Midland Collections - Should I pay? What are the implications?

[Anonymous]

I'm bouncing back from credit hell after a stint of unemployment.  I still have one collection on my credit report, from Midland Funding.  Should I pay it?  They've sent me a settlement offer that is really quite good, and their website says the following:

I have previously paid my account with Midland Credit Management (MCM) and I heard about the Credit Reporting Policy changes program. Are you able to delete my account?

If you have made a payment within 3 months of the date on our initial notice and meet the criteria, then we are not reporting your account. If your account was previously reporting and has been resolved, the trade line will be removed from your credit report when it is more than 2 years since the date of delinquency. If you believe you meet these requirements, but have an account showing on your credit report please contact us.

They opened the collection account on 3/28/16, which is over two years ago and I have made no payments to them whatsoever.  Does the above mean that it will disappear from my credit report (other than the orignal creditor's report)?  Further, will paying it off update the original creditor's report to the credit bureau or will that remain unchanged?

[Jnbmom]

Actually midland is pretty good with deleting or not reporting collections.  I would take the deal .

[Anonymous]

@Jnbmom

Thank you for your input.  This is a situation I never DREAMED I'd be in, since I'm psychotically frugal by design, but ... unemployment happens.

So basically if I pay them, the whole thing will just go away?  (I mean, except for the original creditor's notation...)

[Jnbmom]

I hear you, been there twice with my DH being laid off . We were so far behind .

Yes it should go away is the original creditor still reporting and if so how is it listed ?

[Anonymous]

@Jnbmom

The original creditor stopped reporting the date it was charged off, so it's aging off.  But with the Midland thing, it seems to me that the entry will disappear completely?  Am I reading that correctly?

[Anonymous]

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@Anonymous wrote:

I'm bouncing back from credit hell after a stint of unemployment.  I still have one collection on my credit report, from Midland Funding.  Should I pay it?  They've sent me a settlement offer that is really quite good, and their website says the following:

I have previously paid my account with Midland Credit Management (MCM) and I heard about the Credit Reporting Policy changes program. Are you able to delete my account?

If you have made a payment within 3 months of the date on our initial notice and meet the criteria, then we are not reporting your account. If your account was previously reporting and has been resolved, the trade line will be removed from your credit report when it is more than 2 years since the date of delinquency. If you believe you meet these requirements, but have an account showing on your credit report please contact us.

They opened the collection account on 3/28/16, which is over two years ago and I have made no payments to them whatsoever.  Does the above mean that it will disappear from my credit report (other than the orignal creditor's report)?  Further, will paying it off update the original creditor's report to the credit bureau or will that remain unchanged?

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Sorry about your period of unemployment but it looks as if things are beginning to turn around for you so congrats on that.  Midland is pretty easy to work with.  They will delete paid accounts that have a DOFD that's at least 2 years ago so I would suggest calling to find out when the DOFD on the account is and I would make them an offer much less than the one they sent you in the mail.  They'll likely come back with a counteroffer at which time you may either accept or counter again.  I was recently able to settle with them for 45%.  Good luck!

[Anonymous]

And yes, you are reading it correctly. Pay the agreed amount to settle the debt and they will delete all record that it ever existed with them from every one of your reports that it shows up on.