subject: Midland Credit Management Collection Agency-the Steps To Be Taken Before You Sue It. [print this page] It can be an extremely difficult time for you when you are being pursued by debt collection agencies. Midland Credit management collection Agency is a debt collection agency that collects debts that you accumulate on your credit cards, telecom accounts and other unsecured loans. The agency has branches in Phoenix, San Diego and Minnesota. It's a fairly large company and its shares are traded on NASDAQ. The company works closely with customers in order to create a good repayment plan for them.However, some customers may not be too happy with the steps that the company adopts in order to recover its debts. Though the company tries to be correct and fair for the most part, it may sometimes adopt some aggressive collection strategies that some customers may not be too happy with. Before suing the company for such aggression or any mistake on their part, it is appropriate that you adopt certain strategies:
-The first thing that you should do is to ensure that you are in actual contact with a representative from the company. Make sure that he has the right to act on behalf of the company.
-You are supposed to receive the debt validation notice at least five days before the company starts collecting its debt. The validation notice essentially gives you the right to deny or accept that you have a debt which you need to settle. If you cannot dispute the debt within 30 days, you have in actual fact agreed that the debt should be settled by you. Certain details need to be revealed to you in order for you to validate the debt. Such details include:
-A proof, in writing, that your debt has actually been sold to the agency.
-A history that shows your payments. Your current account payment history will be sent to you. This will allow you to know the exact amount that you owe the agency. Extra fees that have been charged to your account should also be included. It is also equally important that the formula of calculating the extra fees be known to you.
-Details of the original contact that you signed with the creditor should be shown to you. This will allow you to scrutinize whether this is what you signed with the original creditor. In case the original contract is not availed to you, ask for the account statements from the original creditor.
You should bear in mind that MCM is not the legal owner of the debt. The debt has simply been sold to them.
Once you have fulfilled all the above steps, you should then sue MCM.It is important that you find an attorney who understands credit issues and who has a considerable experience in the credit card industry.
The attorney should help you erase the debt and have the negative remarks on your credit report removed. A bad credit report is very harmful to your credit score. For instance if you get a credit score of less than 620, you are considered a bad borrower and hence you cannot be relied upon to repay your debts. On the other hand, if you get a credit score of more than 700, it means that you are a good borrower and hence you can be relied upon to repay your debts easily.
