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When does the Terminated Merchant File (TMF/ Match) Expire for someone
TMF may be picked up on new merchant application due to incorporation
lgn1




msg:4395335
 8:06 pm on Dec 7, 2011 (gmt 0)

I am creating a new incorporated company, however my partner has mentioned that she may be on the Terminated Merchant File as of the spring of 2006.

Her company was circling the drain at the time, and one of the last acts, was to refund about $5000 in credit card charges to customers on orders she could not fill. She figured this was better than the bank having to deal with a hundred charge backs, and also it would save all those customers some grief.

For here good deed, the Payment Processor put her on the TMF list for Fraud (or at least they say they did).

It has been almost six years, and she does not remember the processor she was dealing with anymore. Her credit file is clean, but the TMF entry never registered anyways.

I heard that TMF are purged after five years, some say never. Does anybody know for sure, from experience or reliable source?

 

bwnbwn




msg:4395361
 9:10 pm on Dec 7, 2011 (gmt 0)

lgn1 since this is a new company and you are I assume the President a new FID a new address I don't think you will run into a problem. Will she be an officer on the filing?

lgn1




msg:4395564
 3:23 pm on Dec 8, 2011 (gmt 0)

I will be the President and she will be a director. We are in Canada, however I still believe the TMF still applies.

I came across a website of an Attorney that specializes in working to have TMF removed with the orignator. His FAQ says 5 years. It has been more than five years, so we should be OK.

I found it hard to believe, those posts that said it last forever; as Im sure it would be in violation of some law. After all, even bankrupts get a clear record after 6-10 years depending on jurisdiction.

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