Midland Credit Management (MCM) is a huge collection agency with over 1,000 agents worldwide. They are also commonly called MCM collection agency. They will collect on: charged off credit card accounts, retail, telecommunications, utilities, and purchase third-party junk debt accounts.
Midland Credit Management is a subsidiary of the Encore Capital Group. According to reports in 2010, Encore purchased $1.8 billion of consumer debt accounts with a value of $54.7 billion. It appears that Encore Capital Group will outsource the servicing or collection of these debt accounts to MCM.
Midland Credit Management is an affiliate of the Midland Funding LLC collection agency. Other affiliate debt collection agencies include: Propel Financial Services LLC, MRC Receivables Corporation, Midland Funding NCC-2 Corporation, Midland Recovery Corp.
Midland Credit Management Contact Information
Midland Credit Management, Inc. (MCM)
8875 Aero Drive, Suite 200
San Diego, CA 92123
Phone number: 866-406-7565, 800-265-8825
According to the Midland Credit Management website, they have over 50 years of collection experience and it shows. If you look at the math from above, it works out that Midland Credit paid only $.03 for every $1 worth of debt they bought!
And are now contacting consumers to collect $54.7 billion worth of debt! In other words, if Midland Credit Management is contacting you about a $600 debt. They may have purchased the collection rights to your account for a mere $18!
What Does This Mean?
This means, if you have a legitimate debt and choose to settle your account. Make sure you settle the account for less than the total balance!
For example, you may be able to settle a $600 debt account for a payment of $200. This would result in a whopping $182 profit for Midland Credit Management! They’ll be happy to settle with you.
4 Steps To Fight Midland Credit Management
1. Ask For Validation of Your Debt
The very first thing you should do if you are currently dealing with debt collectors, is to ask for validation of your debt account. It is important you do this in writing. If instead, you do it over the phone, they can claim that you never requested validation.
If your account is not validated, this means the debt in collections is legally forgiven. As in you’re no longer legally responsible for payment. Further, Midland Credit is supposed to notify all three of the major credit bureaus to have them get collections removed from credit report files, regarding this account.
If your debt is valid, you’ll receive paperwork and documents that prove this is, in fact, your account. Along with showing the original creditor or lender, the balance, the dates of account activity, etc.
2. Dispute Your Credit Report
You can also dispute credit report items directly with the credit bureaus. This is how you challenge the accuracy of an item and it’s your consumer right granted by the Fair Credit Reporting Act (FCRA).
There are three ways to file your credit report dispute, online, over the phone, and by mail. Once the credit bureaus get your dispute and find it valid, they’re required to investigate the item. During which they’ll contact MCM and request verification of your account.
If Midland Credit does not verify your account information with credit bureaus. Then in accordance with the FCRA, the credit bureaus are required to remove this item. This is how to clean up credit report dings, and legally.
3. Negotiate A Settlement Agreement
If your debt is valid. Then you should consider paying off debt in collections with Midland Credit Management. In exchange for your payment, you must get them to agree to stop reporting negative information to the credit bureaus.
If you neglect to get this agreement, then the debt collection on your credit report, will simply be changed to a paid collection. This is still a negative item to have on your credit report. And it will damage your overall credit rating.
4. Get Professional Help
You can get professional credit repair help at affordable rates. These services will deal with Midland Credit and the credit bureaus on your behalf. Did you know Midland Credit Management along with Midland Funding had to pay $5.2 million, in 2008 to settle a class action lawsuit for violating consumer rights?
According to reports, Midland Credit Management was “robo-signing” affidavits and then filing civil lawsuits against people! Don’t let your rights be stepped on by aggressive collection agency tactics and instead get help. Top credit repair companies are knowledgeable and familiar with collection agency tactics.
Listen, your credit score is a lot like your Grade Point Average (GPA) in school days past. It doesn’t matter if you’re acing all your classes, if you’re failing underwater basket weaving, because this one negative mark will obliterate your overall GPA.
This is also true of your credit score, FICO says this very openly. And this is why it’s so essential to clear credit report negatives, dings, and blemishes. We encourage our members to consider professional, legal, and legitimate credit repair companies to help.
Because in 2016 alone, over 9 million negative items were removed from consumer’s credit reports. One of the best firms is the Credit Pros. They’ve helped client’s successfully remove collections, late payments, charge offs, judgements, liens, and many more negative credit report items.
Get a free credit consultation with a certified FICO professional by calling toll-free 1-877-418-7596. And for more tips, techniques, and strategies to improve my credit with Dan Willis, sign up for our free newsletter and join our congregation.
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