Should I trust Midland Credit Management???

[BNA111]

Long story short, I lost my job November 2013. 

I've applied to numerous places... started work this week. 

Being without income for the past 8 months have put me behind tremendously and negativel impacted my credit score. 

I received a letter in the mail from Midland Credit Management "MCM" regarding my CO from Credit One Bank. My CO balance is $811. 

Can anyone please give me detailed advice on this company and if they stay true to their word. 

I've been doing my research before I go ahead and set up a payment plan, but I've read so many negative comments about MCM still reporting their debt to the credit bureaus. I desperately would like to fix this and my credit score ASAP since I will be applying to professional school in a couple of years. I don't want my credit to hinder me from getting approved for student loans to attend  professional school.

MCM states:

-"We will send a letter to you that confirms that you have no further obligation on this account", but then at the bottom it says: "P.S., This account may still be reported on your credit report as unpaid. We will not report your debt to the credit bureaus if you set up a payment plan and make all payments as agreed". "We will report forgiveness of debt as required by IRS regulations".

This doesn't make sense to me. I want to fix my credit and I am willing to do the payment plans, but don't want to invest in it if they are not going to follow through on their word. 

Please Help  What should I do?

[Whitneyy]

Since it's fairly new, I would ask the orginial creditor to pull back the debt and pay them instead and leave midland out of it. 

[KneelBeforeZod]

Midland stays true to their word with this. Just keep the original statement in case they try to say otherwise - you could pursue legal action as a result.

[BNA111]

I do find it odd that the MCM account number provided in my letter cannot be found on their website. It automatically asks me to register, in addition to adding my SS#.

When I first received the MCM account number, it worked and indicated different payment plan options.

[BNA111]

Sorry, I'm new at this.

What are the proper protocols on asking the OC about paying off my debt? Does Credit One Bank black list people ? Also, how can OC take back the debt if it's already been sold to collections company ?

Thanks for all the advice.

[8in2years]

No, Midland is a scum company.