The Mercantile Adjustment Bureau is a debt collection agency headquartered in Williamsville, New York. According to their website, they have been in business since 1934, and specialize in third-party collection services.
This means they will buy debt accounts from other collection agencies. Mercantile Adjustment Bureau will collect on a wide variety of debt accounts including: medical services, higher education, utilities, financial services, and more.
On a side note, Mercantile Adjustment Bureau recently purchased the Creditors Interchange Receivable Management LLC collection agency. This means that Mercantile and their 500 employees are contacting many more consumers today for repayment of alleged debts!
Mercantile Adjustment Bureau
165 Lawrence Bell Drive
Williamsville, NY 14221
Phone Numbers: 716–929–8200, 800–480–7094
6 Steps Before You Pay Mercantile Adjustment Bureau
1. Do You Recognize The Debt Mercantile Claims You Owe?
If you do not recognize the debt Mercantile Adjustment Bureau is contacting you for payment on, then you should request debt verification.
2. Debt Verification
You can do this yourself by sending a debt verification letter directly to Mercantile Adjustment Bureau. This is going to require Mercantile to furnish you the legal evidence that they own collection rights on your debt account.
If they are unable to do this, then you are not responsible for repayment. Mercantile Adjustment Bureau is also supposed to remove collections from credit report histories by contacting all three of the major credit bureaus.
3. Negotiate a Settlement
If your debt is legit, then you should negotiate a settlement agreement. You should always negotiate to pay less than the total balance they claim you owe. This is because often Mercantile Adjustment Bureau will purchase your debt for just pennies on the dollar.
For example, if they claim you owe a $400 debt it is possible that Mercantile purchased the collection rights for just $40. Thus, any amount you pay over $40 is going to be profit for Mercantile Adjustment Bureau. The worst thing that can happen when negotiating is they say no. We encourage you to start your settlement negotiations with a very low offer.
4. Statute Of Limitations
Did you know most consumer debts carry a statute of limitations (SOL)? This is the legal time frame you are responsible for repayment of a debt. The statute of limitations will vary from state to state. Typically it is seven years from the first date of delinquency.
If you are currently dealing with bill collectors you should consider how old your debt is before making a payment. It may be easier and cheaper to just wait out the statute of limitations, instead of paying off debt in collections.
5. Dispute The Credit Bureaus
Do you have collections on your credit report from Mercantile Adjustment Bureau? If so, the most effective way to remove collections from your credit report is to dispute each of the three major credit bureaus. You can do this yourself or hire a credit repair service to do it on your behalf.
6. Avoid Being Sued
Yes, it’s true Mercantile Adjustment Bureau has the authority to file a civil lawsuit against you. This can result in a judgement against you. And this can cause wage garnishment, liens to be placed against you and or your property, and even asset seizure.
Please, investigate your local legislation because each state has unique laws. If Mercantile Adjustment Bureau is contacting you please address this issue before it results in more bad credit items or a civil lawsuit against you.
In sum, your credit score is a lot like your Grade Point Average (GPA) in school days past. It doesn’t matter if you’re acing all your courses, if you’re failing underwater basket weaving, because this one negative mark is going to ruin your overall GPA.
This is true of your credit score too. FICO very openly says this. And this is why it’s so critical to clean up credit report dings, blemishes, and remove any negative items. We encourage our members to consider professional, legal, and legitimate credit repair companies to help.
Because in 2016 alone, over 9 million negative items were removed from consumer’s credit reports. One of the best firms is The Credit Pros. They’ve helped client’s successfully remove collections, late payments, charge offs, judgements, liens, and many more negative credit report items.
Get a free credit consultation with a certified FICO professional by calling toll-free 1-877-418-7596. And for more tips, techniques, and strategies about how to fix credit score with Dan Willis, sign up for our free newsletter and join our congregation.
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