Your Questions About Credit Reports For Business

Joseph asks…

Can I call credit reporting agencys on behalf of my husband?

My husband doesn’t do well with speaking business with people over the phone and he has a hard time getting his point across the way he wants, can I call credit reporting agencys on his behalf?

John answers:

Some people will allow him to give them verbal authorization to speak with you, others will require you to have a power of attorney
hope this helps

Robert asks…

How do I find last activity date on credit cards if it is not listed on credit report?

On my credit report it states that my credit cards were turned over to collection companies, however they state that my “last reported” is years after they went in default. They do not list when I actaully made my last payment. How do I find this out. It will be seven years this june (2009) that the last payment were made. But how do I prove it was the last payment if I have no records of it? Lost in flood of 2006 Binghamton NY

John answers:

This is a hard one because they are limitations on how long a creditor, etc is required to keep info on closed accounts… years may be too long for them to have to keep records, if the card company you are referring to is still in business call them up and see if they have this info still — they may charge you for looking up such old info if they can in the first place but give it a try but if not there will be no way to prove anything

Mandy asks…

How does a forbearance reflect on your credit report?

If you get a short forbearance from your mortgage lender, is that reported on your credit report? Any other negative consequences?

John answers:

Yes, it is reported as “paid under agreement-30 days past due”. Hurts credit score almost as bad as just 30 days delinquent but much easier to explain to potential new creditors. If you only have one, a lot of mortgage servicers will submit a correction. Personal note: your credit score is actually pretty fair, deal with the consequences, don’t dwell on the truthful past. Thought: trying to change the truth about your credit reporting may reflect it’s true accuracy. It really doesn’t affect that much in your life. If it does, you should have been much more careful with it. It does reflect what you were willing to commit to, and what you could really pay without interruption, And that’s how business looks at it. Take your lumps and commit to less in the future.

Linda asks…

who does equifax and other credit reporting agencies answer to?

just curious who the three biggest credit reporting agencies have to answer to. how can you go over their heads with a dispute?

John answers:

The Credit Reporting Bureaus are not related to any government agency. They are simply businesses that serve as a data warehouse. They do not have a centralized reporting structure.

If you believe that a law has been broken by one of the Credit Reporting Bureaus relating to Fair Credit Reporting, then you can complain to the Government.

William asks…

Dose signing a personal guarantee for a business loan show up in personal credit report?

the personal guarantee for a business loan shows up on personal credit report?

i mean more then a credit check inquiry?

how much will that lower my credit score?

John answers:

No, even if personally guaranteed, a business loan will usually NOT show up on your personal credit report as long as you don’t default or pay late.

A credit check (inquiry) may be pulled- but the loan itself will not show up.

An inquiry on your credit report will cost your FICO anywhere between 0-20 points, depending on how often you have applied for credit recently.

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