I recently closed my merchant account (ability to accept cc's) since I discontinued my business. There was a chargeback issued to my account which, when added to the fees, accrued a small balance (<$500). They turned it over to collections and added a derog to my CR's. It is listed under revolving accounts as a derog. (just like a credit card account). I called them to attempt to resolve and they referred me to a CA who now holds the account. The rep there told me that they are considering a suit (blah, blah...) but we'll hold it so long as you pay with a CC RIGHT NOW. Sure, sure... In return they will issue a letter stating that is is paid in full and I have no further obligation and will turn the negative to a positive reporting. I asked for clarification of this procedure at which time the rep became irrate and asked if I intend to resolve this or not. I asked if the derog will be removed or marked as paid. He said that it's up to the original creditor and he will ask them to remove it. I have little faith in them actually removing it. Any suggestions what I should do. I am willing to pay it so long as I get resolve on the listing. If not, there is LITTLE motivation to pay. Thanks for any words of wisdom.
