Your Questions About Credit Reports For Business

Linda asks…

How do I fix credit report when the credit card company is no longer in business?

I am in the process of trying to buy a home and recently reviewed my credit report. I noticed that one account was still reported as opened with a balance.

About 4 years ago, I had a credit card account with Conseco Greentree Financial services. The balance was sold off to another company when Conseco went bankrupt. I’ve since paid off the balance. I called the company that serviced the loan and they said there’s nothing they can do since they don’t appear anywhere on my credit report.

How cn I get this fixed? I can get Conseco to fix this since they are no longer in existence! HELP!!

John answers:

Dispute the credit account with the credit bureau. The credit bureau will try to contact the credit card company and when they find out they do not exist anymore you should automatically win the dispute and the account will be removed.

Good luck!

William asks…

Is it best to delete all creditors on your credit report whom you do not have a balance with?

I am looking at my credit report and see lots of creditors I no longer do business with.. Is it a wise idea to cancel those creditors or does that affect my credit in a negative way?

John answers:

You can’t delete them. Depending on what they are they will come off automatically. Things like credit cards and such stay on for 7 years and then come off.

Richard asks…

Can you protest derogatory marks on your credit report?

My brother is wanting to contest some things on his credit report, is this possible? I heard you could through the credit report websites and the creditors have 30 days in order to prove the bad mark is valid and if they don’t within this time frame, it has to be removed from your credit report. Do you know anything about this?

John answers:

You do, as the others said, protest in writing to the Credit Bureau involved, and any other that might be also.

Include specific facts so they know what is being protested.

You ALSO can write a letter of protest to the the place that made the report to the bureau, contesting the statements and and demanding that erroneous and falsely defamatory data be immediately removed from your credit report.

You can hire a lawyer, usually for about $25, to write a letter demanding that the data be removed as false and defamatory, and see what happens. Sometimes knowing you have a lawyer on the job gives some incentive on the other end to avoid a legal battle that is costly for them, and that if they lose will impact lot of their business.

Finally, you can write the Better Business Bureau in the city of the business that entered the false data, and demand they take action against the business in their area that is filing false or defamatory data.

They act slower, but you will get an answer. Be specific with them, data, acts, and the specific errors.

And of course be careful not to defame the business involved by false statements. Very careful. Make no statements not backed up in solid facts and provable with written info, preferably dated and signed. And witnessed if possible.

Defamation may require proof of actual damages, so be on the watchout for such proof. And keep good files so all the info is readily available. Keep the original or a witnessed photocopy of anything written in a bank lock box, for safety. Legal advice is almost a must early on.

And good luck. Hang ’em high and in public! Go for treble damages!

Success.

John asks…

Did everybody miss the point in my question about unfair credit reporting?

My point is that there are people out there getting away with ripping everybody off, especially those who started this whole business of Credit Reporting, and getting away with it while Credit Reporting is ruining so many people’s lives. This was in the 70’s. I wanted to send the story to the Newspaper, but my in-law didnt want to pursue it. If it was now, believe me, I would know what to do. You think the president or such will ever get bad credit even if he didnt pay his debts?

John answers:

I did not miss you point, it’s just that you have no point.

How are the credit bureaus ripping people off by reporting the truth?

If someones life has been ruined by bad credit, well guess what? It’s no body’s fault but theirs.

James asks…

If I guarantee a biz credit card, will it show up on my credit report?

As owner to the company, i need to guarantee any business credit card i obtain. Will it show up on my credit report though?

John answers:

I’ve seen this on my clients credit reports. If you are a business owner and your personally guarantee, the history will report on your credit report

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