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 ever $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!
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.
2. Dispute Your Credit Report
You can also file a dispute with the credit bureaus and have them conduct an investigation. During their investigation they will contact MCM and ask them to verify your account information.
If Midland Credit does not verify your account information with credit bureaus. Then according to the Fair Credit Reporting Act, the credit bureaus must remove the collection from your credit report.
3. Negotiate A Settlement Agreement
If your in debt is valid. Then you should consider settling your debt with Midland Credit Management. In exchange for your payment. You must get them to agree to stop reporting negative credit information to the credit bureaus.
If you neglect to get this agreement. Then the debt collection on 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 an aggressive collection agency tactics and instead get help. Credit repair firms employ expert credit lawyers that are knowledgeable and familiar with collection agency tactics.
Take action and get a free credit consultation by calling 1-877-418-7596. And you can get more credit help with Dan Willis by signing up for our free newsletter.
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