topic Re: Merrick Bank - Carson Smithfield Called Today in Rebuilding Your Credit

Merrick Bank - Carson Smithfield Called Today

Anonymous — Tue, 18 Apr 2017 15:20:45 GMT

I have an old chargeoff from Merrick Bank. There collection is being handled by a company called Carson Smithfield. They are advising that I owe them $1307.00. However, they will settle with me for $326.00. I have not heard from them in a couple of years. Per my credit report, this chargeoff is due to fall off 03/2020. They have not updated anything on my reports since 01/2014. I would like to know if I should settle with them. I asked the represenative if they would do a PFD, but he said that he only knows that they will update the credit report according to what I paid. Basically "settled for less" is what I think he was getting at. I need some help as to what to do.

Re: Merrick Bank - Carson Smithfield Called Today

RobertEG — Tue, 18 Apr 2017 23:08:13 GMT

Has the debt collector already reported a collection?

Re: Merrick Bank - Carson Smithfield Called Today

Anonymous — Tue, 18 Apr 2017 23:17:10 GMT

It's reported as a chargeoff. There is no collection agency assigned to it. I think Carson Smithfield is similar to "internal collections."

Re: Merrick Bank - Carson Smithfield Called Today

RobertEG — Tue, 18 Apr 2017 23:39:35 GMT

If a creditor uses any name that might imply they are a third party, then they are considered to be a debt collector under the definition provided in the FDCPA, and can report a collection to the CRA.

You can make a pay for not reporting offer to the debt collector, and if accepted, would prevent any reporting of their collection.

Re: Merrick Bank - Carson Smithfield Called Today

Anonymous — Wed, 19 Apr 2017 00:53:09 GMT

@RobertEG wrote:
If a creditor uses any name that might imply they are a third party, then they are considered to be a debt collector under the definition provided in the FDCPA, and can report a collection to the CRA.

You can make a pay for not reporting offer to the debt collector, and if accepted, would prevent any reporting of their collection.

After doing some research, they do seem to be a bonafide collection agency. I am not sure why they have never reported themselves as such on my credit report. I need some advice as to whether or not I should pay the settlement amount.

Re: Merrick Bank - Carson Smithfield Called Today

jdxprs1 — Wed, 19 Apr 2017 06:33:39 GMT

So if this is a charge off, but still showing a balance owed, it's affecting your utilization and will probably give you a nice bump in your score if paid.

Def try to get them to delete, but settling for 300 out of 1300 to get it off utilization is worth it imo

Re: Merrick Bank - Carson Smithfield Called Today

Anonymous — Wed, 19 Apr 2017 11:42:07 GMT

I agree with jdxprs for each CO that I settled for less I gained around 20 points. It was my experience that if the CA isn't on your credit report the OC still held the debt. Does your credit report say that the debt was sold. If the debt was sold I wouldn't pay it because the OC will not change their tradelines balance to zero. You would have to dispute the tradeline for inaccurate balance.

Re: Merrick Bank - Carson Smithfield Called Today

Anonymous — Wed, 19 Apr 2017 12:22:22 GMT

Ok. Thank you for the advice. I am gong to double check my reports again. Is it possible that they are not counting against my utilization? I can settle with them, but what should I push for as far as updating? I would hate to pay and then wind up worse off.

Re: Merrick Bank - Carson Smithfield Called Today

RobertEG — Wed, 19 Apr 2017 19:46:05 GMT

Was the account reporting by Merrick a revolving line of credit or an installment loan?

Re: Merrick Bank - Carson Smithfield Called Today

rmduhon — Wed, 19 Apr 2017 20:15:14 GMT

If the account was sold the OC has to update the balance to zero.

Re: Merrick Bank - Carson Smithfield Called Today

Anonymous — Thu, 20 Apr 2017 00:26:32 GMT

Ok. After going through my report, it is at about 130% utilization. The Merrick Bank credit card had a $1000 limit. With the fees and all it is over $1300 that is reporting. However, it has not reported in several years. Carson Smithfield is not listed on my credit report at all. My utilization is at right now is at 49%. That is before an $1800 cc reports. I just need the pros and cons of paying vs not paying. Or vice versa.

Re: Merrick Bank - Carson Smithfield Called Today

jdxprs1 — Thu, 20 Apr 2017 01:49:50 GMT

The con is that it's costing you between 40 and 70 points on your scores. If a collection agency starts reporting it, scores will probably drop even more.

Re: Merrick Bank - Carson Smithfield Called Today

Anonymous — Thu, 01 Feb 2018 20:37:46 GMT

Bumping this up

For the original poster--what did you end up doing?

I have a very similar situation right now. Carson Smithfield sent me the letter with a settlement of $226 for an $800 account. The CA is NOT on my credit report. Merrick Bank is showing utilization at like 140% or something. If I pay the CA, will my balance from Merrick Bank update? Or do I have to pay Merrick bank directly?

Re: Merrick Bank - Carson Smithfield Called Today

Anonymous — Thu, 01 Feb 2018 21:19:22 GMT

After doing some research, they do seem to be a bonafide collection agency. I am not sure why they have never reported themselves as such on my credit report. I need some advice as to whether or not I should pay the settlement amount.

Before you pay them anything you should see how much time is left on the Collection Statute of Limitations. Since the debt is due to fall off your credit report in 2020 that means it went into charge off status in about 2013. This is 2018 - and in many States this debt would already be Out of Statute or nearing the Statute of Limitations.

Re: Merrick Bank - Carson Smithfield Called Today

Anonymous — Fri, 02 Feb 2018 16:12:08 GMT

What is the SOL on this account? If beyond they can do nothing except report to the CRAs and that is the only leverage. Will you NEED new credit before this would age off? FYI - considering the offer, they probably purchased the debt and are making plenty on the offer. You see where I am going.