What does FARMERS AND MERCHANTS mean on my credit report?

Learn about FARMERS AND MERCHANTS, an bank offering loans for financial assistance. Check the impact to your credit report and financial status.

Updated January 1, 2023
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What is FARMERS AND MERCHANTS?

FARMERS AND MERCHANTS 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 AND MERCHANTS is a Bank provider. They could be on your report for a number of reasons, for example:

  • ⚫ You missed a repayment.

  • ⚫ You opened an account with Farmers & Merchants Bank.

  • ⚫ You opened a credit card / loan / mortgage with this company.

  • ⚫ Someone fraudulently opened a credit line under your name.

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:

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.

FARMERS AND MERCHANTS 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 AND MERCHANTS 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.