SuzieQ - Question for you please?

Hello neteffect. I am with Superior Debt Services. They have been doing a good job for me, but I had fully researched different companies AND the settlement process before I started, so there wouldn't be any nasty surprises. It's still rough going, it's not a cakewalk, but I am getting through it and I am feeling that the end of my credit nightmare is in sight!

I had three cards in my business name only - Advanta, Bank of America, and Chase. Once I defaulted on the cards, and my EIN was no longer valid because I closed my business, Advanta and Chase actually did turn up on my personal credit report. The Bank of America account is still floating about in limbo somewhere, but mysteriously enough, it's not on my credit report. Actually, ALL THREE of these accounts, that were business accounts, were settled in my first year of the settlement program. Advanta I did on my own, because my funds with Superior were committed to paying off another account at the time, but they handled the BofA, another BofA that was a personal account, the Chase, and Target. I only have four personal accounts left to settle. I don't think it matters if a credit card is personal or business; it certainly didn't matter to Superior, and the creditors want to settle and get some money out of it regardless. My take on the matter was that the business accounts were actually EASIER to settle because my business no longer existed and the creditors felt they better take what they can get, as soon as possible.

Thanks very much. I am still in biz and current on all biz CC and want to remain that way. Too bad they don't show up on personal report as it would help me :-) I'm not aware of any biz credit cards available without a personal guarantee. So even with the EIN, they do have the SS# of the guarantor on the app and can go after them, I'm pretty sure. I guess maybe then it would show on a personal CC.

I hope you can stay current! Businesses are folding left and right, even the giant ones. So if you can hang in there, and make it through until times get better, you will be in good shape. The good thing about those accounts NOT being on your personal credit report right now, is that they are not harming your debt-to-income ratio. Your credit score MAY be better off without them! Good luck to you!!