Hi All,
Just got a 3-in-1 (i.e., all three companies) copy of my credit report from TransUnion. My score is 700. I have absolutely no late-payments ever and have had numerous accounts and loans but... the delightful folks at the State of New York Tax Department put TWO (counte 'em)...two judgements against me for around $1000 each. I settled both of these about 5 years ago...but still, there they are.

How might this hurt my chances of getting a Merchant Account? I am currently considering applying to PlanetPayment, as I need a multi-currency deal.

Thanks for any advice.

hubbiida

Its a little known fact that people can send comments in to the credit reporting companies that can be added to the 'bad' item referenced. This is perfectly legal to do.

What I suggest is for you to take a few moments and type up a respectable note (not too long or they'll edit) explaining the 'judgements' and that they were paid in full. Be sure to give the date paid, and ask them to add it to the item in question.


That being said, I doubt it would keep you from getting a merchant account. The truth is that a high percentage of merchant accounts are approved even with 'not-so' perfect credit.
It MAY get you a slightly higher discount rate but shouldn't give you a 'decline'.

Hope this helps some .. Good luck :)

Hello hubbiida,

Your credit score alone is high enough to qualify you for the best terms with most merchant processors - and the NY State issue that was resolved 5 years ago should have no impact on your ability to obtain a merchant account.

So I wouldn't worry too much about it. 700 is a very good credit score and the fact that you have a long history of paying your bills on time says a lot of positives about you as a prospective merchant to any processor that you might apply through.

Thanks for the good news GDC. I'm a total newbie at this stuff, so I had no idea how stringent the qualifications might be. It's good to hear that I should do well!