Can bad business debt go on your personal credit report?
christine s asked:
I opened up a couple of accounts for my business in 2005 but under my tax ID number. Unfortunatley the accounts went bad because I was in a car accident and now can’t work. Does this go on your personal credit report or the duns and bradstreet report.
JORDAN
I opened up a couple of accounts for my business in 2005 but under my tax ID number. Unfortunatley the accounts went bad because I was in a car accident and now can’t work. Does this go on your personal credit report or the duns and bradstreet report.
JORDAN
October 23rd, 2009 at 7:59 pm
HARRISON
It may, if you had to use your personal information to open those accounts up or if you guaranteed the funds.
Even if you didn’t, the likelihood is that the company that you operated is associated with your name and any thorough search of the records may show that the company that you opened up didn’t pay its bills.
The only way to make sure is to ask for a credit report on your name. The 3 major credit reporting agencies will provide a free one to you if you call them up.
October 25th, 2009 at 3:22 pm
LAVERNE
It depends on the type of business. A corporation is a separate entity from the person that started it so the personal debt liability is much less or even none. A sole proprietorship is however, not a separate entity and the owner is responsible for the profits or the debts of the company
October 26th, 2009 at 4:45 am
HARRIS
yes, it will be on your credit report.
You should have had an attorney handle this for you so that if something happend you would not be personally responsible/liable your business would be.
Check out Dave Ramsey at and/or call him. He can shed some light on this for you and tell you what you need to do.
October 29th, 2009 at 11:57 am
JACQUES
Yes, it can. But it will depend on how you did your articles of organization.
Good Luck!