
2022 Goal Score | 800s

My AAoA:
4.6 years not incl. AU / 4.9 years incl. AU
My AoOA: 9.2 years not incl. AU / 11.2 years incl. AU
Inquiries: EX 0/12 ✦ EQ 0/12 ✦ TU 0/12
Report Status: Clean
Garden Status:  


Without patience, we will learn less in life. We will see less. We will feel less. We will hear less. Ironically, rush and more usually mean less.
Message 15 of 16
OmarGB9
Community Leader
Super Contributor

Re: 2 accounts left


@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.


Last App: 1/10/2023
Penfed Gold Visa Card

Currently rebuilding as of 04/11/2019.

Starting FICO 8 Scores:




Current FICO 8 scores:


Message 16 of 16
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.