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Hi there...I can certainly understand your frustration over this issue. If, in fact, when the card was originally issued, you agreed to personally guarantee the corporation's obligations for this card, then you would be liable for the card expenses. It is very possible that you did agree to do so, because credit card companies typically will not issue cards to corporate entities that don't have a long credit history without someone personally guaranteeing the payment of any unpaid bills.
But that is in the past---what you need to do going forward is to send each credit card company a certifiied, return receipt requested letter that as of the date of the receipt of this letter you will no longer agree to personally guarantee any of the debts of the corporation that are charged on the applicable card. This may very well cause the credit card company to cancel the card, but it will cease any further liability for you.
I hope this has given you the guidance you were seeking. I wish you the best of luck!
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That would cease the liabilty only for the charges from that date forward. You would still be on the hook for the prior charges because the credit card company had no notice of your guarantee withdrawal.
With regard to trying to clean up your personal credit report...here's what you need to do: If the credit card company has posted the corporate account on your credit report, the account will appear on your credit report as a collection account. Then, you will need to dispute the information. Once you dispute it, the credit reporting agency is required to investigate the dispute by sending it back to the Collection Agency for verification. If the Collection Agency verifies that the account is being reported correctly, the negative information will stay on your credit file. If the collection agency never responds to the investigation, then after about 30 days, the credit reporting agency will either delete the report from your file or report it as not being delinquent. If nothing done, you will need to get court order and then send the judge's order to the credit agency to get it removed.
And, I'm happy to be able to help....you don't need to pay any additional amounts....just hit the accept button once! Have a great weekend!
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