Question by John A.: Does a business line of credit for an incorporated company affect the credit of the officers I.E President?
Basically there were two officers with each 50% of shares of an incorporated company and the company could no longer operate due to cash flow. The company had a $ 7000 balance with a major financial institution as an overdraft protection amount that was granted a year ago. We signed documents, but I am unsure if this was personally guaranteed at the time. My partner is not agreeing to pay off his half of the balance so this amount was sent to a collection agency. The have listed my name and the Incorporated company and stated that “Your credit bureau is being negatively impacted by this non-payment but can still be repaired.” I just got this letter today and wondering if anyone can give me some good advice on what I should do. If it is not personally guaranteed can this affect my personal credit history?
Thanks for the reply! In this case I remember my partner and I signed documents to grant the overdraft protection. Should I go to the branch and ask for a copy of this to see if it was a personal gurantee? We are both officers to the incorporation and 50% shareholders. They have not marked anything on my credit as of yet. I guess I answered my own question and should find out if I personally guaranteed this overdraft protection amount. What do you think?
Checked with my bank today and the line of credit is personally guaranteed with my name and my partners. The collection agency has give me until 11/26/2008. The problem now is that my partner cannot come up with his half by that date even with credit card advance or loan etc…. Any ideas since I have my half ready to pay?
Yes I think that will be one of my strategies where I have to draft a promissory note and find out when my partner can come up with his half. I am also looking into ways of extending the deadline before it affects my credit. This may require legal action and lawyer is looking into this tomorrow morning. The messed up part is that he has 2 condos (maybe cosigned) and all his money is tied in there while I have more liquidity. Thanks for all the ideas and keep them coming. Hopefully this is a lesson where everyone can learn from….Make an airtight agreement before going into business with partners!!!

Best answer:

Answer by jglick1999
The whole idea of a corporation is that it is a separate legal entity, so its credit/debt does not impact the investors/employees. I work at a startup and if we fold, the bank cannot come and take my house. In this case, one of you had personally guaranteed the loan (think of it as being a cosigner on a loan). If the company defaults, he does assume the liability for the outstanding debt. This is true ONLY for those who guaranteed the loan.
All that being said, get a copy of your credit report, and challenge any entry they made (if they made one) as erronious. Also call them and tell them that you are not a party to the loan and they have no legal standing to collect from you.

Give your answer to this question below!

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Watch and listen as I call my credit card company and ask for a lower interest rate.
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There’s no shortage of credit repair programs.  Some say they do it, others teach you how to do it yourself.  Others, say they’ll create a whole new you, in my case hopefully thinner.  The verdict isn’t out on how legal that is.  I’m sure well find out about it when it land a couple of people in jail.  For this article I’m going to cover what I did to repair my credit myself.  I didn’t have the money to pay a professional and I’m ok with my identity, so I opted to learn a little about credit.

Good credit repair programs will show you how to approach the credit problem and address the most damaging issues first.  It’ll go into detail and give you options on how to handle a denial.  With my credit for example, I found an account with a collection company that was violating my rights by re-aging a bad debt.  My initial dispute letter was regarding the re-aging issue and requesting it be removed.  It came back with a correction but no removal.  If I didn’t know any better I might have left it at that.  I went back to them with a dispute over the company not having the proper proof of my debt.  I requested they provide proof with proper accounting for the amount.  That’s what did it.  They didn’t respond within the time frame they have and I requested the bureaus remove it.

Of course I couldn’t have done this without first recognizing the violations, that’s where the credit repair programs help.  The differences are so subtle that their easy to miss if you don’t know what to look for.

I did look into several companies’ credit repair programs.  They all sounded great except for the fact that I had to either pay per month or pay up front fees.  Much higher than what I invested into my credit manuals.  I could use the 1,200 I was being quoted as total cost, towards settling an account.  I also opted to do it myself because they offer no guarantee that they’ll remove all the issues and for that cost or on- going cost I wanted something more sure.  Also, if I was going to have to settle on accounts it would also raise my cost on top of the 1,200.  Not exactly what I was looking to do.  I wanted to save money not spend money.

Credit repair programs are a matter of preference.  I prefer to learn and do it myself.  I made the time, about an hour per week, to learn about the subject and write my letters.   So far it’s worked well.  I’ve removed several collections and settled one at 30% of what I owed with a deletion letter.  You don’t, ever, want to pay a collection without a deletion letter it does more harm than good.  Regarding the companies I figured I can always go back to one of them to fix the issues I can’t do myself and use a pay as you go program.  Good Luck!

Credit repair techniques change.  Using the most current techniques to dispute correctly has worked well for me.  I understand my credit now and strongly recommend consumers understand this critical aspect of their financial life.  There’s a lot of information out there.  Below is what helped me the most.

Credit Repair Reviews

How to clean credit up.

Credit Repair Programs

Copyright 2010 Rene C. Alexander.

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Question by vagifs: “Name on Credit Card” means requesting my name on credit card or credit card’s company name?
“Name on Credit Card” means requesting my name on credit card or credit card’s company name?

Best answer:

Answer by Em C
Your name.

Add your own answer in the comments!

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Consumer Credit Capital a registered/bonded Debt Management Company and a registered/bonded Credit Service Organization.  Consumer Credit Capital is a credit repair company.

The average American household with a mortgage and credit cards spends nearly a day on debt payments.  The opportunity is yours to save money by minimizing debt payments, interest costs, and finance charges.  Consumer Credit Capital is there to help.

Bad credit sucks.  It can cost you your house, your car and a job.  There is nothing better than a financially maxed out consumer to charge late fees, over the limit fees and high interest charges.  What kind of society do we live in where a job loss, a medical emergency, a student loan can trap someone in more than a decade of debt slavery?

A call to Action!  You have a right to fight back! The United States Congress makes the following finding: “Consumers have a vital interest in establishing and maintaining their credit worthiness and credit standing in order to obtain and use credit.  As a result, consumers who have experienced credit problems may seek assistance from credit repair organizations which offer to improve the credit standing of such consumers. “

Consumer protection legislation requires the credit bureaus to verify questionable accounts within a reasonable time frame.  Once notified, the creditor should cease collection activity until they can verify the debt. . With research indicating 79% of all credit reports contain errors, it is no surprising, lawsuits against the credit bureaus and furnishers of information continue to pile up, with nearly 10,000 lawsuits filed under FDCPA, FCRA or TCPA statutes in 2009. Violators of these statutes are subject to fines of 0 to ,000 and more.

How does credit repair work at Consumer Credit Capital?  They have a 3 step credit repair process:

Step 1  They act as the diagnostician.  They perform an exhaustive qualitative, as well as quantitative, analysis of your credit profile. This process is similar to having an x-ray taken in a physical.  They take an x-ray of your credit profile.  They are not magicians.  All work is based on the actual facts, based on the conditions of your personal finances and credit report.  All of their work is based on hundreds of hours of credit management experience working with consumers.  You are under no obligation.  However they have an obligation to you.  That is they must identify the problems on your credit report.  How are the problems effecting your credit score and how much the problems are costing you.

Step 2  Credit Repair Services.  Together you agree on a road map to a better score.  You will be assigned a credit repair specialist and together develop a step by step plan to increase your credit score.  The plan will be custom tailored to you and include opening and closing accounts, validating and negotiating trade lines; including, revolving credit lines, installment lines, and collection accounts while establishing good payment history and maximal credit utilization.  The plan includes a strategy of prioritizing activities, starting with those accounts with the most impact on your credit score.

Step 3  Client Services.  Together you implement the plan agreed upon by Credit Repair Services and they monitor the improvement.  Unique to Consumer Credit Capital, they set you up with your credit scores and credit reports, up front, for free.  Then every 30 days you meet and review your new credit reports and scores. If you are not satisfied with the improvement you can cancel your contract at any time.  In other words, their process is completely transparent, you control the project and you have the information at your fingertips to make the decision.

Remember improving your credit is more than filing disputes and sending letters.  It begins with income that exceeds expenses, it includes proper budgeting and bill paying, and responsible use and development of trade lines.  Beyond establishing responsible use of credit it is appropriate to review your past credit history, with a skeptical view of any negative information recorded.  Companies that report to the bureaus are required to report accurate and verifiable information.

If you are dealing with a creditor, or credit bureau, hold them to the standards outlined in consumer protection legislations, specifically, the Fair Credit Reporting Act, FCRA.  And when dealing with collectors, remember, they have obligations under the Fair Debt Collections Practices Act, FDCPA.  For more about these statutes and other consumer protection legislation including the Truth In Lending Act, TILA, and the Fair and Accurate Transaction Act, FACTA, Consumer Credit Capital maintains a consumer advocate website.

Their website Credit Repair Capital is your free credit repair center, with Daily Updates about the consumer credit market. It is designed to help you improve your personal balance sheet and credit score to save thousands of dollars on interest costs!  Credit can be repaired and the benefits to do so can be substantial.

Related Credit Repair Articles

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Selecting a credit repair company to help you improve your credit score is a big decision. A typical credit repair service will cost you a few hundred dollars and will take up to a year to complete their service. Choosing the wrong credit repair company can end up wasting money and perhaps more importantly, your time. Choosing the right credit repair company, however, may be one of the best things you can possibly do for your financial future.

What do you need a credit repair company to do for you?

A good place to start when determining which credit repair company is best for you is to figure out what needs to be done to improve your credit. The process of repairing your credit can involve much more than simply disputing your credit with the credit bureaus. You should make sure to use a credit repair company that can fulfill all of your credit needs.

When most people think of credit repair they think of a process that has become known as credit report repair. When working to repair your credit using credit report repair, a credit repair company is using your rights under the Fair Credit Reporting Act to dispute certain items in your credit reports directly with the credit bureaus. This element of credit repair has helped many people with erroneous, incomplete, or unverifiable information on their credit reports improve their credit scores.

While credit report repair is a good start, many people find that it is not enough. Many leading credit repair companies will also work directly with your creditors using a variety of tactics to get them to stop reporting the negative accounts to the credit bureaus. They may also work with collections agencies and others to get them to stop reporting negative accounts or change they way the accounts are reported. A credit repair company may even go so far as to challenge the legitimacy of a reported debt.

Depending on your current credit situation, you may be best served by a credit repair company specializing solely in credit report repair or one that can also provide a full catalog of credit repair services.

How can I tell if a credit repair company should be trusted?

Unfortunately, credit repair is an industry that has received a bad reputation because of the publicity afforded to credit repair scams. While fraudulent credit repair firms tend to be shut down quickly, it is still in your best interest to learn how to identify the differences between a legitimate credit repair service and a credit repair scam.

An easy way to do this is to know a few of the laws that govern credit repair companies. These laws as defined in the Credit Repair Organizations Act were designed to protect you from credit repair scams while also protecting your right to get help with repairing your credit reports.

Another way you can find out about a specific credit repair company is to look up their BBB (Better Business Bureau) reports. The BBB keeps notes on complaints made against companies. If the BBB report for a credit repair company lists multiple unresolved complaints or an overall low rating, you should be wary of the company. In addition, beware of any credit repair company that does not list credit repair services as one of their offerings in their BBB filing. The BBB has very strict standards for credit repair companies so many fraudulent companies will not report to the BBB that they offer credit repair.

www.highrisecreditconsulting.com Call 866-999-4722 Dan from High Rise Credit Consulting just released a new video which gives you a run down of why you may need Credit Repair. This company is famous for how they go about repairing your credit. Not all credit repair agencies are the same. Go with the best!
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