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MCM (MIDLAND CREDIT MANG.) REMOVED FROM MY REPORTS ???


kos22us
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hi, I've recently checked my credit report and found an open collection from midland credit management or MCM, my credit report shows it was opened june 28th 2010 and has a report date of 12/17/14 and is for Verizon wireless in the amount of 514.00

 

I called MCM last week and asked for a validation letter in which I received yesterday, my goal is to have the debt completely removed from the big 3 credit agencies, so I have been researching and have found conflicting results, about half say the only way to accomplish this is with a pay for delete letter, the other half says this method will not work with MCM and the only course of action to accomplish the goal is to try and sue MCM on some trumped up charges and hope they delete just to avoid the inconvenience, I would like to pay the full amount in one lump sum in order to have it deleted, also I am a resident of PA if that matters at all

 

I would very much appreciate any ideas on the best course of action dealing with this particular debt collector

 

 

thank you very much

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MCM does not do PFD.  They have a rigid policy against it.  Filing a baseless suit is NOT recommended.  Yes, they often do violate the FDCPA but based on what you posted so far it does not appear they have in your case. 

 

All you can do is make a settlement offer to them in writing and see if they will accept it.  Given that they paid pennies on the dollar I would offer 20% of the amount they allege first and negotiate from there.

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thank you for taking the time and your opinions, I will be going in to get pre-approved very soon and then of course a home loan will follow shortly after that, if I am stuck with the scenario you have layed out im wondering if "paid in full" looks better than "settled" or if it doesn't matter

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thank you for taking the time and your opinions, I will be going in to get pre-approved very soon and then of course a home loan will follow shortly after that, if I am stuck with the scenario you have layed out im wondering if "paid in full" looks better than "settled" or if it doesn't matter

 

You need to settle this BEFORE you pre-approve for a mortgage.  The large JDBs and many CAs pay the bureaus for lists of consumers that pre-app or outright apply for a mortgage.  Then they compare the list to those they have accounts for.  Once they know you are trying to get a home loan you lose all leverage to settle because they know you cannot get it done without their trade line being paid.  Once they have that knowledge you will pay the full amount if not more.

 

Get this taken care of before you app for anything.  Settled or paid doesn't matter for a mortgage.  OPEN collection account will kill any chances.

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