Help with Midland

Anonymous · ‎03-02-2009

I am beginning to clear up some things on my credit report and need help with one item. Midland Credit purchased an old credit card debt with Providian and are reporting it as an account that is 120 days past due on Equifax and Experian. They are reporting it as a Collection on Transunion. I originally thought I paid this off to another CA, but I have not located any proof of this. The last date of activity is 8/2005 and the account was originally opened with Providian 7/2000. Does the SOL begin from the last activity date or the date the account was first opened?

Also, I am not sure if I should have Midland validate this debt. I've read that Midland is a JDB, so I am thinking they may not be able to validate, but I don't want to make things worst (possible suit) if the SOL is nearing.

llecs · ‎03-02-2009

nelliec wrote:
I am beginning to clear up some things on my credit report and need help with one item. Midland Credit purchased an old credit card debt with Providian and are reporting it as an account that is 120 days past due on Equifax and Experian. They are reporting it as a Collection on Transunion. I originally thought I paid this off to another CA, but I have not located any proof of this. The last date of activity is 8/2005 and the account was originally opened with Providian 7/2000. Does the SOL begin from the last activity date or the date the account was first opened?

Also, I am not sure if I should have Midland validate this debt. I've read that Midland is a JDB, so I am thinking they may not be able to validate, but I don't want to make things worst (possible suit) if the SOL is nearing.

SOL goes off DOLA typically if you made a payment after DOFD, otherwise it is DOFD. Don't rely on the DOLA date on your CR. CRTP goes off DOFD.

What's the SOL for open accounts in your state?

I'd ready a DV. Chances are your SOL has expired assuming you haven't made a payment since it was CO'd. WaMu bought Providian in 2005.

Anonymous · ‎03-03-2009

Thanks, the SOL in PA on open accounts is 4 years. I am going to try to investigate with my bank on the last time I made a payment. I believe that it was back in 2005.

Anonymous · ‎03-03-2009

If SOL is 4 years and you last made a payment in 2005, you may or may not be out of SOL.

If you aren't out of SOL, I would lay low.

If your last payment was, for example, May 2005, they have until May 31, 2009 to file suit.

Anonymous · ‎03-03-2009

SOL will not help your credit report directly, it only prevents them from suing you and obtaining a judgment or garnishment of wages.

Your credit report will reflect the derogatory entry for 7-1/2 years from your last date of activity. So, if you made a payment in May 2005, then 180 after that date is when the "clock" starts ticking on your 7 years till it comes off as obsolete.

However, once the SOL does expire, you are in a better position to negotiate some type of settlement.

I managed to get a settlement with Midland, though it was very difficult and took several months. I just received my confirmation letter on 2-18-09 from Midland Credit that they are deleting a CA on my credit. It has been deleted from Transunion today, Experian yesterday and hopefully Equifax before weeks end.

Anonymous · ‎03-03-2009

txjohn wrote:

Your credit report will reflect the derogatory entry for 7-1/2 years from your last date of activity. So, if you made a payment in May 2005, then 180 after that date is when the "clock" starts ticking on your 7 years till it comes off as obsolete.

Just to clarify, the 7 - 7 1/2 years runs from DOFD, not DOLA. DOFD may be earlier than DOLA.

Example-- You go delinquent on Jan 2004.......in May 2005 you decide you are going to start making payments and you make 4 payments. DOFD would be Jan 2004.....DOLA would be August 2005. CRTP goes from Jan 2004.

BungalowMo · ‎03-03-2009

Actually, the 7+ year clock startzs ticking at the DOFD. Do you have a TU report? Those will tell you the date baddies are expected to drop off.

I have a black mark from Midland. FINALLY dropping this year in July! Just in time for my BD!

DOH! Sidewinder beat me to it!

Message Edited by BungalowMo on 03-03-2009 07:31 PM

BK 7 discharge 06.24.2020 No Fico score at all.

Anonymous · ‎03-04-2009

I have a transunion report and it says the estimated date for removal is 7/2012, so I think I am going to hold off on any DV or settlement until after July. Hopefully I can get a PFD from them.

Message Edited by nelliec on 03-04-2009 08:20 AM

Anonymous · ‎03-04-2009

nelliec wrote:
I have a transunion report and it says the estimated date for removal is 7/2012, so I think I am going to hold off on any DV or settlement until after July. Hopefully I can get a PFD from them.
Message Edited by nelliec on 03-04-2009 08:20 AM

Looks like it went delinquent in July 2005.....do you recall if you ever made anymore payments after it went delinquent? If not, then likely SOL expires after July is over this year.

Anonymous · ‎03-04-2009

No, I am not sure, but I am having my bank pull some old checks so I can confirm the last time I made payments. I guess if I did make any payments after that time, the SOL starts after the last payment?