Midland Credit Management
All You Need to Learn
Financial management is an important matter especially if you find a collection account from Midland Credit Management on your report.
The most common denominator among most people is debt. Or in this case, dealing with credit management, such as with collection companies like Midland Credit Management.
Why is the company so popular among credit consumers? How do you deal with it if it’s already crippling your credit profile?
This article aims to answer that question. We will also show how you can create a better credit rating in the easiest and most convenient way possible.
What is Midland Credit Management?
Midland Credit Management is a debt collection firm founded in 1953 and based in San Diego, California.
The company has become popular among consumers because it commonly appears on credit reports. This usually happens if you owe money to a creditor and they have hired Midland to collect on their behalf.
Here are their other competitors:
- Enhanced Recovery Company
- 11 Charter Communications
- Portfolio Recovery Associates
How to remove Midland Credit Management from the credit report?
Step 1
Ask for written communication
It’s recommended that you deal with Midland Credit Management through written letters and not phone calls. Even though some debt collectors maintain their ethics, some don’t and can fail to honor agreements. Most will say anything the consumer wants to hear just for them to make the collection.
If you make agreements over the phone and they later back out, you wouldn’t have any proof of the deal. That’s why it’s always safer to limit transactions through written communication only. It is even better if all communications are through email.
Send a letter to Midland Credit Management and demand that all communication be in writing. You’re protected by the Fair Credit Reporting Act and are allowed to demand this from them.
Draft and send your demand letter within a month after learning about the collection account. Do this immediately to lower the chances of having another negative entry on your credit report.
Step 2
Request debt validation
Midland Credit Management deals with debts owed to the original creditors. Some of these lenders include credit card companies and personal loan issuing firms.
The company will purchase these unpaid debts and start collecting them. It might seem like they are only breaking even. However, they are actually applying high interest rates on the debt balances and chasing the debtors for payment.
Midland won’t make any income if they can’t collect the debts and will employ devious tactics to maximize collection. That’s the reason why their agents are very aggressive and annoying.
As soon as you learn a Midland listing is on your report, or are contacted by their agents, ask for debt validation. Write this within the first month to increase your chances of success.
This letter is going to demand the validation of your debt. This also proves whether the debt is indeed yours or not.
Once the company replies, check the data sent. Look for inaccuracies. If there are any, the company will be forced to remove the negative entry.
That’s a requirement under the Fair Credit Reporting Act. This means that you are allowed to demand a deletion. If you have proof that the claim isn’t legitimate, then they will immediately remove the information off your credit report.
Step 3
Settle a deal with Midland
It is very possible to haggle with professional debt collectors even if some might find this to be tiring. This is very common in the debt management industry. Once you do this smoothly, you can greatly decrease the amount you need to pay for your debt.
Anything that you pay is profit from their point of view. This means that you should renegotiate for a better settlement if Midland Credit Management validates your debt.
If you don’t, then you may find the collection account on your credit report. This will then become a burden on your FICO credit score. That will only pile up the list of things you need to act on to restore a good credit score.
If a collection stays long on your report, it will ultimately affect your score. This will also affect your ability to obtain new credit when you happen to apply. As such, it’s best to seek assistance from professional credit repair companies to help you with settling the collection.
If you reside in Illinois, you can seek our Chicago credit repair services to sort out the issues with Midland. Our Miami credit repair services help our Florida credit consumers clear any Midland collections in their name.
Do you need to pay Midland Credit Management?
It all depends on the collection amount contested and how fast you want the collection removed. If the amount originally owed was small and Midland has increased it a hundredfold, you can dispute it. Alternatively, if you simply want the collection to go away as fast as possible, you’re better off settling the debt.
If you decide to dispute the amount claimed by Midland, you don’t have to do it by yourself. A professional Chicago credit repair firm can take control of the process on your behalf and have it resolved amicably.
The goal is to eliminate anything that can undermine your credit score. Regularly scan your report and initiate efforts to remove any collections such as Midland entries. This is the best way to create a smooth credit rating and present yourself as a trustworthy credit consumer.
If you don’t have the time or skill to handle this tiresome process, a Chicago credit repair company can help. 007 Credit Agent prides itself in experienced credit and collections experts who can help clear collections from your report faster. Restore the excellent credit score you once enjoyed by working with 007 Credit Agent.
