Midland Credit Settlement

[Creditaddict]

Anyone had success with Midland settling for more than 50%.

I hear a lot about "guidelines" but nothing that seems honest to me.

[Anonymous]

Would help knowing more information. Who is original creditor? Roughly what is the balance? Did they just recently purchase it? Have you received per legal notice? When was your last payment?

[Anonymous]

The older the debt, the better deal people usually get. I've never had a collection with Midland but Cavalry I settled one of my debts by paying 40 percent. Debt was from 2014. What percentage are you looking to pay?

[outofcredit]

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@Creditaddictwrote:

Anyone had success with Midland settling for more than 50%.

I hear a lot about "guidelines" but nothing that seems honest to me.

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I settled four collection accounts with Midland for 60% of the original debt in June 2017.  Each account was for a Capital One account with DOFD's in 2013. Since the DOFD was more than 2 years Midland removed the accounts from my credit reports once they were settled for the 60% payment. You may want to go to the Midland site and read up on their new policy regarding collections that are over two years old that are settled. YMMV.

[Anonymous]

@outofcredit- do most CA's remove at the 2 year Mark? Only asking bc Cavalry Portfolio said the same thing to me? I paid and they said "due to company, if a paid debt is at least 2 years old, they request to remove the tradeline". I was taken back because I was prepared to have to argue to get it done LOL

[outofcredit]

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@Anonymouswrote:
@outofcredit- do most CA's remove at the 2 year Mark? Only asking bc Cavalry Portfolio said the same thing to me? I paid and they said "due to company, if a paid debt is at least 2 years old, they request to remove the tradeline". I was taken back because I was prepared to have to argue to get it done LOL

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@Anonymous, I don't know about any other CA's with that policy. I do know that the practice is "frowned" upon by the credit bureaus. Good information about Cavalry Portfolio though.

[RobertEG]

No, most debt collectors do not remove a collection based on payment of the debt.

CRA policy, as clearly stated at several places in their common credit reporting manual, instructs furnishers not to delete based on payment of the debt.  The CRAs wish to preserve complete credit histories, both in the interest of the system and in maintaining the value of the credit reports they sell.  If collections were rountinely deleted based on payment of the debt, it would result in incomplete credit histories and would skew credit scoring.

Furnishers agree to abide by the CRA credit reporting manual in their credit reporting agreements, and thus it is not common for debt collectors to publish policies that are contrary to CRA policy.  Even when agreeing to PFDs, it is common that they will not put such acceptances into writing.

[howellco2]

i settled a couple accounts with midland for 60% and they removed from TU and EX but still on EQ i think its more of EQ being slow .

Wish portfolio would do the same i got 2 paid with them  one falls off in May other in Nov  the may one is off TU but other is on all 3

[Anonymous]

Midland sends 40% off offers all the time. Their phone reps are worthless with little to no authority. They openly admit to it. I got a little less than 20%, so 80% off On a higher four figure balance. But I really grinded them.

[2IMPROVE]

All information about Midland is correct!  I just settled for 60% of the original debt as well and it was more than 2 years old and they removed the old Capital One account from all of my reports!