MIDLAND CREDIT REPORTING

[2wheel]

This One IS great....... I just got off the phone with midland credit managment 2/23/09 I guess there reporting dept.

I asked if they would remove the 90 days past due on my CR for experian that they reported on 2/09  this month

the problem is that i paid the account in full in january 09. They told me know they cant and wont!!!! I gat a PIF dated january 16th 09 from them and  when they reported on feb 13th 09 they reported PIF 90DAY LATE FEB09 WHAT SHOULD i DO IN THIS SITUATION ???  I Really would like to fix these people for false reporting

[Anonymous]

A CA can not report lates only an OC can report lates.

[RobertEG]

I agree with Harpo.

Is this the correct fact pattern, 2wheel?

You apparently went 90-days late with the OC, and that was reported in your OC account.

Then the OC closed the account, and placed the balance for collection.

If so, you have two different accounts reporting to the CRA.

The OC makes monthly reports to the CRA until such time as you remain delinquent, and until they chooe to close the account. Then they can turn it over to a CA for collection activities.

Then the CA can separately report their collection interest in your account.  There are absolutely no provisisions for a CA to update the delinquency date on the original OC account, or to report any time of delinquency from commencement of their collection activities.  It is not the CA who make the 90-day late post,it is the OC.

So if you paid the CA, then they are apparently correct in stating that they have no authority to update the OC account files, and thus delete their prior reporting.

When you paid the CA, you should have first secured a PFD agreement with them to delete their CA account.

But even that would not delete the OC account, for the CA has no authority to negotiate that without written consent of the OC.

I do not see any false reporting, from what you have posted.

[Anonymous]

If the account is listed under the collections section of your CR, IMO, ignore the late as the collection status is much worse and what is hurting you.

If the account is misreported under your regular accounts and reporting a 90 day late, I would file a complaint with the BBB regarding inaccurate reporting which is a violation of FCRA.

[2wheel]

Indeed... What happen it was paid in january 09 and when they reported in february ( Final Report) they added a 90 day late consolation prize... not showing in collection page of report showing in active accounts which is probably why I am under 700 on my experian report

[Anonymous]

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2wheel wrote:
Indeed... What happen it was paid in january 09 and when they reported in february ( Final Report) they added a 90 day late consolation prize... not showing in collection page of report showing in active accounts which is probably why I am under 700 on my experian report

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This is inaccurate reporting.

I would file complaint with the BBB, your AG, and their AG. On the forms where you are asked about the remedy you would like, put that you would like the entire account completely removed as they have inaccurately reported on your report by not reporting as a CA, but a regular account and reported a false 90 day late, they have caused more damage than necessary by their actions.

[Anonymous]

Until you are able to get it deleted, be thankful it is showing as an account with late and not a collection.  Next to a bankruptcy a collection is the worst thing you can have.  The newer the collection entry, the worse effect.

As an example, I had an erroneous collection report on my Equifax report last year for a measley $31.  My FICO with the collection was 698.  After 3 months of fighting with the collection company and finally filing a claim against their bond (Texas requirement), they deleted the entry and my score shot up to 806.  This single collection for $31 medical item had a 108 point effect on my FICO.

I also had a Midland Credit CA reported on all 3 reports.  Equifax and Experian reported as late accounts and Transunion as a "Collection."  My Equifax was above 800 and my Experian was 781, but my Transunion was 706.

I was able to get Midland to agree to delete and my Transunion (the one with collection) jumped to 792.  My Experian was at 781 all ready even with Midland reporting as a late account and my Equifax was at 809 with Midland reporting as a late account.

I now have Midland deleted from Transunion and Experian and expect it to come off Equifax by weeks end.

My message:  A late account is much better for FICO and lender evaluation than a collection.  A collection is considered a charge off or bad debt.

[Anonymous]

Even if reported under the regular accounts, most are usually noted as a "collection" account somewhere on the account, which makes it the same as a collection.

The scoring effect a late and a collection has will depend on what the rest of your report is like and what bucket you are in.

As for manual review, most creditors know the names of collection agencies and will recognize it as a collection.

Judgments and liens usually have more effect than a collection.

[2wheel]

ya its showing as a paid collection. I am going to contact the bbb about this after I get my experian dispute back.

Going to see if they really correct this.

Got letter showing paid in full dated in january

so didnt have a balance in febuary.

Might just file a small claims suit on them maybe get my money back and have it deleted wouldnt that be nice.