Merchants Credit Guide Collection Agency Ripoff Chicago Illinios

According to the secretary of state website, they have been in business for over 100 years. It shows they incorporated on 06/28/1899. Also, it says they have used the Assumed Names "CREDITORS ACCOUNT SERVICE, INC." and "CREDITORS ACCOUNT SERVICE" which is listed as INACTIVE.

As I mentioned earlier, if anyone has paid this company, please look at the back of your check and let me know where they bank and their account number so I can collect on my judgement against this company.

"Merchant's Credit Guide"

Are they some kind of tour guide? Do they offer some type of how to credit guide?

Where did they even come up with this stupid and deceptive name?

This has always bothered me.

Hi Yolonda,

Do you have a copy of that refund check? If so, can you scan & e-mail it to me?

I recently filed for bankruptcy and Merchants Credit Guide ignored the court order to cease collection attempts by contacting me 17 times. As a result, my attorney filed suit and the judge awarded $10,000. Now it's time to collect...a copy of that refund check would be very helpful.

I just wanted to update you all after 3 weeks of fighting with them I did get a refund check!! Thanks everyone for your advice!

I've never heard of anyone getting money back from a collection agency. If you used a credit card, debit card, or ACH ("check by phone"), and it was recent enough, you may be able to reverse it through your bank. Otherwise it's gone. The best you can do then is sue them and get a judgement...but then you'd have to collect it.

The letter they sent was in violation of federal law. A lawyer like Bud Hibbs could sue them over it. The threat to double the amount demanded if not paid immediately violated the doctrine of "overshadowing." In the initial letter, the consumer must be notified of their rights to dispute the debt. Language that suggests that the situation will worsen if they don't pay immediately would tend to discourage him or her from exercising the legal right to dispute.

In general paying on old debts (especially if they were NEVER YOURS IN THE FIRST PLACE) is seldom worth it. Concentrate on paying current or recently overdue accounts first. Once they go to collection agents, paying is unlikely to improve your credit rating.

Sherman Acquisitions/Alegis is a major junk debt buyer and they purchase portfolios of out-of-stat debts and "phantom debts" and often farm these out to other bottomfeeder junk debt buyers. First of all, if the "debt" is from 1995, it is beyond the statute of limitations and they cannot legally report it on your credit. Also, MCG violated the FDCPA by demanding that you pay within ten days, as you legally have thirty days to dispute this and you also have the right to demand validation.

Send these leeches a letter similar to the one below:

Your address
Date

Their address

Re: (their reference #)

In accordance with Section 809-Validating Debts of the Fair Debt Collection Practices Act, I respectfully request that you provide to me, in writing, the following:

1. Explain and show me how you calculate what you say I owe.

2. Provide me with copies of any papers that show that I agreed to pay what you say I owe.

I have disputed this debt, therefore, until validated, you know your information concerning this debt is inaccurate. Thus, if you have already reported this debt to any credit reporting agency, then you must immediately inform them that this debt is in dispute. Reporting information that you know is inaccurate of failing to report as disputed violates the FCRA e1681s-2. If you do not own the rights to this debt, please send a copy of this dispute letter to the original creditor, so that they will have documentation that they will be aware that this remains in dispute. If there is an issue, I will deal directly with the original creditor, as I do not deal with collection agencies or junk debt buyers.

Finally, in accordance with section 805 (c )-Ceasing Collections, of the FDCA, please do not contact me regarding this, except by official mail and then only to inform me that your collection efforts are being terminated or that you are taking specific actions allowed by law.

Your cooperation anticipated and appreciated.

Very truly yours,

If you have a fax number for them, fax this as well as sending it Certified Mail (though many bottomfeeders will refuse these) or FedEx/ Priority Mail letter with signature confirmation (they will usually not refuse these). Please, whatever you do, DO NOT PAY THIS!!!! All you will do is get the clock started again on the statute of limitations as you would basically reaffirm this debt (if it even exists).

You can get plenty of information regarding Sherman on budhibbs.com, including addresses and telephone numbers. Go to section "America's Worst Collection Agencies" and you will find lots of useful information.