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Midland collecting on Chase, which used to be Washington Mutual
I have a collection on my credit report from Midland Funding. It is showing as 'opened 5/14/2012' with a balance of $3197, no other information. I have received collection letters from them in the past and they are always offering payment plans. No abrasive letters demanding payment so far. They may have tried to call, but usually I block suspicious numbers so I'm not sure if they've tried reaching me by phone or not.

This was originally a Washington Mutual Visa that I opened when I lived in Arizona around 10/2007. I was laid off in 2008 and made the last payment to WaMu in Jan 2009, but I believe I signed up with a debt consolidation agency (Care One) in March 2009. The balance was around $3000; credit limit $2500. Not sure how long I was able to pay on that due to some missing records on my part but I believe my last payment to Care One was 8/2009. I just couldn't afford to keep paying as I was also laid off in 2009. The actual account is listed as a "collection/charged off" Chase credit card on my credit reports. Under that account on my TU report, it is listed that the account was 'last reported' on 9/11/2009 and that it was closed on that date as well. Equifax shows a 'last reported' date of 9/1/2009 but no closed date. TU shows last payment of 4/27/2009 and EQ shows last payment of 4/1/2009. Both show a balance of $3262.

I moved back to OR in 2010, which is where I still live. I'm not sure if the SOLs in AZ or OR would apply to this debt; however I believe it is 6 years in both states. In that case, seems like the SOL would be up next month. Am I reading this correctly?

I'm afraid to send a DV letter to Midland because I don't want to poke the bear. However, I really want to get this off my credit reports. Any advice would be appreciated.

Thank you!

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SOL (statute of limitations) and credit reporting time periods are two different things. Either way, this account should be slated to come off sometime around May of next year. You can contact the credit bureaus to find out exactly when they plan to remove the account. You may also ask for an early exclusion on the account when we get closer to next year. Do some reading on "early exclusions" as you should find some helpful information. I think I would be patient and not do anything at this point and just wait it out until it is time for it to fall off. If you dispute it now, it will update and the update will cause a score drop.

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