Merchant's Credit Guide
Merchant's Credit Guide

Helping

People

Resolve

Debt

Merchant's Credit Guide
Merchant's Credit Guide

For Over

115

Years!

  Merchant's Credit Guide
Merchant's Credit Guide

Trust

Fairness

Respect

Frequently Asked Questions (FAQ) – Merchants’ Credit Guide Co.

Frequently Asked Questions (FAQ) – Merchants’ Credit Guide Co.

Who is Merchants’ Credit Guide?
What is a Collection Agency?
What should I do if a collection agency calls or writes to me?
What if I have a dispute about the debt?
Will Merchants’ Credit Guide report this debt to the credit bureau?
How do I find out about my credit report?
Can a collection agency affect my credit score?
Will Merchants’ Credit Guide sue me?
Can I be sued on an account that is beyond the statute of limitations?
Can’t I just pay the original creditor?

Who is Merchants’ Credit Guide?

Merchants’ Credit Guide is a licensed, third-party collection agency. Operating out of Chicago for over 110 years, Merchants’ Credit Guide helps companies recover outstanding debt by working with consumers to understand their overdue debt and making arrangements with them to resolve the debt.

What is a Collection Agency?

A Collection Agency is a third party agency which helps companies collect outstanding debt.

What should I do if a collection agency calls or writes to me?

If you have been contacted by a collection agency, it is best to contact them as soon as possible. By contacting the collection agency right away, you can clearly communicate your intentions and the collection agency can work with you to resolve the debt. In most cases, you can set up an affordable payment plan. Contact Merchants’ Credit Guide.

What if I have a dispute about the debt?

If you dispute the debt, it is important to contact the collection agency in writing, notifying them of your dispute, within 30 days of receipt of the first letter. As stated in the federal Fair Debt Collection Practices Act: If the consumer requests the debt collector in writing within the thirty-day period that the debt , or any portion thereof, is disputed, or that the consumer requests the name and address of the original creditor, the debt collector shall cease collection of the debt, or any disputed portion thereof, until the debt collector obtains verification of the debt or a copy of a judgment, or the name and address of the original creditor, and a copy of such verification or judgment, or name and address of the original creditor, is mailed to the customer by the debt collector.

Will Merchants’ Credit Guide report this debt to the credit bureau?

It depends on who Merchants’ Credit Guide is collecting for. Some clients allow for credit reporting, some do not. If the account is more than 7 years old, the account cannot be reported to the credit bureaus.

How do I find out about my credit report?

The Federal Trade Commission has established a program where consumers can get copies of their credit report once every 12 months from the three national credit reporting bureaus. For more information on this service, see www.annualcreditreport.com.

Can a collection agency affect my credit score?

If the collection agency reports the debt to the credit bureau, it can have an affect on your credit score or rating.

Will Merchants’ Credit Guide sue me?

Merchants’ Credit Guide will not sue you. On rare occasions, Merchants’ Credit Guide may recommend to its client that a lawsuit be filed against a consumer who has the ability to pay but refuses to do the right thing. The client may or may not elect to file a lawsuit. Before recommending a lawsuit, Merchants’ Credit Guide prefers to work out a mutually agreeable plan to resolve the debt.

Can I be sued on an account that is beyond the statute of limitations?

No, you cannot be sued on accounts that have aged beyond the statute of limitations as defined by each state. But, the statute of limitations does not eliminate the debt. The debt is still owed. It cannot be legally enforced.

Can’t I just pay the original creditor?

We recommend you send the payment to us to minimize the delay in updating your account and stopping our collection efforts. Your account information will be updated and our client notified.

If you feel you have been treated unfairly or unprofessionally by one of our agents, please write or email us at consumerrelations@collectmcg.com