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BBB Accredited Business since

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BBB Accreditation

A BBB Accredited Business since

BBB has determined that Capital Credit Incorporated meets BBB accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints. BBB Accredited Businesses pay a fee for accreditation review/monitoring and for support of BBB services to the public.

BBB accreditation does not mean that the business' products or services have been evaluated or endorsed by BBB, or that BBB has made a determination as to the business' product quality or competency in performing services.

Reason for Rating

BBB rating is based on 16 factors. Get the details about the factors considered.

Factors that raised the rating for Capital Credit Incorporated include:

  • Length of time business has been operating.
  • Complaint volume filed with BBB for business of this size.
  • Response to 2 complaint(s) filed against business.
  • Resolution of complaint(s) filed against business.
  • BBB has sufficient background information on this business.


Customer Complaints Summary Read complaint details

2 complaints closed with BBB in last 3 years | 1 closed in last 12 months
Complaint Type Total Closed Complaints
Advertising/Sales Issues 0
Billing/Collection Issues 1
Delivery Issues 0
Guarantee/Warranty Issues 0
Problems with Product/Service 1
Total Closed Complaints 2

Customer Reviews Summary Read customer reviews

0 Customer Reviews on Capital Credit Incorporated
Customer Experience Total Customer Reviews
Positive Experience 0
Neutral Experience 0
Negative Experience 0
Total Customer Reviews 0

Additional Information

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BBB file opened: February 21, 2007 Business started: 01/01/2006 Business started locally: 01/01/2006 Business incorporated: 12/31/2005 in TX
Type of Entity

Corporation

Business Management
Mr. Lewis Merrifield, President
Contact Information
Principal: Mr. Lewis Merrifield, President
Business Category

Factoring Service


Additional Locations

  • 7301 Fm 620 N Ste 155

    Austin, TX 78726 (512) 266-5993

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Complaint Detail(s)

3/19/2014 Billing/Collection Issues | Read Complaint Details
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Additional Notes

Complaint: I had a company, now out of business, called ********** ********* ***, that used Capital Credit as a factoring service. I had an issue last month, where my truck blew up and I had to shut down the company. My last load that I awaited payment was not going to be serviced by Capital Credit, so I kindly asked ***** **** ********* to send me the money directly. Why would I have them pay Capital Credit, if Capital Credit wasn't forwarding me the money. Now they are sending ***** **** ********* to collections. For what? They don't owe Capital Credit anything. On top of that Capital Credit still owes me around $500 for reserves held.

Desired Settlement: I would like ***** **** ********* to be left out of this and for my ~$500 to be released to me immediately.

Business Response: Dear **** *****

This letter is being written in response to the frivolous complaint filed by **********
********* *** (AT) on February 10, 2014, ID number:  *******.  Capital Credit Incorporated
(CCI) is formally disputing this complaint in its entirety.   CCI
entered into an accounts receivable factoring relationship on October 12, 2012
for an initial term of six months and a renewal term of twelve months.  In
an accounts receivable factoring relationship the factoring company, in this
case CCI, purchases accounts receivable from their client, in this case AT, and
advances the proceeds from the sale of those accounts receivable to their
client.  The factoring company attempts
to direct the payment of those invoices that it purchased to its PO Box since
their client has already been paid for those invoices.  In the event a payment is sent directly to
the client of the factor, the client is responsible for sending that check
directly to its factoring company and not cashing it.  AT violated their agreement on seven different
documented occasions in which AT received payments that it was supposed to
forward directly to CCI, but cashed them instead.  These actions were a direct violation of the
attached factoring agreement in Section 3.3. 
As a result of violating Section 3.3 AT was subject to the fees as set
for in Section 1.18 of the attached factoring agreement.  Below is a list of these invoice numbers,
corresponding dollar amounts and the resulting fees associated with these
violations:

***** **** ********* - Check
#***** for $535.00 for invoice #*** – Misdirected payment fee - $53.50

***** **** ********* - EFT to
********** $115.00 for invoice #*** - Misdirected payment fee -  $11.50

**** ********* - Check #****
$500.00 for invoice #*** - Misdirected payment fee - $50.00

*** ***** **** *****-received
cashier check $300.00 for invoice #*** - Misdirected payment fee - $30.00

******** **********check
#***** $700.00 for invoice #*** - Misdirected payment fee - $70.00

******* ****** -received
cashier check from client for $500.00 for invoice #*** - Misdirected payment
fee - $50.00

***** **** ********-check
#***** $350.00 for invoice #*** - Misdirected payment fee - $35.000
 

TOTAL CHECKS CASHED - $3000

TOTAL MISDIRECTED PAYMENT
FEES - $300


In addition by violating
Section 3.3 thereby putting AT in default of their agreement AT is also subject
to paying an early termination fee as set forth in Section 10 of the attached factoring
agreement.  CCI does not owe AT any funds
out of reserve as the reserve balance is currently deficient to cover the
balance that is due CCI.



All statements regarding the complaint that has been filed by AT against CCI
with the BBB are false and untrue.  Copies of our legal documents are
attached to this rebuttal.    CCI has always met and exceeded
its customer service and financial requests that AT has made.  CCI has
been a BBB accredited business since 2008 and has always maintained a stellar
record with the BBB.  It is unfortunate that AT has decided to use the BBB
illegitimately in an attempt to coerce CCI to release them from the contractual
obligations that both parties agreed to.  CCI is requesting that this
complaint be dismissed and erased from its record immediately.


Thank you


***** **********
Capital Credit Incorporated
 

Consumer Response: Complaint: *******

I am rejecting this response because: On February 4th, 2014, ******* ***** sent a signed letter to ***** **** ********* stating quite clearly that Capital Credit had already obtained the benefit of that payment by the initial an advance from Capital Credit Incorporated at the time of issuance.  That is completely false and because I bring this to light, they are trying to go back in time and find anything they can to bring against me.  Why are they trying to collect misdirected fund fees now instead of when it happened?  Wouldn't it be strange if you were late from time to time on a cell phone bill, but years later they go back and add those up and give them to you at time of closure?  Capital Credit is trying to unethically get out of paying me the reserves that I worked hard to accrue.  They didn't work for that money, I did.  That isn't their money they are holding, it's mine.  They are only assigning this ridiculous $14,000 termination fee because I caught them in a lie and reported it to the BBB.  ***** made it quite clear in a phone conversation this morning that because I complained to the BBB he was going to declare some big fines that normally he would have forgiven.  This company should not be in business.  Any organization that relies on customers trusting them with their hard earned money should not be able to make up rules as it goes.  At this point I don't even care about the $500.  I care about the next customer getting robbed as I have.

Regards,

******* *******

Business Response:

Dear **** ****:

This letter is being written in response to the rejection filed by ********** ********* *** (AT) on March 10, 2014, ID number:  *******.  Capital Credit Incorporated (CCI) is formally disputing this rejection as all claims made by AT against CCI are false.  AT violated the terms of its factoring agreement with CCI on several different occasions which were itemized previously.  AT acknowledges that they violated their agreement in this complaint rejection validating that CCI was entitled to charge the misdirected payment fees and other contractual fees AT is disputing.  If AT had abided by the terms of their agreement with CCI and returned the funds it received for factored invoices to CCI instead of cashing those checks, AT would not have been charged the fees AT is disputing.   The claim that AT has filed with the BBB against CCI is an attempt to slander CCI’s impeccable record with the BBB and nothing more.  This is a similar tactic that they used with their customer as well which has also been documented.  CCI follows the terms of their agreements they have with their clients and CCI expects its clients to do the same.  It is unfortunate that the ***** of AT feels that he did not have to follow the agreement he agreed to.  CCI can provide any evidence necessary to document the fees that were charged AT which were agreed to by AT in the attached factoring agreement.  CCI is requesting that this complaint be removed from its record with the BBB in its entirety as this claim has no merit.

Thank you.

***** **********
Capital Credit Incorporated
*********

 

Consumer Response: Complaint: *******

I am rejecting this response because:  There is no slander involved.  See attached letter.  Pay close attention to these last few sentences: "You are responsible for demanding and collecting the legally prohibited payment from ********** ********* ***
who had already obtained the benefit of that payment by the initial an advance from Capital Credit Incorporated at the time of issuance."

That is a signed letter stating a complete lie.  If Capital Credit can show where they advanced me the $550 for this, I will gladly drop all complaints and give my sincerest apologies, but they cannot, because they didn't advance me the money.  So they were trying to go after ***** **** ********* for no reason.  At this point I do not want any money, I just want the public to know of their shady practices.  You can do with the letter as you see fit, but it's clear proof that Capital Credit does not hold the truth to the highest degree.

Regards, ******* *******

BBB's Final Determination: After reviewing the position of all parties, BBB determined that the business made a reasonable effort to address the complaint. However the consumer remains dissatisfied.

5/14/2013 Problems with Product/Service | Read Complaint Details
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Additional Notes

Complaint: To Whom it may concern: Warm Greetings, we at ******* ******* are highly irritated and frustrated because capital credit will not peacefully let us out of a contract. Their contract requires 30 days notice for termination prior to the end of the initial term or any renewal term. They said that we didn't terminate in enough time because we sent the notice 30 days from when I signed the contract and they signed the contract. They say that because the prepared the contract a couple of weeks earlier, that it should have been 30 days prior to that, however, since there is no specific time frame, only 30 days prior, we sent them a notice a year ago also that we wanted to terminate but they play the same game then. Since starting with capital credit, we have grown and they can't meet our needs. We have found another company that can and we have already signed a contract with them and are ready to proceed but capital credit is making this very difficult. ***** ********** will not even answer my calls nor will he cooperate with my new factoring company. We at ******* ******* would feel so blessed if the BBB can save us from the suffering and blatant disrespect we feel from being forced to do business with capital credit when ***** doesnt even answer his phone.

Desired Settlement: We would just like to end our contract with capital credit with no resistance. I belive that we are growing a lot faster than capital credit and since they can't accomodate us any longer, they won't let go. They are not able to compete with the competitors that factor for companies with volumes such as ours. This is a free country with no man being above the law and I would be grateful if the BBB could prove this to Mr. **********. Thanks

Business Response: April 24, 2013

This letter is being written in response to the complaint filed by ******* ******* *** **** on April 24, 2013, ID number:  *******.  Capital Credit Incorporated (CCI) is formally disputing this complaint in its entirety.   CCI entered into an accounts receivable factoring relationship on October 19, 2011 for an initial term of six months and a renewal term of twelve months.  To formally terminate our contract CCI requires 30 days written notice prior to the end of the initial term or renewal terms otherwise the contract automatically renews.  Under the current term ** should have notified CCI of its intent to terminate on March 19, 2013 or prior to that.  ** provided its written notice to terminate on March 25, 2013 making their notice to terminate late.  A copy of our notarized contract is included with this letter as well as the notice of termination submitted by **.  If a client would like to terminate a contract during a contract term they are liable for early termination fees.  The stipulations of CCI’s contract term and the penalty fees are referenced in Section 10 of the attached factoring agreement.  CCI has always operated in good faith within the terms of its contract with ** and expects ** to do the same.

CCI would further like to address the additional frivolous and slanderous remarks made by **.   CCI has always met the factoring needs of **.  ** claims that it has out grown CCI’s financial capacity which is an untrue statement as CCI currently provides its factoring services to businesses in various industries including transportation whose monthly factored volume and outstanding accounts receivable balances far exceed that of **.  CCI is very well capitalized and is completely capable of meeting the current factoring needs of ** in addition to providing them with additional factoring capital for further growth.  ** has also stated that ***** ********** has not responded to the calls of ******* ****.  Mr. **** contacted Mr. ********** about negotiating a reduced rate to his current contract.  This inquiry was received after **’s contract with CCI had already renewed.  CCI sent ** a revised proposal with a reduced pricing structure on 3-25-13.  No response was made by ** and shortly after CCI received a notice to terminate its factoring relationship after the notice period had expired.  ** has not left any messages for ***** ********** nor has he initiated any contact via email since the date of the request to reduce their factoring rates and Mr. ********** responding with a reduced rate factoring proposal.  ******** ******** *******, who is the factor ** would like to go with, contacted **’s senior account executive at CCI and ***** ********** in an attempt to negotiate the contract between ** and CCI.  This individual was informed that the principal of ** needed to contact CCI directly to negotiate their contract as the contract was between ** and CCI only.  Mr. **** did not contact ***** ********** via email nor leave any voice mail messages in an attempt to negotiate their contract.

All statements regarding the complaint that has been filed by ** against CCI with the BBB are false and untrue.  Copies of our legal documents are attached to this rebuttal along with the termination notice provided by ** which is after the required date CCI needed to terminate their contract.    CCI has always met and exceeded its customer service and financial requests that ** has made.  CCI has been a BBB accredited business since 2008 and has always maintained a stellar record with the BBB.  It is unfortunate that ** has decided to use the BBB illegitimately in an attempt to coerce CCI to release them from the contractual obligations that both parties agreed to.  CCI is requesting that this complaint be dismissed and erased from its record immediately.

Thank you
***** **********
******* ****** ************
*********

BBB's Final Determination: Business offered a resolution. Consumer did not pursue further with BBB and the matter was assumed to be resolved

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