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We had an S-corp in the State of Florida. We are making a

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We had an S-corp in...
We had an S-corp in the State of Florida. We are making a settlement on a charge off. The line of credit was unsecured, but personnally guaranteed. Does the bank have the right to report this on our PERSONAL credit report. What is the Florida law in regards ***** ***** situation?
Submitted: 1 year ago.Category: Business Law
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4/24/2016
Business Lawyer: CalAttorney2, Attorney replied 1 year ago
CalAttorney2
CalAttorney2, Attorney
Category: Business Law
Satisfied Customers: 10,244
Experience: I am a businesses law attorney, with experience advising and representing owners and investors.
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Dear Customer,Thank you for using our forum, my name is ***** ***** I look forward to assisting you today.Unfortunately, there are no laws on this issue (so there isn't a FL statute saying that a personally guaranteed debt can or cannot appear on your credit, nor does this appear in federal law - such as the Fair Debt Collections Act, or other lending practices laws).However, as a practical matter, most business loans that are paid or settled (such as the one you describe) are not reported against the personal guarantor's credit. (The information that the lender is giving you is accurate within the traditional course and scope of the industry practices).It is not until the debt goes into default and the creditor is forced to pursue collections/litigation against the personal guarantor that the debt starts being reported against the personal guarantor's credit.
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Customer reply replied 1 year ago
The bank is accepting the settlement, but they are refusing to write a letter stating it won't be reported on our personal credit report! Do you have any idea why they would refuse to write such a letter? We're afraid that they might turn around and post something negative on our report, and we have a very good credit report! The lady at the bank is not very friendly & seems very vindictive!
Business Lawyer: CalAttorney2, Attorney replied 1 year ago
There isn't a way to force the bank to write this letter (they don't have any incentive to do so).While the representative may appear to be vindictive, the bank itself is a business, and they generally operate as such. (Unfortunately, the debt is personally guaranteed, and is something that can be reported against personal credit histories, however most creditors do not).
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