Posts Tagged Debts
Can LLC debts go on my personal credit report?
Posted by admin in Personal Credit Report on September 13, 2011
Question by Dan J: Can LLC debts go on my personal credit report?
My LLC went under, but stills owes money on a credit card machine lease that hasn’t been paid on in months. I opened the account before there was a tax ID, so they used my SS#. Can they affect my personal credit or am I protected by the LLC?
Best answer:
Answer by stephbrown2005
It depend. Did you run your LLC under your social or the EIN of the business? Limited Liability Company just meant if someone sued you that they couldn’t take your home and everything you have because of the business. If you used the business EIN then you’re safe…if not, of traversing it’s going on your credit report it’s the number you gave them to report too..
Know better? Leave your own answer in the comments!
Instant Credit Report
Paul Abbey asked:
Today actually getting hold of an instant credit report is much easier to achieve than it was a couple of years ago. As we are all beginning to realize being able to know where we stand in relation to how credit worthiness is extremely important to many of us today. Unfortunately if your credit history is poor or bad actually getting a loan or mortgage is very difficult to achieve.
But by getting hold of a copy of your credit report from any of the three major credit reporting agencies you will be able to see just where you stand when it comes to your credit worthiness. Today not only are there personal credit reports a person can obtain but there are also business credit reports available.
The main feature of any of these types of reports is that they contain data relating to either you or your business which the various credit reporting agencies have collected. It contains information relating to your financial position and will show if you have any problems relating to late payments or debts remaining unpaid.
But when it comes to you getting hold of a copy of your credit report you need to be very careful when you are trying to obtain it. This is because the report will contain very important and personal information about you including details of your name, your address, any contact numbers and your date of birth. Plus it will also contain your social security number all of which can be extremely beneficial to those people who like to use other people personal details to obtain funds and goods fraudulently.
Therefore if you choose to arrange to get hold of your credit report through one of the many online services that offer such a facility you need to make sure that it is a completely secure website. With a site such as Experian they have a padlock which they use to denote that this is a secure site and no one else will be able to gain access to your personal and financial information.
The biggest advantage to be had from getting hold of a copy of your instant credit report especially if you are considering taking out some form of credit (loan or mortgage) is you will be able to see whether you are likely to be declined or approved. Certainly by keeping abreast of your credit history and how you are being scored will ensure that when it does come time to take out any kind of loan or mortgage you will be able to do so more easily. Plus it allows you the chance to help to improve your credit history if at any time you find that your financial situation changes.
Minnie
Today actually getting hold of an instant credit report is much easier to achieve than it was a couple of years ago. As we are all beginning to realize being able to know where we stand in relation to how credit worthiness is extremely important to many of us today. Unfortunately if your credit history is poor or bad actually getting a loan or mortgage is very difficult to achieve.
But by getting hold of a copy of your credit report from any of the three major credit reporting agencies you will be able to see just where you stand when it comes to your credit worthiness. Today not only are there personal credit reports a person can obtain but there are also business credit reports available.
The main feature of any of these types of reports is that they contain data relating to either you or your business which the various credit reporting agencies have collected. It contains information relating to your financial position and will show if you have any problems relating to late payments or debts remaining unpaid.
But when it comes to you getting hold of a copy of your credit report you need to be very careful when you are trying to obtain it. This is because the report will contain very important and personal information about you including details of your name, your address, any contact numbers and your date of birth. Plus it will also contain your social security number all of which can be extremely beneficial to those people who like to use other people personal details to obtain funds and goods fraudulently.
Therefore if you choose to arrange to get hold of your credit report through one of the many online services that offer such a facility you need to make sure that it is a completely secure website. With a site such as Experian they have a padlock which they use to denote that this is a secure site and no one else will be able to gain access to your personal and financial information.
The biggest advantage to be had from getting hold of a copy of your instant credit report especially if you are considering taking out some form of credit (loan or mortgage) is you will be able to see whether you are likely to be declined or approved. Certainly by keeping abreast of your credit history and how you are being scored will ensure that when it does come time to take out any kind of loan or mortgage you will be able to do so more easily. Plus it allows you the chance to help to improve your credit history if at any time you find that your financial situation changes.
Minnie
Credit Repair help! I have paid every bill owed on my credit report, meaning I am debt free, READ ON?
Utopia asked:
however even though all my debts are paid
(what a great feeling)
my credit report is a mess because these lousy creditors have not updated my report. So in reveiwing my report I am so over whelmed by the amount of items that are incorrectly reported, that I know have to fix. I simply do not have time to do this myself between work and school.
however even though all my debts are paid
(what a great feeling)
my credit report is a mess because these lousy creditors have not updated my report. So in reveiwing my report I am so over whelmed by the amount of items that are incorrectly reported, that I know have to fix. I simply do not have time to do this myself between work and school.
Does anyone know of a trust worthy compnay that can do this for me, please list a company that works to get these items either off my report or at least updated as paid.
Please list a company that you have had personal expirience with and can be relied on.
Ellen
My Credit Report
Beth Pardue asked:
“What kind of information is on my credit report -and how can I see it?” is a common question among people who have had trouble securing credit or loans. Basically, your personal credit report is an electronic record of all of your credit activity including recent requests for credit that you have applied for and the payment activity on any open or closed credit or loans you may have. This history is vitally important because lenders use your credit report to determine if they are willing to extend loans or credit to you.
There are four main areas of content on your credit report [http://www.credit-report-credit-score.com]: Identifying information, credit history, public records, and credit inquiries. Additionally, a credit report also shows any current credit that you have, including loans, debts and credit limits. It also has the payment amounts on installment loans.
To see what is on your credit report visit credit-report-credit-score.com [http://www.credit-report-credit-score.com] to request your free copy. Knowing what is on your credit report before beginning the loan application process can save you a lot of time and hassle.
Lenders use the information on your credit report to generate your credit rating when evaluating your loan request. The higher your credit rating is, the more likely you will be to receive the loan and at more favorable terms. For this reason, it’s a good idea to take a look at your credit report before making any purchases which require a loan or credit.
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Note: This article may be freely reproduced as long as the authors bio paragraph at the bottom of this article is included, the article is published “as is” (unedited) and all URL’s are made active hyperlinks with no syntax changes.
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Vincent
“What kind of information is on my credit report -and how can I see it?” is a common question among people who have had trouble securing credit or loans. Basically, your personal credit report is an electronic record of all of your credit activity including recent requests for credit that you have applied for and the payment activity on any open or closed credit or loans you may have. This history is vitally important because lenders use your credit report to determine if they are willing to extend loans or credit to you.
There are four main areas of content on your credit report [http://www.credit-report-credit-score.com]: Identifying information, credit history, public records, and credit inquiries. Additionally, a credit report also shows any current credit that you have, including loans, debts and credit limits. It also has the payment amounts on installment loans.
To see what is on your credit report visit credit-report-credit-score.com [http://www.credit-report-credit-score.com] to request your free copy. Knowing what is on your credit report before beginning the loan application process can save you a lot of time and hassle.
Lenders use the information on your credit report to generate your credit rating when evaluating your loan request. The higher your credit rating is, the more likely you will be to receive the loan and at more favorable terms. For this reason, it’s a good idea to take a look at your credit report before making any purchases which require a loan or credit.
————————-
Note: This article may be freely reproduced as long as the authors bio paragraph at the bottom of this article is included, the article is published “as is” (unedited) and all URL’s are made active hyperlinks with no syntax changes.
————————-
Vincent
Why It’s Important to Monitor Your Personal Credit Report
D. Susan Carter asked:
Do you know why it’s so critical to check your credit reports on a regular basis? It’s very simple. When you need to obtain funds for your business through a line of credit (or loan), or when you want to apply to a new vendor, they are going to look at your credit record. If you have not made a committed effort to be sure that your information is being reported correctly, and you show up with negative items, than these lenders may not view you as being able to manage your debts well and may decide not to trust you with their money or their equipment. The best way to make sure this doesn’t happen is to regularly check your credit reports and verify that everything is in good standing.
Here is what you should be watching for:
o Items that should not be there. There are two things that you want to make sure aren’t on your report. Items that you have cleared up previously and items that never should have been there in the first place. If you previously had a negative mark on your credit report, but have been working to clear it up, you should always keep the paperwork showing the effort you made to correct this problem. All reporting agencies have a high error rate. There could easily be items on your record that were not yours, but somehow were put on your record in error. The sooner you notice them, the sooner you can have them removed.
o Anything that should be there. If you have positive credit such as paid off loans or other large debts in good standing, then you want to be sure these appear on your credit record. It is important that your credit history includes on-time, paid debts because when companies are considering extending your business a line of credit, they will evaluate you by the amount of current outstanding debt as well as previous debt that you have satisfactorily paid off.
o Is it your history? Nowadays, with identify theft running so rampant, it is not just individuals who have to keep an eye on their credit report. An identity thief can just as easily steal the financial information for your company and begin a shopping spree under your company name. Verify that all the items showing on your credit report belong to your company – whether or not it is positive or negative. Take a few minutes when you are reviewing your credit to be sure all the activity that is showing are accounts you have opened through your company. Don’t hesitate to call on anything that looks suspicious. You may just not recognize a name, but it is far better to ask that to risk a bad situation that will only get worse.
Find out more about improving your creditworthiness and learn about the various business credit bureaus. If you are going to be a successful business owner, then you need to understand how critical it is to make sure your creditworthiness is reflected accurately.
Vernon
Do you know why it’s so critical to check your credit reports on a regular basis? It’s very simple. When you need to obtain funds for your business through a line of credit (or loan), or when you want to apply to a new vendor, they are going to look at your credit record. If you have not made a committed effort to be sure that your information is being reported correctly, and you show up with negative items, than these lenders may not view you as being able to manage your debts well and may decide not to trust you with their money or their equipment. The best way to make sure this doesn’t happen is to regularly check your credit reports and verify that everything is in good standing.
Here is what you should be watching for:
o Items that should not be there. There are two things that you want to make sure aren’t on your report. Items that you have cleared up previously and items that never should have been there in the first place. If you previously had a negative mark on your credit report, but have been working to clear it up, you should always keep the paperwork showing the effort you made to correct this problem. All reporting agencies have a high error rate. There could easily be items on your record that were not yours, but somehow were put on your record in error. The sooner you notice them, the sooner you can have them removed.
o Anything that should be there. If you have positive credit such as paid off loans or other large debts in good standing, then you want to be sure these appear on your credit record. It is important that your credit history includes on-time, paid debts because when companies are considering extending your business a line of credit, they will evaluate you by the amount of current outstanding debt as well as previous debt that you have satisfactorily paid off.
o Is it your history? Nowadays, with identify theft running so rampant, it is not just individuals who have to keep an eye on their credit report. An identity thief can just as easily steal the financial information for your company and begin a shopping spree under your company name. Verify that all the items showing on your credit report belong to your company – whether or not it is positive or negative. Take a few minutes when you are reviewing your credit to be sure all the activity that is showing are accounts you have opened through your company. Don’t hesitate to call on anything that looks suspicious. You may just not recognize a name, but it is far better to ask that to risk a bad situation that will only get worse.
Find out more about improving your creditworthiness and learn about the various business credit bureaus. If you are going to be a successful business owner, then you need to understand how critical it is to make sure your creditworthiness is reflected accurately.
Vernon
Which is worst for your credit score?
Jona U asked:
5 collections for small amount (each $500 or so)
5 credit cards debts (max out and never pay a cent) so 180 and over past due.
and a car repossession (owing 15000) default.
2 written off loans over 1000
10 cash advances hasn’t gone to collection yet.
5 collections for small amount (each $500 or so)
5 credit cards debts (max out and never pay a cent) so 180 and over past due.
and a car repossession (owing 15000) default.
2 written off loans over 1000
10 cash advances hasn’t gone to collection yet.
or
nothing on credit report but
$40000 written off default personal loan.
or bankruptcy for the first options and everything written off. for 10 years.
what kind of scores would each one get? and how low can one credit score actually be? 500?
NOTE!. IN situation which the person has no income, no job and no asset(no paidoff car, no house, no worthy property) and living off someone else.
Barry