I received a letter yesterday from Midland. It has this statement on the back: mcm account#*** previous balance: $2430.94 original account#*** interest rate: 31.74% statement date 06/24/08 due date: 07/24/08 accrued interest: $2769.90 current owner: Midland Funding LLC Original Creditor: Bank of America New Balance: 5200.84 Due date 07/24/08 Date Received: 06/24/2008 Amount 5200.84 Received first contact in 03/08, didn't do anything because didn't understand about validating within first 30 days. Recently disputed online with Experian as not an installment loan with 1 months terms, i've never had credit with midland. Is there anything I can do at this point? They are reporting as factoring account.
ask how they come up with that amount complete payment statement's date's and when boa sent to collection's and copy's of any letter's sent to them if they bought the account they have all the info
As KAT has astutely pointed out, Midland is the CA, and not the original creditor. They all send impressive and threatening letters, but not legally accurate. What you need to tell us is the date that the original creditor (BOA) account became delinquent, for that is the date of the original creditor delinquency which determines all future actions under the FCRA. Unless either the OC or the CA brings proceedings for jugmenent against you within the SOL, it will die under the FCRA after 7 years from the orign BOA delinq date. Dates of contact from CAs do not set or reset any dates under the FCRA., and are legally meaningless. Much more info is needed for any advice to you.
This is a pretty fresh account, it dola is 01/06, charged off and now apparently sold. Im in cali so 4 years from dola. they sent me this letter a couple of days after i disputed with experian......i'm going to send a dv letter and let them know that the letter they sent was the first communication with me. i know they technically don't have to validate but i'm hoping that i might have some leverage when they verify as accurate on my credit report.
The reporting SOL is not the same as the time within which the OC/JDB/CA has to sue. This SOL is highly state specific.
Very true. Many people confuse the SOL for collecting with the reporting period, when they actually have nothing to do with each other.
