Midland Credit Management Saga Continues...Need Advice! Please!
Date: Tue, 01/25/2011 - 08:53
My credit report states that an old Household CC account, which went into collections 7 years ago is estimated to come off of my credit report around 1/2011. Considering the last payment I made to them was 2/2004, next month would be the 7 year mark and I guess it's supposed to come off.
Midland Credit Management has been calling to try to make a settlement for a few months now. I know that I'm past the Illinois SOL (5 yrs) so it's not like they can sue...well, they can try, but I'm thinking it won't hold up. (I heard this from a lawyer too, that if they haven't sued yet, it's not going to happen since it's way past SOL)
I was going to send a letter to tell 'em to leave me the hell alone, but this morning, I was notified that MCM has reported my account to the credit bureaus. I'm really not sure what's going on anymore since the account was supposed to come off anyway, is this even legal? I'm reading that they've probably changed the last date of activity so that they "re-aged" it. However, I never sent any payment, never sent a promise to pay, I've sent them absolutely nothing on paper that states that I would pay them. The only possibility is that I asked them to send me paperwork as far as offers for settlement, but I never responded.
I know that they also wrote on the back of that letter that if it's past the "Federal time limit", then nothing would be reported. But the reporting time limit is 7 years, and it's a little convenient that they sent something 6 years 11 months before it's scheduled to drop off. I just want to know if this is even remotely legal, and if it is (or isn't), what should I do.
Any help would be appreciated!
Send a SOL letter and inform them to remove it from the CRA's as
Send a SOL letter and inform them to remove it from the CRA's as its out of statute and follow up with the CRA's, also send a cease and desist letter
DO NOT send a SOL letter! Why even give them that information?
DO NOT send a SOL letter! Why even give them that information? It could possibly prompt them to send you a 1099 because a SOL letter by itself basically states it is your debt, just not actionable. If you like send a plain old cease & desist, telling them to never contact you again over this account.
They can report it, though if they report it correctly it will drop off. Contact the CRAs and see when the drop off date is for the account. If it is wrong, then immediately DV them as they are reporting incorrect information. If they do not fix it, you can sue them to kingdom come.
So wait, don't send 'em an SOL letter? My first concern was that
So wait, don't send 'em an SOL letter? My first concern was that they were going to sue, but since that's no longer a concern, now I'm stressed that it's going to screw with my credit for another 7 years even though it's supposed to drop off this month (which would explain why they reported it to the CRAs before the month was up).
That being the case, I should contact the CRA's, but what do I even tell 'em?