topic Re: Merrick Bank charge off notice help! in Rebuilding Your Credit

Merrick Bank charge off notice help!

RCOH — Wed, 01 Jun 2016 22:24:23 GMT

I received this message today in a email about a charge off with Merrick Bank. I did click on the original message not knowing fully what it was (my mistake). It's my understanding that Merrick has sold the account to TrueAccord.

The message mentions 'recurring billing'...

EDIT: TrueAccord isn't listed anywhere on my reports. The only mention of this account is Merrick Bank, their address and contact information.

Any advice would be appreciated.

Re: Merrick Bank charge off notice help!

Anonymous — Wed, 01 Jun 2016 22:42:02 GMT

True Accord is a real collector.

They have unusual tactics (and get lots of attention in litigation circles for that) but they are a collection agency based in San Francisco.

One of their tactics is "gentle, friendly" email - they even have a complex algorithm that decides which ones to send any particular debtor (they call those "customers" though) based on the person's age, demographic/geographic location, etc.

That being said, there are some issues that various lawyers and courts are taking a closer look at - like, the absence of a "mini miranda" warning in most of their communication (the "this is an attempt to collect a debt, any information will be used for this purpose, etc, etc" thing) and the absence of information indicating what should be done if a consumer disputes the debt and/or wants it verified.

If you want to pay the debt, they will work with you to get that done. No idea on whether they are more open to PFD or anything like that (you'd think a "gentler, friendlier" colelctor would be, though).

You can read quite a bit about them/their philosophy and the various pending lawsuits about them if you Google them. They attracted a lot of attention when they launched a couple years ago, good and bad/suspicious.

Re: Merrick Bank charge off notice help!

RCOH — Wed, 01 Jun 2016 23:15:59 GMT

Thanks for the reply,

True Accord did include the "mini miranda" at the end of this message. I cropped just above that section since it included the account #...

"THIS COMMUNICATION IS FROM A DEBT COLLECTOR. THIS IS AN ATTEMPT TO COLLECT A DEBT, AND ANY INFORMATION OBTAINED FROM YOU WILL BE USED FOR THAT PURPOSE."

Should I message them directly about a PFD? I do want to take care of this even if it doesn't result in a score increase. $0 and paid is better than 'charge off' with an owed amount.

I wasn't sure if they would have the authority to make a PFD agreement. True Accord isn't listed on my report, only Merrick Bank is.

Working diligently in correcting my reports.

Re: Merrick Bank charge off notice help!

Anonymous — Wed, 01 Jun 2016 23:25:29 GMT

Whether or not they have that ability is determined by their agreement with Merrick. ("purchased" or "assigned" as opposed to "retained to collect")

But as you've said, paid is better than unpaid in any case.

Just because they aren't reporting doesn't mean they don't have the authority to do so - just means they aren't doing it. Reporting is optional.

Getting Merrick to remove the chargeoff they've already reported is going to be another battle - these guys would just be agreeing not to report their collection activity, if indeed they are authorized to report it in the first place apart from Merrick's reporting, again, according to the terms of the agremeent between those two.

Re: Merrick Bank charge off notice help!

RCOH — Wed, 01 Jun 2016 23:40:55 GMT

Thanks for the clarifications.

I went to their site, it has several options to make payments but all what some kind of electronic information. I've read that's a bad idea, to give a CA your banking info. There was a section for "something else". I asked the question. Now to wait for their reply. I requested payment be made via mail in (of course).

I'll also ask for their agreement not to report to the CRA(s). I would hate for this to show up as a new baddie just for trying to do the right thing.

Re: Merrick Bank charge off notice help!

Anonymous — Wed, 01 Jun 2016 23:41:35 GMT

Smart. I don't know that I'd trust a CA with banking info either.

You can always call the number listed in the email and see about speaking to an actual human. They'll probably pressure you to make a payment over the phone, but if you repeatedly refuse and simply ask for the address and account number to send your money order, they'll eventually cave. No collector turns away money lol

Re: Merrick Bank charge off notice help!

grillandwinemaster — Wed, 01 Jun 2016 23:49:44 GMT

@RCOH wrote:
Thanks for the clarifications.

I went to their site, it has several options to make payments but all what some kind of electronic information. I've read that's a bad idea, to give a CA your banking info. There was a section for "something else". I asked the question. Now to wait for their reply. I requested payment be made via mail in (of course).

I'll also ask for their agreement not to report to the CRA(s). I would hate for this to show up as a new baddie just for trying to do the right thing.

If your ready for them to start making monthly withdrawals and don't trust them, open a new bank account and deposit ONLY the monthly amount you have authorized them to withdraw. Close the account once it's paid off.

Re: Merrick Bank charge off notice help!

RCOH — Thu, 02 Jun 2016 00:14:37 GMT

True Accord already replied..

Hi XXXXXX,

We are happy to accept payment in the form of:

Visa or MasterCard credit and debit cards, paid online or by phone
ACH Bank Transfer paid online
Mailed in Check, Money Order, Cashiers check.

If you choose to mail in payment, please ensure that the check includes your TrueAccord account number XXXXXXXXXXX. Checks should be payable to:

TrueAccord Corp.
153 Maiden Lane, Floor 3,
San Francisco, CA 94108

Best Regards,
Rosanna C.

TrueAccord Engagement Team
153 Maiden Ln., Third Floor
San Francisco, CA 94108

Call us: 866-611-2731
Email us: support@trueaccord.com"

I replied to this message asking payment not be reported to the CRA(s) as a new account.

Mail in payments are the way I will go. Now to wait for the reply to my question.

Re: Merrick Bank charge off notice help!

RonM21 — Thu, 02 Jun 2016 02:57:30 GMT

Hope it works out, and there aren't any hassles that you have to deal with.

Re: Merrick Bank charge off notice help!

RCOH — Thu, 02 Jun 2016 09:08:53 GMT

Thanks, so do I.

I'll update if I get a reply to my request.

Re: Merrick Bank charge off notice help!

RCOH — Thu, 02 Jun 2016 09:10:35 GMT

I have an update, not about my account but True Accord. I did some research and found what hmw_75 said to be true. True Accord is trying to change the way Debt collection is done as well as perceived.

Here is an Article on wired, business section...

"...Samet is trying something different. With his San Francisco startup, TrueAccord, he’s taking a markedly softer approach to the market, hoping to collect debts not with brute force and intimidation, but with psychology and consumer friendly technology.

Backed by about $2 million in funding from the likes of Khosla Ventures, TrueAccord uses behavioral engineering and machine learning to automate the typically human-intensive process of debt collecting. Its algorithms aim to learn about and understand who a debtor is, based on gender, age, location, how he or she responds to TrueAccord’s communications, and an array of other variables. That means a millennial woman who clicks through to the TrueAccord website after receiving an email might receive entirely different messages than, say, a male retiree who never checks the website. The goal, says Samet, is to “speak to people’s values, rather than having the biggest stick...”

Fingers crossed that they mean what they say.

Re: Merrick Bank charge off notice help!

RCOH — Thu, 02 Jun 2016 19:22:16 GMT

UPDATE:

Heard back from True Accord...

"Hi XXXXXX,

Thank you for bringing up your concern.

TrueAccord doesn’t do any credit reporting so we have not reported that this account is in collections. We have no knowledge on what Merrick Bank has done but we can assure you they will be updated on your most current balance/that your account has been paid in full. If you’re concerned, you can go to www.consumer.ftc.gov and click on “Get Your Free Credit Report” to get a free copy and see for yourself.

Best Regards,
Rosanna C.

TrueAccord Engagement Team
153 Maiden Ln., Third Floor
San Francisco, CA 94108

Call us: 866-611-2731
Email us: support@trueaccord.com"

Looks as if everything is good to move forward.

Any other advice before making payment?

Re: Merrick Bank charge off notice help!

Anonymous — Thu, 02 Jun 2016 19:45:43 GMT

If you have the message ( I'd print it for safe measures) and they said they won't report. I'd make it go away by paying ASAP to keep Merrick bank from updating your report every month. Merrick WILL update the CO every month.

Re: Merrick Bank charge off notice help!

RCOH — Thu, 02 Jun 2016 19:59:41 GMT

OK, so using a payment plan option is a no no then? I was going to go that route since it would allow me to work on a couple others at the same time.

If full payment at once is the best option, I'll wait and pay it all at once. I have a Sprint & Finger Hut CO that needs addressed as well.

I guess it's better to check them off one at a time then work on all at once? I understand this is a marathon and not a sprint, trying to correct as much as possible. I still need to open 1 if not 2 more revolving to help with my score. I was going to wait until I take care of a few baddies before applying for anything else.

I have an AU account that is still pending in dispute with EQ, Trans already deleted & Experian never had it listed. I also made payment in full last month to CapOne for a charge off that hasn't updated yet.

Any other advice?

Re: Merrick Bank charge off notice help!

Anonymous — Thu, 02 Jun 2016 20:12:37 GMT

If you're talking about making payments to 2 or 3 collectors over the course of a few months, one payment to each, each month, as opposed to paying one in full then waiting a couple months to pay another - I'd actually say make the payment plans and keep them.

If True Accord really doesn't report, fine. No problem. It'll take a few months for Merrick to change to PIF, but you'll already be knocking out others meantime as well.

In the end, your maximum benefit - PIF on those you are trying to take care of - will only happen once everyone on your list is paid. Interim benefits, that is score bumps for each individual one being paid off, are great, but you have to have a plan for getting to the end that works for you before you see the final result in your score's increase.

Re: Merrick Bank charge off notice help!

Anonymous — Thu, 02 Jun 2016 20:15:40 GMT

It's up to the individual on whether or not you wish to do a payment arrangement. I have done pay at once and arrangements with different CA's and had no problems but some others have.

Re: Merrick Bank charge off notice help!

Anonymous — Thu, 02 Jun 2016 20:15:46 GMT

It might be but I know from experience Merrick will report it every month. Mine ended up being 39 months. Which suppressed my score and kept me from obtaining any credit. Although I don't think it's right that they can do this because the debt in therory has been sold to someone else unfortunately they can.
I sent my payment in using a bank account I only kept enough in to pay the accounts I was paying.
I PIF each as I went. I didn't make payment arrangements. For me it was basically saying I'm debted to someone else or an agreement was made. So I paid and washed my hands of them. Those who got my money first were those who did a PFD, everyone else came 2nd.
I'd call and ask if they'd do a PFD if they said no. I'd let them know I had limited funds and I needed to spread the weath and pay those first who would do a PFD. if they still said no I'd tell them I'd call them back if I had enough left over. Sometimes it worked, sometimes it didn't. Lol.
After about a week or 2. I'd call them back (as a courteousy) to let them know I haven't forgot about them but I was still working with other creditors who were willing to do a PFD and they were on my list to pay. I'd ask if they reconsidered doing a PFD. If they said yes then I'd pay it. If it was no again I'd thank them for there time and understanding and keep working on my PFD.

Re: Merrick Bank charge off notice help!

RCOH — Fri, 03 Jun 2016 06:06:43 GMT

Thanks for all the replies,

I think I'll just pay True Accord (Merrick Bank) in one payment. After reading all the responses and re-reading True Accords email, it does seem as if Merrick would update each payment... "we can assure you they will be updated on your most current balance/that your account has been paid in full."

Instead of having 6 different updates with 6 different dates reporting, It would be best to do it all at once.

With the Sprint account I'm in a holding pattern. Others have advised me to wait to do anything. Apparently, it's near the six month mark with the CA that has the account. If what I was told is true, I should wait until they sell to another CA. Pay the new CA or Sprint directly once that dun arrives then dispute the current baddie with the CRA(s).

If it works it will remove the Collection entirely from my reports. If not at least its paid anyway.

Finger Hut I have yet to contact.

The only black marks left after those are three Medicals. I've already requested paperwork from the Hospital (in the mail). I'm lucky that our local Hospital is a "none for profit". They will work with you on your balance and remove collections once paid (as I'm told by them). If they don't there is always HIPAA

After that I'm in the clear.

Starting to see light at the end of the tunnel. It's still very dim but at least there is some light...lol.