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Question
Thank you for taking the time to interact with this site, very much appreciated.
I have a small business credit card with a $46,000 limit, and recently established 3 authorized users (all employees) to better track expenses, etc. Since one of those users is my son, I have even more of an interest in finding the answer to this. Our employees were initially leary of receiving 'company cards' as they did not want anything reporting on their personal credit. So in good faith we contacted the card provider, and they stated "no problem, we only need their name and birthdate, no social security number necessary". We took this to mean they wouldn't be reporting on the AU's personal reports, and with that information, went back to the employees and got the ok. Well, sure enough, two of the three (including my son) have come back very upset with the fact that the account now shows on their credit reports! Although it is an account in excellent standing, it is adversely effecting them due to the credit limit being reported. And of course, what would happen if our business were to get into trouble at some point? What if the card starts carrying a high balance?
This seems to completely undermine the reason for having a small business credit card in the first place.
So if you don't mind my breaking this question into 3 parts, 1) how did it manage to report on their credit without the SS# and just a birthdate and our business address? 2) How do we help them get this removed? and 3) Is there a small business card provider or option that would NOT report on our employee's personal credit histories??
Not only is this frustrating, but it doesn't even seem to make sense. If I am ultimately the responsible party on this account, and am paying the bills directly through the business, why on earth would this appear on anyone's credit report but my own...
Thanks again
1. Anyone who does credit reporting does not need a SS# to report. Just a name, birth date, possibly an address.
2. I am not sure you can get this removed, you may have to contact an attorney about that to see if that is even possible.
3. This I do not know, especially now in these tough economic times. Check out www.creditcards.com for a comparison of different cards and see if there are any that offer that.
Good luck!
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Answers by Expert:
Michelle Dunn
Expertise
As one of the Top 5 Women in Collections, one of the Top 50 Collection Professionals, and winner of the Business Excellence award, I can answer any questions about debt, debt collection, improving business credit, creating a credit policy, enforcing a credit policy and collecting on past due accounts. I can also answer questions in regards to starting a debt collection agency since I have been a bill collector for over 24 years, started and ran my own collection agency for 8 years, and maintain my 12 year old Credit & Collections Association for members of the credit & debt collection industry. I am also the author of the popular and award winning book "Starting a Collection Agency, how to make money collecting money" now on it's 3rd edition. This book has won a the Writers Digest self published award as well as the New York Book Festival Award. I am a repeat contributor to the Wall Street Journal, and have been featured on NPR, CNN, as well as many other national radio and television programs. I have also been featured in national publications such as the Wall Street Journal, Forbes, Smart Money, MSNBC and much more. I have 17 published books to my name and am an accomplished speaker and consultant. I currently write 9 columns for newspapers, magazines and online portals worldwide.
Experience
I have over 24 years experience in debt collection, I started and ran my own collection agency for 8 years and I am the founder & owner of my Credit & Collections Association that I founded in 1998. www.credit-and-collections.com
Organizations
My Credit & Collections Association, I was also a member of the American Collectors Association and Plymouth Chamber of Commerce for 11 years. I am a member of many writing groups as well as my local Women Inspiring Women chapter. I am a member of Know More Media as an expert for their blog on business credit.
Publications
Business NH Magazine, Smart Money Magazine, MSNBC, CNN, Forbes.com, The Wall Street Journal, Home Business Magazine, Entrepreneur Magazine and website, many books, newspapers and television programs as well.
Education/Credentials
I have written 17 books in my collecting money series and one for Entrepreneur Press called the Ultimate Credit and Collections Handbook. My newest book is being published by John Wiley & Sons in May titled, The Guide to Getting Paid, how to weed out bad paying customers, collect on past due balances and avoid bad debt. This book is also being sold to many colleges as a text book.
Awards and Honors
My book Starting a Collection Agency, how to make money collecting money won an award from Writers Digest and the 2007 New York Book Festival in the "How to" category. I have won 2 awards from Dun & Bradstreet and Governor Jean Shaheen. I was nominated as one of the Top 5 Women in Collections twice as well as having been selected as one of Collection Advisor's Top 50 Collection Professionals by my peers.
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