What does MERCHANTS CR mean on my credit report?

Updated January 1, 2023

What is MERCHANTS CR?

MERCHANTS CR is shorthand for Merchants Credit Guide C, with the company name being Merchants Credit Guide C Inc

MERCHANTS CR is a Creditor provider. They could be on your report for a number of reasons, for example:

• ⚫ You missed a repayment.

• ⚫ You opened an account with Merchants Credit Guide C.

• ⚫ 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 Credit Guide C:

Address:

•  209 S LaSalle St, Chicago, IL 60604, United Stat

Website:

• http:

Email:

• info@mcgcollect.com

Phone:

• 888-249-3815

Payments

There are several ways to make a payment, including over the phone, online, or using a check or money order. Late or missed payments may result in penalties. For consumers, the phone number is (888) 249-4134. For businesses or municipalities, the phone number is (888) 698-5568.

Question	Answer
Do they offer a monthly payment plan?	No
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

they do not offer loan forgiveness or consolidation. It is not stated how to qualify for loan forgiveness.

Question	Answer
Do they offer loan forgiveness?	No
Do they offer loan consolidation?	No

How to Apply

you can apply for a loan online with Merchants’ Credit Guide Company. You cannot apply for a loan over a phone call, in person, or using a mobile app. You can 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?	No
Can I apply for a loan using a mobile app?	No
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.

How do I remove MERCHANTS CR 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.

• Sample Equifax Dispute Letter
• Sample Experian Dispute Letter
• Sample TransUnion Dispute Letter