Small Business Debt Doesn't Show on Credit Report?
Date: Wed, 09/09/2009 - 13:59
I just pulled my credit report this week and there the debt is not listed anywhere. I was expecting to see AMEX listed with a $0 balance because it was opened with a personal ss#.
Does it now show on a credit report because it was a small business cc? Is there any way to look at this type of debt? I wanted to look at the date of last activity.
If it was just charged off, it is likely not sold - nor old, cha
If it was just charged off, it is likely not sold - nor old, charge off happens 180 days after default. However, if it was written off, then it was sold. They are probably in the process of transferring the account to a collection agency who will then soon contact you. You said "report" in the singular. Have you checked all 3? Some creditors do not report to all of them so the info varies.
If it was a business debt, then check your business' report.
The business' report? What's that? This was a sole proprietorshi
The business' report? What's that? This was a sole proprietorship. Not listed on my TransUnion or Equifax credit report.
As a general rule, business debt does not show up on a personal
As a general rule, business debt does not show up on a personal credit report. I know none of mine did.
Having never run a business report, I would assume that it is do
Having never run a business report, I would assume that it is done with your Federal Tax ID #.
Sole proprietorship's do not require a federal tax id.
Sole proprietorship's do not require a federal tax id.
Quote:Originally Posted by SOAPLADYAs a general rule, business d
Quote:
Originally Posted by SOAPLADY As a general rule, business debt does not show up on a personal credit report. I know none of mine did. |
It does if you default on business debt that you personally guaranteed (which most banks require of small business owners). This just happened to me. I have not been able to continue payments on an Advanta business credit card, and negotiations went south (they wanted 50% at once!). At 120 days overdue they reported the debt to the personal credit bureaus. Interestingly, it showed on my credit report the day Advanta filed bankruptcy.
There is a dirth of information on this kind of situation (business debt that becomes personal debt) so we would appreciate your allowing us to continue such discussions on the forum.
Quote:Originally Posted by AnonymousIt does if you default on bu
Quote:
Originally Posted by Anonymous It does if you default on business debt that you personally guaranteed (which most banks require of small business owners). |
Uuuu, well yeah. The operative word here is *personally*. OF COURSE a *personally* guaranteed loan is going to show upo on your *personal* credit report.
Quote:
we would appreciate your allowing us to continue such discussions on the forum. |
Uuuh, and we would appreciate that you recognize that this is a *public* forum and anyone can chime in. And *no one* is stopping you from discussion. geez....