I recently settled an old account with Midland Credit Management. The amount was originally $3,020 and we settled for $1,800 they received their payment of $1,800 from me on Jan. 8th and sent a paid in full letter (balance 0).. Hmmm I thought great! Now my credit reports (transunion, Equifax, Experian) will show a $0 balance. WRONG!!! They (mcm) are still reporting me with a balance of $1,220!!
In fact I got a "new account" alert on my Equifax credit watch gold stating that Midland Credit Management is reporting said amount of $1,220 as a new, open, past due account. Before you ask... Yes I have disputed these with all 3 credit reporting agencies... (too no avail), I offered the paid-in-full letters and none want me to send them. Said don't bother won't do any good. Problem is my credit score.
This account was so old it was dormant and my score has actually gone down because of this. Any suggestions? P. S I have called the ftc and reported them.
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