What does MER&PROFCOLB mean on my credit report?
Learn about MER&PROFCOLB, an collections agency offering loans for financial assistance. Check the impact to your credit report and financial status.
What is MER&PROFCOLB?
MER&PROFCOLB is shorthand for Merchants and Professional Collection Bureau Inc, with the company name being Merchants and Professional Collection Bureau Inc Inc
Merchants & Professionals’ Collection Bureau is a full service debt collection agency founded in 1965 by John R. Thompson in Austin, TX.
MER&PROFCOLB is a Collections Agency provider. They could be on your report for a number of reasons, for example:
- ⚫ You missed a repayment.
- ⚫ You opened an account with Merchants and Professional Collection Bureau Inc.
- ⚫ Merchants and Professional Collection Bureau Inc bought your debt and are now trying to collect on it.
- ⚫ You opened a credit card / loan / mortgage with this company.
- ⚫ Someone fraudulently opened a credit line under your name.
About the account
The account is classified under the following METRO2 categories:
- ⚫ Collection Agency/Attorney
How do I contact them?
Here is the current contact details for Merchants and Professional Collection Bureau Inc:
Address:
- 5508 Parkcrest Dr. Suite 210 Austin, TX 78731
Website:
Email:
Phone:
Payments
Payments can be made online by credit card, debit card, or other payment methods. Alternatively, payments can also be made in-person by cash, check, or other payment methods. Most companies allow customers to make payments through the use of debit and credit cards, as well as other forms of payment. Customers should contact their provider to find out more about payment options. Online payments are a convenient and secure way to make payments. With online payments, users can pay for goods and services at any time, from anywhere. Additionally, online payment systems offer a range of security measures to protect the user’s personal and financial information. Missing or late payments can lead to incurred late fees or a decrease in your credit score. Wire transfers are a secure, convenient, and cost-effective financial tool for sending and receiving money internationally. They are often used for large payments, such as for business-to-business payments, international payments, and personal payments.
| Question | Answer |
|---|---|
| Do they offer a monthly payment plan? | Yes |
| Can I make payments over the phone? | Yes |
| 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
loan forgiveness is not offered. However, they do offer loan consolidation services. To qualify for loan forgiveness, you must demonstrate that you have made regular payments on your student loan for a certain period of time, usually 20 to 25 years. Additionally, you must also meet certain requirements, such as working in a public service job, being disabled or having your school close while you were enrolled.
| Question | Answer |
|---|---|
| Do they offer loan forgiveness? | No |
| Do they offer loan consolidation? | Yes |
How to Apply
It is possible to apply for a loan online, in person, or using a mobile app. Applying for a loan typically requires providing financial information, but some lenders offer digital tools to help with this process. It is also possible to apply for a loan with a cosigner.
| Question | Answer |
|---|---|
| Can I apply for a loan online? | Yes |
| Can I apply for a loan over a phone call? | No |
| Can I apply for a loan in person? | Yes |
| Can I apply for a loan using a mobile app? | Yes |
| Can I apply for a loan with a cosigner? | Yes |
SmartCredit Report Example
- This is an example of what this creditor will look like on your SmartCredit 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 Collections Agency?
Collection agencies appear on your report when a company has failed to collect an outstanding debt. If a creditor has sent your debt to collections, they expect to receive only a portion of any money collected. For them, this is preferable to receiving nothing at all continuing the process of trying to collect your debt themselves. However due to the agressive nature of some collection agencys, you may feel threatened or harrassed by them. However, the good news is that if they inaccurately reported your debt and you take the correct credit repair action, there is a good chance that you will not have to repay and inaccurately reported debt.
How do I remove MER&PROFCOLB 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.