Business Debt - Small Business Information - Business

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About Michael Fay
(Top Expert on this page)

Expertise
My focus and specialty is in credit, so that the risk of the debt itself is minimized. This means understanding it, predicting it, and helping to correct it. Having worked in contracts & credit, I have also worked with all of the related documents such as Guarantees (personal and corporate), and Security Agreements (aka UCC’s or “liens” – but I caution you in using those interchangeably).

Experience
I have a broad background with more than 15 years in the credit industry. Ten years with Dun and Bradstreet, first as a field reporter creating reports, then in customer service, finally I served as the credit manager designing risk models for many national and international customers through D&B’s Outsourcing function. Five years with another publicly traded firm where I created the credit department and then served as credit manager for North America. At both companies we used both business and consumer data. You probably know that both business and personal credit have scores; what you might not know is how many different types of scores there are. I am familiar with and have used many different scores in each. Also be aware that each credit type (business & personal) is unique with different processes and different time frames. I have served on the board of directors for companies in many states and still serve in some capacity in a few. I contribute to credit publications and work with the non-profit arm of the SBA called SCORE.

Organizations
ACA International * NACM * Credit Risk Managers * SCORE (SBA)- Counselors to America’s Small Business * Payment Card Industry Network * PaymentSource.com * D&B Alumni * Psi Chi, National Honor Society for Psychologists

Education/Credentials
BIS in Business and Psychology, University of Minnesota * MBA is still in progress (on-line)

Awards and Honors
State of Colorado - State finals in Accounting and Advanced Accounting. * D&B Leadership Winner (3 times) * D&B Leadership Finalist (3 times) *

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Questions Answered By Expert Michael Fay
In Category Business Debt

Subject	Date Asked

Settlement of Personally Guaranteed S corp Line of Credit	10/30/2009
Q: I am part owner of an S corp that has a business line of credit which I signed a personal guarantee. ... A: Rus- The answer depends on whether or not the bank chooses to report the personal credit aspects and ...
business credit card debt default	10/26/2009
Q: I purchased a franchise in Florida 18 months ago and operate as a sole proprietor. My husband never ... A: Christi. As you might have guessed, this is a legal question as well as a financial one, and I want ...
dissolving an S-Corp.	10/24/2009
Q: Good Day, I have an S-Corp than I have had for 8 years. I have found no alternative, do to this raw ... A: Linda As you probably know, your question is a legal one as well as a financial one, and I want to ...
Personal liability for corporate debt	10/23/2009
Q: We have a small business which is incorporated and have been experiencing financial difficulty. We ... A: Anna Your question is a legal one as well as a financial one, and I want to begin by saying that I ...
Late / Finance Charges	9/8/2009
Q: In dealing with a debt of a "Yellow Page" publisher that has been turned over to a collection ... A: I am not an attorney, nor am I a debt collector, but I do know that you are blending the two ...
business credit card debt	8/5/2009
Q: I had a bank of america business credit card that I could not pay. My partner and I have a joint ... A: Correct. Because this is a general purpose account there is no way to identify the source of the ...
business credit card debt	8/5/2009
Q: I had a bank of america business credit card that I could not pay. My partner and I have a joint ... A: Tragically, the answer is yes. This is not the first time that I have seen this happen and it is ...
plumbing	8/4/2009
Q: I did some work for someone that had some plumbing problems. There house insurance was going to ... A: When you did the walk through, did you get the go-ahead in writing? How about a business card? Did ...
Business Credit Card Debt	6/26/2009
Q: I previously detailed my entire situation with Ms. Janklow who was extremely gracious in her ... A: Caution: You are asking questions about bankruptcy and while I have some experience on the ...
Business debt	6/25/2009
Q: If a creditor is awarded a judgement against a business, can the business checking account be ... A: Yes. A judgment is a legal decision against the debtor, in this case a business. There are many ...
leverage ratio	6/19/2009
Q: h r u sir In the business which debt to equity ratio is better to make the business successful in ... A: Answer: All of the ratios will be important to the long term success of the business, not just those ...

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