Small Business Credit Card Debt

[I_Suck]

I opened a small business credit card as sole prop with my SS#. Why doesn't that debt show up on my personal credit report? The business ceased to exist more than 6 years ago, not that it matters with the debt that still exists.

There is no way to view this debt on any report?

Is small business cc debt treated the same way as personal cc debt?

Do I have to file personal BK to get this small business debt eliminated?

Are collection practices the same with small business debt as they are with personal debt?

I know, too many questions.

[catleg]

Was this possibly with Advanta? I haven't heard much out of them for a while, maybe their phones got disconnected for non-payment. Still, you think they would have sold off the bad paper by now..I can only conclude that the Federal Reserve owns it.

[rockyroad]

Oh nooooo Cat...Advanta is still on the prowl! Well, with me at least, but my default has been recent. Stopped paying about 2 months ago. Perhaps they had to cut back on their India based call centers though because all my calls are coming from the US now.

The only business debt that appears on my personal credit is AMEX. They transfer it over once they charge the account off. Of course they screwed it up though...debt shows to fall off in early 2010 and it's been about a year since last payment.

[catleg]

Funny - Advanta 8-K filing from July:
Item 2.05 Costs Associated with Exit or Disposal Activities.

Advanta Corp. previously announced its intention to reduce expenses to levels commensurate with its current activities. As part of these efforts, the Company commenced a workforce reduction and began notifying affected employees on July 6, 2009. The Company expects to reduce the number of employees by approximately 50% and to have fewer than 200 employees remaining after the reduction. This reduction will take place across all functional areas within the organization.

In connection with the reduction of workforce, the Company expects to incur expenses of approximately $8.5 million to $9.5 million related to severance and related costs. The Company expects substantially all of the expenses associated with the reduction of workforce to result in cash expenditures.

[I_Suck]

This small business CC is with AMEX. I haven't gotten a thing about a settlement in the last 2 years since defaulting on it. Maybe I will offer them the assets of the business that stopped doing business back in 2003 as a settlement. Oh wait, there are no business assets.

[I_Suck]

I assume the credit score of someone with a small business CC opened with their SS# is affected by that debt even though it doesn't show up on their credit report. Is this a good assumption?

[Never_Again]

No, it would not be...

A Credit score only is based on what is on the credit report. Some business debt does not report on personal credit reports. I had a business line of credit that did not. It depends on the lender.

[I_Suck]

I think I may know what happened. When I look at the credit report now or today, the AMEX debt doesn't show because I find out that AMEX wrote off the debt and sold it to a JDC very recently.

About 15 days ago, I received a letter from looks like is the group that bought the debt asking me to dispute the debt or after 30 days own it. So if I don't dispute it, I should probably see a new entry on the credit report for this debt.

I already have a custom JDC DV letter ready to go out on Tuesday to dispute the debt or at least have them prove that they have the right to collect this debt.

[I_Suck]

Can You Settle with JDC and Does a 1099 Still Apply?

I have settled in the past with the OC's for very small percentages and yes have gotten the 1099's at the end of the year. ALl of this is in writing and I feel pretty ok with it.

Now, my debt was written off by AMEX and sold to a JDC (Resurgent Capital Services). Although it can't be proven, it's quite clear that Resurgent didn't purchase this debt for face value, pennies on the dollar is more likely.

I know it's a bad idea, but let's say I wanted to settle with this JDC at a very small percentage of the original amount. Assuming I could get it all in writing that it ends here, meaning no negative credit entry and agreeing not to sell the remainder to another JDC, etc.

If all of that happened, can the JDC actually send me a 1099 for the remainder? Or can only the OC send out 1099's for the debt written off?

It sounds like the JDC would rather just sue anyway so settling may not even be an option.

[lookingforward]

My husband is a sole prop and none of his business credit shows up on his credit report. Sam's, Amex, Advanta.

[I_Suck]

My husband is a sole prop and none of his business credit shows up on his credit report. Sam's, Amex, Advanta.

That seem to be the consensus. It's frustrating that I can't see the info like date of last activity on the credit report on this.

[albacore44]

I have 1 B Of A under a business name for a home based business my wife was running a few years back. It does not show on the credit reports, but I did notice they did a hard pull inquiry on Transunion about 2 months ago, probably to see if I was late to al my other cards as well

[rockyroad]

Update on Advanta...I recently pulled my credit and Advanta has now placed my business account as 90 days late on my personal report. Until just recently, it has never shown on the personal side.
And of course AMEX reported to the personal at the time of charge off.

[BigJohn]

I had two American Express accounts that were for business. As my personal credit score dropped, American Express removed themself from my account at the credit bureaus.

Why? I suspect they thought I was going to file bankruptcy and there might be a possibility that if they weren't on my credit report, I would not include them in the bankruptcy.