What does FARMERS & ME mean on my credit report?
Learn about FARMERS & ME, an bank offering loans for financial assistance. Check the impact to your credit report and financial status.
What is FARMERS & ME?
FARMERS & ME is shorthand for Farmers & Merchants Bank, with the company name being Farmers & Merchants Bank Inc
As of September 2015 it has 63 members, among them are 12 women and 41 men.
FARMERS & ME is a Bank provider. They could be on your report for a number of reasons, for example:
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⚫ You missed a repayment.
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⚫ You opened an account with Farmers & Merchants Bank.
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⚫ You opened a credit card / loan / mortgage with this company.
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⚫ Someone fraudulently opened a credit line under your name.
About the account
- ⚫ The average high credit balance is $101000.
The account is classified under the following METRO2 categories:
- ⚫ Real estate
How do I contact them?
Here is the current contact details for Farmers & Merchants Bank:
Address:
- 708 South Main PO Box 1010 Stuttgart, AR 72160
Website:
Email:
- [ rcs@fmb.com](mailto:// rcs@fmb.com)
Phone:
Payments
F&M offers online and mobile payments, as well as wire transfers. There are no penalties for late or missed payments.
| Question | Answer |
|---|---|
| Do they offer a monthly payment plan? | No |
| Can I make payments over the phone? | No |
| Can I make payments online? | Yes |
| Do they offer a discount for automatic payments? | No |
| Can I make a payment using a mobile app? | Yes |
| Can I make a payment using a prepaid debit card? | Yes |
| Can I make a payment using a wire transfer? | Yes |
Forgiveness and Cancellation
There are three main types of government student loans in the United States: Federal Family Education Loan (FFEL) Program loans, William D. Ford Federal Direct Loan (Direct Loan) Program loans, and Federal Perkins Loans. Loan consolidation is a way to pay off multiple loans with a single, larger loan. The new loan has a fixed interest rate that is the weighted average of the interest rates on the existing loans. Loan forgiveness means that you are no longer responsible for repaying some or all of your loan. There are several ways to qualify for loan forgiveness, including making a certain number of payments on an income-driven repayment plan, working for a qualifying employer, or serving in a qualifying military service. There are also several types of loan discharge, which cancels your obligation to repay all or part of your loan. Unlike loan forgiveness, loan discharge generally requires that you meet certain conditions, such as false certification of loan eligibility, closed school discharge, or death discharge.
| Question | Answer |
|---|---|
| Do they offer loan forgiveness? | No |
| Do they offer loan consolidation? | No |
How to Apply
You can apply for a loan online, over the phone, or in person. You may also be able to apply for a loan using a mobile app. In some cases, you may need a cosigner.
| Question | Answer |
|---|---|
| Can I apply for a loan online? | No |
| Can I apply for a loan over a phone call? | No |
| Can I apply for a loan in person? | No |
| Can I apply for a loan using a mobile app? | Yes |
| Can I apply for a loan with a cosigner? | No |
IdentityIQ Report Example
- This is an example of what this creditor will look like on your IdentityIQ report.
Will this affect my credit score?
Whether this account affects your credit score depends on a variety of factors, such as:
- Account Open Date: If you opened this account recently it will impact your credit, the only way to prevent this from impacting your credit score is to remove the account from your report.
- Derogatory Markings: If this account has any derogatory markings such as:
Lates, Charge Offs, Collections and others.
However, there are could be some potential positive aspects to this account which could lead to improving your credit score, such as:
- Account Age: If your account is quite old, then the age of it will positively impact your credit score
- Repayment History: If the account has no
Late Payments, Charge off Payments, then it may reflect a positive impact onto your credit score.
Can it be removed from my credit report?
Yes, with the right strategy, you will be able to remove any account from your report. But you have to be careful to ensure that the account is negative to begin with, or it will negatively impact your credit score.
However, removing a negative account will positively impact your credit score, allowing you to open new credit lines and potentially removing bad debt.
What is a Bank
A bank is an institution where money is kept for saving or commercial purposes. They are able to offer Loans and Mortgages which means they have the ability to report on your credit. Banks are generally felt as untrustworthy (30% confidence rating in the USA) by the general public. Banks can make mistakes on your credit report which may lower your credit score, potentially damaging your credit report and costing you money.
How do I remove FARMERS & ME from my credit report?
You can send a dispute letter to the credit bureaus to remove this account from your report. You must send a dispute letter to all three credit bureaus, as they are legally required to remove the account from your report if it is found to be inaccurate. For best results you should send a dispute letter to the credit bureaus via certified mail, this will ensure that you have a legal record of the communication.