Zombie Debt Collectors
[ Follow Ups ] [ Post Followup ] [ Credit Forum Index ]
Posted by Paul
(216.127.82.99) on June 06, 2004 at 20:14:52:
In Reply to: MCM-will this help or hurt me posted by Suzanne on June 06, 2004 at 16:20:58:
You state-
“These 2 accounts have changed hands so many times I don't know who the original credits are anymore.”
“I only owe MCM, combined, about $1,000.” How do you know you owe MCM anything? You stated you don’t even know who the original creditor was so why do you believe these people have any legal right to collect from you? MCM is Midland Credit Management. They are 2 cents on the dollar debt buyers. Paying them cannot get the original charge off removed from your credit report. Settling with them will get the remainder sold off because in collector’s parlance, they’ve got a “sucker on the hook.” Other examples of 2 cents on the dollar debt buyers are Asset Acceptance (actually a 1.85 cents on the dollar debt buyer per SEC financial statement), Cavalry, Arrow, and Sherman Acquisitions. If anyone has any of these collectors, then they can no longer deal with the original creditor and can’t do a pay for deletion of the original creditor’s tradeline. Read the following link about “Zombie” debt collections. Paying can actually hurt your credit score. http://moneycentral.msn.com/content/Savinganddebt/Managedebt/P74812.asp
Follow Ups:
Post a Followup
|
