Do you owe money to Midland Credit Management? If so, you’re not alone. You may have seen this company’s name on your credit report – which may have been very confusing. Do you owe them money? Have you ever even borrowed from them or used their services? How are they listed on your credit report?
The truth is, people who find this entity listed on their credit report have often never heard of them. Here, we’ll talk about exactly why they’ve got your figurative – or even literal – number and what you can do about it.
First – What is Midland Credit Management?
Midland Credit Management is a debt collection company. These companies buy existing debts from other companies or organizations. Many times, companies look to unload massive “groups” of debts that have gone unpaid for several months. You have probably heard of this as something along the lines of “sending your debt into collections”. When your account goes into “collections”, it typically becomes the property of one of these agencies, meaning it is their responsibility to pursue repayment moving forward.
The problem is, these companies can be notoriously hard to deal with. They also add these past-due debts to your credit report if they aren’t already present. Once the debt is listed on your credit report, it can be difficult to remove – and can negatively impact your score for years to come.
Not sure if you’ve seen this company on your own report before? Midland Credit Management may show up on your credit report in a number of ways, including but not limited to:
- Midland Management
- Midland Credit Management LLC
- Midland Credit
- Midland Collections
- Midland Fund
- Midland Funding
With so many ways to appear – and no indication to the average person as to why it is there in the first place – it’s no wonder that this collection agency has become a confusing constant in many people’s financial struggles.
Complications in Dealing with Midland Credit Management
Unfortunately, this company is well-known in the world of credit repair for being unethical and unrelenting in their pursuit of repayment. While they are within their rights to pursue unpaid debts that they own, the way the staff of this company goes about doing so can leave many people sour toward debt collectors as a whole.
One way that the company has become so notorious is via dubious dealings on the telephone. Far too often, the representatives that interact with consumers on behalf of this agency make promises that are not kept and tell half-truths to push consumers to commit to transactions that they aren’t financially prepared for. Since it can be hard for consumers to prove what was said during phone conversations, the best way to deal with this is by requesting all communication take place in writing.
Do not let this or any other company tell you that they cannot do this for you. Under the Fair Credit Reporting Act, you have the legal right to request written communications from anyone who claims that you owe them money or with whom you have a line of credit. If any creditor refuses to cooperate with you in this way, you can and should report them for unfair practices. By getting all of these records in writing, you can keep careful documentation of them – and prevent any miscommunication, either accidental or otherwise!
You may have been told that you need to have your debt validated. But what does that mean? Sometimes, debt that is reported against you by one of these agencies is inaccurate – or doesn’t even belong to you, in the first place! This is because these agencies purchase debts in large groups from other companies, meaning that they may not always have complete or accurate information.
To ensure that the debt is really yours and is accurate in its amount, send a letter to the credit management company requesting debt validation. You will need to do this within the first thirty calendar days after hearing from the credit management company. By sending this letter, the company will be forced to verify that the debt is accurate as stated and that it really does belong to you. If they find that it does not, they can have it removed from your name – and removed from your credit report, too!
Settling Your Debt – Settling for Removal
Obviously, you can pay off the debt you owe to these kinds of agencies to stop them from contacting you. Sometimes, they may even offer you a lower figure if you can pay all of the debt off in a single payment. This reduced amount is generally 5-15% less, though a better deal might be possible. If this sounds like something that might be manageable for you, consider contacting the group – but be sure to get that agreement in writing!
Once the debt is paid, you can move forward with having it removed from your credit report. However, it can take months or even years for this to happen, and debt collection agencies are in no hurry to offer their assistance. What’s more, this kind of lump-sum payment isn’t always manageable for the average person, meaning this method of settling isn’t even something everyone can “settle” for!
What Else Can You Do?
If you find that Midland Credit Management or any other creditor is giving you a hard time, whether it be in getting debt settled, removed from your report afterward, or something else, talk to a legal professional. The experienced staff at the Van Horn Law Group has the knowledge of navigating debt and the credit reconstruction process that will help you find your footing again. They can help you understand your rights and responsibilities and guide you through getting those creditors off your back, whether through bankruptcy or other means.
You deserve to live a life that isn’t constantly punctuated by frustrating encounters with the same creditors, over and over again.