Credit Repair Help?

[thuythuythuy]

I have a dilemma, I recently ordered a free credit report from Experian and found something on there that needs to be addressed. I'm hoping that someone out there can offer me some guidance and advice. Thanks in advance!

The account my Citibank/Sears mastercard that I had during my college years in 2001. I stopped using the credit card after some time and moved to another place, therefore I never received a bill. Here is more information,

Citibank/Sear
Status: transferred, closed, $1,334 written off
Date opened: 03/2002
Reported Since: 04/2002
Date of Status: 01/2009
Date Reported: 01/2009

I guess one of my question is which date would you refer to as the SOL?

It appears that the OC has now sold it to a CA. So this is the additional information is that being shown on my credit report.

Midland Credit Management
Status Details: This account is scheduled to continue on record until September 2014.
Date Opened: 12/2008
Reported Since: 02/2009
Date of Stauts: 02/2009
Last Reported: 04/2010
Balance: $1,440.00.

After reading from forums, I'm not sure what would be the best route that I should take? Initially, I was thinking about doing the debt validation, then PTD after it has been verified. Can someone let me know if this would be the best route? Or should I just write or call the CA and negotiate and see if they would be willing to PTD?

Thanks in advance.

[30daylate]

Midland collection agency is moving up the date of last activity to allow them more time to collect the money. I would send a letter to the credit bureau to dispute that this debt is still valid.

[Lian]

If the OC, Citibank/Sears, is still reporting a balance due, then they still own the debt, and Midland is just their collection agent.

The relevant date is the date of first delinquency on the OC account, which has not been provided. The DOFD is the date that triggers the calculation of how long the CA can remain in your CR, and also, in most states, sets the running of your SOL.

Based on the expected fall-off date of 9/2014, that would imply a DOFD of 3/2007. Was your first default on the OC account in 2007?

Citibank/Sear
Status: transferred, closed, $1,334 written off
Date opened: 03/2002
Reported Since: 04/2002
Date of Status: 01/2009
Date Reported: 01/2009

Midland Credit Management
Status Details: This account is scheduled to continue on record until September 2014.
Date Opened: 12/2008
Reported Since: 02/2009
Date of Stauts: 02/2009
Last Reported: 04/2010
Balance: $1,440.00.
____________________________________

If the OC, Citibank/Sears, is still reporting a balance due, then they still own the debt, and Midland is just their collection agent.

The relevant date is the date of first delinquency on the OC account, which has not been provided. The DOFD is the date that triggers the calculation of how long the CA can remain in your CR, and also, in most states, sets the initial running of your SOL.

Based on the expected fall-off date of 9/2014, that would imply a DOFD of 3/2007. Was your first default on the OC account in 2007?

I don't see anything improper about the reporting done by Midland. They are just providing the date of their collection, and updates. They have not updated your DOFD.

CRAs don't investigate validity of a debt. They initiate investigations of what is asserted to be inaccurate reporting of items of information in your CR. I see no basis for disputing validity of the debt based on what has been posted.

[30daylate]

Doesnt a collection agency buy the debt from the original creditor and then the debt gets written off?

[Lian]

No. The original creditor must still own the debt in order to charge it off.
Once they sell it, it is no longer an asset that the IRS will permit them to declare as uncollectible.