Did you receive a call or letter from Midland Credit Management? Are you wondering who this company is and what they want?
We’ll be glad to fill you in on who they are and give you some tips on dealing with Midland Credit Management, Inc.
Who Is Midland Credit Management?
Midland Credit Management is a debt purchasing company and a debt collection agency. They commonly go by MCM, or use another related entity called Midland Funding. An easy way to think of the relationship is that Midland Funding purchases the debts, and they then place it with Midland Credit Management for collection. The companies are separated for logistical and legal reasons; they are both under the parent company of Encore Capital Group.
Midland Funding (or one of their related entities) purchases large groups of delinquent consumer debts from lenders who have given up hope for recovery themselves. Then, MCM attempts to collect on those past-due accounts with persistence until the debt has been resolved.
They have a few other names under their umbrella. When you have a debt that has been purchased by Midland or Midland Funding, you may also see Encore Capital Group or Atlantic Credit and Finance. With all of these companies intertwined, it can get a bit tricky. Since most of their collection activity is completed by Midland Credit Management, we’ll mostly use that for the remainder of this post. Given the number of entities involved, it may not be a surprise to learn that Midland Credit Management is one of the largest debt collection companies in the country.
Is Midland Credit Management Legitimate?
As a consumer rights law firm, we always encourage you to treat any call or letter asking you for money with a healthy amount of skepticism. However, if it truly is a call or letter from Midland Credit Management, they are indeed a legitimate debt buyer and collector. MCM is one of the largest debt buyers and collection agencies in America.
What Kind of Debt Does Midland Credit Management Collect?
MCM tends to focus on the consumer debt market, meaning debts owed by individuals rather than by businesses. They generally purchase delinquent consumer debt from consumer-focused lenders like credit card companies, auto loan lenders, and cellphone providers.
How Do I Deal With Midland Credit Management?
If you’re receiving calls or letters from Midland Credit Management, there are actions you can take and rights that protect you as a consumer in debt. First, read the Attorney’s Guide to Reading A Collection Letter. This will explain the core elements of the letter you received.
Then, determine your next steps.
Are you sure you owe the debt to MCM? If not, you might consider disputing the debt. With a bit of research and legwork, you can attempt to do this on your own. If you’d like to leave it to a debt attorney familiar with disputing debts, contact our team here at National Legal Center.
If you are sure the debt is valid, can you afford payments to resolve or settle the debt? Make sure any arrangement is affordable and doesn’t leave you falling behind on other obligations.
National Legal Center negotiates with companies like MCM daily. Complete this short form to discover options to deal with Midland Credit Management and any other creditors you may have.
If you’re tired of struggling with debt, you’ve got options. Call today and let National Legal help you #standuptodebt once and for all.