topic Re: Merrick Bank C/O in Rebuilding Your Credit

Merrick Bank C/O

kjel — Wed, 25 Jun 2014 15:52:24 GMT

Bit the bullet, called Merrick Bank, asked them to make an offer on a 2009 charge-off. They offered 40% of the balance and will send the agreement by fax. The rep said they will report it settled in full to the CRs. Let's see what it says.

Re: Merrick Bank C/O

Shogun — Wed, 25 Jun 2014 16:13:41 GMT

Good luck, and don't forget the GWs once it's paid!

Re: Merrick Bank C/O

kjel — Wed, 02 Jul 2014 02:52:27 GMT

Got the settlement agreement today. It said that they would update the account as "settled in full" upon receipt of the agreed payment and the remainder forgiven. Should I pull the trigger?

Re: Merrick Bank C/O

gdale6 — Wed, 02 Jul 2014 03:03:29 GMT

@kjel wrote:
Got the settlement agreement today. It said that they would update the account as "settled in full" upon receipt of the agreed payment and the remainder forgiven. Should I pull the trigger?

Sounds like a good deal to me and as Shogun has said dont forget to start the GW letter campaign once its updated to PIF

Re: Merrick Bank C/O

kjel — Wed, 02 Jul 2014 12:04:00 GMT

Thanks. I'm going to send in the payment today, money order via certified mail. I hope my score doesn't tank with the appearance of activity on this account. I have copies of my old reports in case they try to reage the debt. They've always been kind of shady.

Re: Merrick Bank C/O

kjel — Wed, 02 Jul 2014 15:12:22 GMT

And I got an alert for a 32 point drop for this account updating. Grrrr....

Re: Merrick Bank C/O

kjel — Sat, 12 Jul 2014 18:13:28 GMT

Paid the settlement amount as agreed and confirmed that they received the payment. Score Watch sent me an update this morning with a +32 bump, sure enough Merrick Bank is reporting a $0 balance. I am glad I got my points back that I lost last week when they updated the account to say that it's under a repayment agreement!

Moving onward and upward!