Midland Credit Management (MCM) is dedicated to helping consumers resolve their past-due debt obligations. As a result, MCM has enhanced our credit reporting policies to help those who resolve their outstanding obligations with us.
Effective October 11, 2016:
We have updated our credit reporting practices. As a result of these updates we will stop credit reporting on accounts that are both:
- Paid in Full or Paid in Full for less than the full balance; and
- More than 2 years old based on time since the date of delinquency
NOTE: We are required to delete our credit reporting trade line 7 years after the original delinquency date regardless of the paid status.
Additionally, we will not start reporting on any new accounts if:
- Payments begin within 3 months of our mailing of our initial notice; and
- Payments are made each calendar month thereafter until the account is Paid in Full or Paid in Full for less than the full balance
How Does This Affect Me?
I have previously paid my account with Midland Credit Management (MCM) and I heard about the Credit Reporting Policy changes program. Are you able to delete my account?
If you have made a payment within 3 months of the date on our initial notice and meet the criteria, then we are not reporting your account. If your account was previously reporting and has been resolved, the trade line will be removed from your credit report when it is more than 2 years since the date of delinquency. If you believe you meet these requirements, but have an account showing on your credit report please contact us at (800) 296-2657.
What do I do if I want this account deleted or not reported?
If your account was recently purchased, and you make a payment within 3 months of receiving our initial notice and continue making payments until the account is resolved, credit reporting will never begin. If you missed this time period or your account was not newly purchased, your account will be removed when the account is paid in full or paid in full for less than the full balance and the date of delinquency is greater than 2 years. Updates will be sent to credit bureaus every 2 weeks. We are required to delete our credit reporting trade line 7 years after the original delinquency date regardless of the paid status. If you have further questions on whether your account qualifies, contact us at (800) 296-2657.
When I pay off my account, how will this impact my credit report/score?
For newly purchased accounts we will not add a new trade line if you meet our eligibility criteria. If we are currently reporting and you satisfy your account as outlined, we will stop reporting that trade line once the account is more than 2 years since the date of delinquency. We update our credit reporting every two weeks, so please allow sufficient time for the update to be reflected on your credit score. As there are many different credit scores used and individual circumstances vary, we do not know what impact this may have on your credit score. For more information about your credit report or credit score, please contact the credit bureaus.
I missed a monthly payment and my account has been credit reported on. What can I do?
If you began making payments within 3 months of the initial notice letter, your account is not credit reporting. In order to keep credit reporting from starting, a payment is required each calendar month. If you missed a payment your account may be reported to the credit bureaus.
How can I find out my date of delinquency?
The date of delinquency is the date the account first became delinquent and was not paid to the original creditor. To find out your date of delinquency you can call (800) 296-2657 and we can assist you.
Credit Reporting Terms
What is a trade line?
Trade line is a term used to refer to an account that is recorded on a credit report.
What does “Paid in Full” mean for my account?
When you pay off your account, we will report your account as paid. Because you will be paying your full balance, we will report your account as Paid in Full.
What does “Paid in Full for less than the full balance” mean for my account?
When you pay off your account by paying an amount that we’ve agreed to, but less than the full amount otherwise due on the account, we will report your account as paid. Because you will be paying less than your full balance, a memo is added to your account that you Paid in Full for less than the full balance.
What is the date of delinquency?
The date of delinquency is the date the account first became delinquent and was not paid to the original creditor. This date is used to calculate the credit reporting timeline. To find out your date of delinquency you can call (800) 296-2657 and we can assist you.
What is an initial notice?
When MCM begins servicing an account we send an initial notice. This notice provides information about your account and your legal rights.