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Business Debt/Debt of 800.00 to a Credit card processing company

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Expert: - 5/9/2011


Question
Can a debt collector report a corporation and it's officers to a credit reporting agency for a debt of $800.00 and have it affect their ratings personally ?.

Answer
Hi James,

If the debt is owed by the corporation only, and the individuals who own the corporation did not personally guaranty the debt, a collection company generally cannot hold the individual owners personally accountable.  It's more likely to show up on the business credit report (know as a "D&B" or "Dun & Bradstreet" report).  If for some reason it did show up on your personal credit, you have the right to dispute that.  You can cite that fact that at no time did you personally guaranty payment to that particular party.  The onus will then be on the creditor to prove you are personally liable.

Regards,
Jason Milleisen
Founder, Distressed Loan Advisors
www.Jasontees.com

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Jason Milleisen

Expertise

Jason Milleisen is the founder of Distressed Loan Advisors, and offers expert advice about dealing with SBA Loan Default. I have written numerous articles about SBA loan issues, and you can read them all at www.JasonTees.com. My services include assistance with debt settlement (aka Offer In Compromise), loan modifications, and lien releases. If it has to do with an SBA loan, I can likely be of service. Before I started my own debt settlement firm, I was an SBA workout officer at a large SBA lender, and handled and $85,000,000 delinquent loan portfolio. I negotiated directly with the SBA, so when it comes to settling SBA debt, I can say with confidence that there are no workout consultants out there who have as much first hand knowledge as I do. When it comes to SBA loan default, there is very little that I have not seen, so you can feel confident that my advice is based on past experience.

Experience

Jason, the founder of DLA, has experience with all types of loans and businesses, from $5,000 unsecured lines of credit all the way up to $1 Billion large corporate syndications. He has 10+ years of commercial loan experience, and was trained at the 2nd largest financial institution in the world. Jason also spent 2+ years as an SBA workout officer, where he reviewed and negotiated SBA settlement offer with client.

Publications
- Wordpress - Ezine - Go Articles - Article Base

Education/Credentials
Bachelors of Business Administration Major: Finance Minor: Accounting

Past/Present Clients
Confidential

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