Legal

Ask a lawyer and get answers to your legal questions

Ask a Lawyer,
Get an Answer ASAP!

This answer was rated:

Credit report: I was an officer at a business. It's loans…

credit report: I was an officer...
credit report:
I was an officer at a business. It's loans were paid late to the bank, and it was put in collections. Three of us officers are personally liable (it was paid, btw). Should this be on my personal credit report? 100% company account.
Show More
Show Less
Ask Your Own Legal Question
Answered in 38 minutes by:
3/17/2018
Attorney Wendy
Category: Legal
Satisfied Customers: 497
Experience: Member at Keefer & Keefer LLC
Verified

Hello. My name is ***** ***** I am an attorney. Whether this debt appears on your personal credit report will depend how you (and the other two officers) became personally liable. If you signed a personal guaranty, for example, it could appear on your credit whenever the primary borrower - the company - is late paying or is in default. Since the debt went into collections - if you did personal guarantee the debt and even if you did not receive notice payments by the company were late and a formal demand for payment as a guarantor - those late payments could be reported in connection with your personal credit. If you did not sign a personal guaranty and are personally liable due to some internal agreement within your company that likely would not appear on your personal credit.

If the debt has now been paid, that should also be reflected on your personal credit. If you check your current credit report and it appears still as an outstanding debt you will want to contact the three credit reporting agencies to dispute that. If it merely shows up as late payments, that reporting may remain on your credit for a bit but you can consider contacting the bank to ask if they have a process for removing that report since you were merely the personal guarantor and the debt has been paid.

This sounds like an unfortunate situation but hope this was helpful. If you need further assistance, please reply to this email.

If I answered your question and provided excellent service, I would greatly appreciate your 5 star rating at this time.

Please note: This information is for educational purposes only and is not legal advice. No course of action is being proposed and no attorney-client relationship or privilege has been formed as a result of this conversation.

Ask Your Own Legal Question
Customer reply replied 1 month ago
It's all paid, and the bank knows I'm the only officer to work hard to make that happen, so they'll help if they can. They assigned it to a collections firm (although we paid the bank directly). If I'm tossed the line: the law won't allow us to change it, am I armed with anything? It's a year from otherwise going off my credit, and really painful. Anything preventing them from a good faith early exclusion? Or are they actually allowed to take it off my report because it was totally company, and I'm liable because I was there.
Customer reply replied 1 month ago
Experian said they'll issue a dispute, asking to take it off because it's a company, and I can upload copies of bank statements that are only in the company name. I'd like to hit it from both ends: Experian doing that, and my getting them a contact to talk to at the collection agency -- if I can convince them it's not going against what's legal.

That is exactly what you need to do - what you are doing with Experian. You will want to contact Equifax and TransUnion as well if it appears on their reports. Your explanation for the dispute should be pretty simple: This was a company debt for which I provided only a personal guaranty (assuming you did) and when the company was unable to pay the debt you properly paid it, and thus it should not reflect negatively on your credit since you took steps to fulfill your obligation once it was triggered.

Attorney Wendy
Category: Legal
Satisfied Customers: 497
Experience: Member at Keefer & Keefer LLC
Verified
Attorney Wendy and 87 other Legal Specialists are ready to help you
Ask your own question now
Was this answer helpful?
Ask Attorney Wendy Your Own Question
Attorney Wendy
Attorney Wendy
Attorney Wendy, Lawyer
Category: Legal
Satisfied Customers: 497
497 Satisfied Customers
Experience: Member at Keefer & Keefer LLC

Attorney Wendy is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Not only did he answer my Michigan divorce question but was also able to help me out with it, too. I have since won my legal case on this matter and thank you so much for it.

LeeMichigan

< Previous | Next >

Meet the Experts:

Tina

Tina

Lawyer

8,775 satisfied customers

JD, BBA Over 25 years legal and business experience.

Ely

Ely

Counselor at Law

24,353 satisfied customers

Private practice with focus on family, criminal, PI, consumer protection, and business consultation.

INFOLAWYER

INFOLAWYER

Attorney

20,727 satisfied customers

Licensed attorney helping individuals and businesses

JPEsq

JPEsq

Attorney

2,132 satisfied customers

Experience as general attorney, in house counsel, SSDI, Family Law attorney, and law professor

Law Educator, Esq.

Law Educator, Esq.

Attorney

42,358 satisfied customers

JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law

Ellen

Ellen

Lawyer, Consultant

8,238 satisfied customers

25 years of experience helping people like you.

Guillermo J. Senmartin, Esq.

Guillermo J. Senmartin, Esq.

Attorney

292 satisfied customers

7+ years of experience handling various legal matters.

< Previous | Next >

Related Legal Questions
Transunion blocked my credit report. I did not ask them too.
Transunion blocked my credit report. I did not ask them too. I don't know how long this went on, but when I refinanced, they had to work around it as month Jan 22 2018. When I leased a new vehicle in … read more
Phillips Esq.
Phillips Esq.
Attorney
JD
19,251 satisfied customers
Credit report: I was an officer at a business. It's loans
credit report: I was an officer at a business. It's loans were paid late to the bank, and it was put in collections. Three of us officers are personally liable (it was paid, btw). Should this be on my… read more
Attorney Wendy
Attorney Wendy
Lawyer
497 satisfied customers
Hard inquiry on credit report. Is there a process by which a
Hard inquiry on credit report. Is there a process by which a company that made a hard inquiry on my credit report can contact the bureaus to retract it? A report was run on me with my permission by a … read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
10,118 satisfied customers
I have a question regarding a loan... me to loan to a
I have a question regarding a loan... me to loan to a acquaintance … read more
Barrister
Barrister
Attorney/Landlord/Realtor
Doctoral Degree
36,614 satisfied customers
Loan depot messed up refinance loan was told loan was
loan depot messed up refinance loan was told loan was approved closure statement was signed closing date was set lady called got direction to home to sign papers loan officer told me to cancel payment… read more
Attyadvisor
Attyadvisor
Doctoral Degree
7,687 satisfied customers
If I wish to have an item removed from my credit report,
If I wish to have an item removed from my credit report, how? Write the credit bureau a letter and ask to have it removed?… read more
Barrister
Barrister
Attorney/Landlord/Realtor
Doctoral Degree
36,614 satisfied customers
Credit report shows old credit debt. called the 800 number
Credit report shows old credit debt. called the 800 number on the report and they told me their legal department had tried to reach me... She said I did not need an attorney and now I don't know what … read more
KLAW
KLAW
Juris Doctorate
2,039 satisfied customers
While looking at credit report I noticed that the applicant
Hi, while looking at credit report I noticed that the applicant has 6 collections with total balance around $3500; for all of them it says: Loan type - open; status - 9B:collection account; remarks - … read more
DrakeLAW
DrakeLAW
Juris Doctorate
1,037 satisfied customers
In checking credit report, just found out I owed $75.00 and
In checking credit report, just found out I owed $75.00 and 13,692.80 interest has accrued since 1997..Help … read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
10,118 satisfied customers
I have a closed account on my credit report that has been on
i have a closed account on my credit report that has been on there for 20 years, its closed. was for credit card debt … read more
Gerald, Esq
Gerald, Esq
Juris Doctor
3,820 satisfied customers
On my credit report shows Midwest Recovery Systems VIP LOAN
on my credit report shows Midwest Recovery Systems VIP LOAN SHOP … read more
Phillips Esq.
Phillips Esq.
Attorney
JD
19,251 satisfied customers
Child support placed a negative on my credit report. My
Child support placed a negative mark on my credit report. My child support modification order was granted Feb 2017, deleting all arrears and changing the monthly child support in accordance to the Mic… read more
Michael Bradley
Michael Bradley
JD
1,371 satisfied customers
I freeze and unfreeze my credit report online is it
I freeze and unfreeze my credit report online is it immediate or does it actually take time after ?… read more
Ray
Ray
Lawyer
Doctoral Degree
32,108 satisfied customers
Maryland bankruptcy on credit report. Maryland, yes
Maryland bankruptcy on credit report JA: What state are you in? And has anything been officially filed? Customer: Maryland, yes JA: Has anything been filed in civil court? If so, what? Customer: No JA… read more
Michael Bradley
Michael Bradley
JD
1,371 satisfied customers
What information is on a credit report? If somebody always
What information is on a credit report? If somebody always pay their phone bill and health insurance bill on time each month, is that likely to be listed on their credit report? Or are only bills they… read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
10,118 satisfied customers
I recently discovered on a credit report that a previous
I recently discovered on a credit report that a previous judgement (default for credit card debt) was not handled properly by my attorney a few years ago. Now I am trying to buy a house and need to kn… read more
INFOLAWYER
INFOLAWYER
Attorney
Doctoral Degree
20,727 satisfied customers
Is it illegal to pull a credit report on an individual
Is it illegal to pull a credit report on an individual without their consent/permission/knowledge? … read more
Attyadvisor
Attyadvisor
Doctoral Degree
7,687 satisfied customers
I check my credit report on annual credit report .com. I
I check my credit report on annual credit report .com . I have several identiy breaches upon the report! I have some serious concerns. A address I donot recognize someaccounts that donot belong to me … read more
Attyadvisor
Attyadvisor
Doctoral Degree
7,687 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x