Merchants Credit
Unauthorized billing

Is this a legitimate company? I read some scary things on this site... I received a letter earlier this month stating that I owe almost $5,000 in debt from a card opened up in 1994. (Foolish college student!) I spoke with them today and they said they can settle it and provide me with documentation that it has been settled if I send in a payment of $1500 by July 31st.

I told them that I was 99% sure that I had resolved all my debts and nothing shows up on my credit (having bought 2 homes in the past 6 years... They explained that not all lendors dig back that far and not all creditors report it...). They had all my old addresses and provided me with the last 4-digits of my SSN. I did not give them any of that.

They said a payment of $200 was made in 2000 and that was it... If I remember correctly, I thought that payment was to clear everything! But I have no documentation of any of this...

They also explained that this is a secondary line of credit (apparently I paid off a visa... But was then given a MC and this is what they are collecting on.) The company passed my account to another collection agency which then sold my account to these people...

Any advice is greatly appreciated.

Company: Merchants Credit
Country: USA
State: Illinois
City: Chicago
Site: merchantscredit.com

  <     >