Re: to Whychat...........creditor making an offer

Posted by Why Chat (209.240.198.61) on June 03, 2003 at 18:36:09:

In Reply to: Re: to Whychat...........creditor making an offer posted by untrusting on June 03, 2003 at 18:15:22:

Sorry to put the "whammy" on your great settement offer, but better now, than later.

You need to remember that cc companies offer credit to those they think will pay them back, so if you had a fairly new business with no established business credit references, they are absolutely going to use YOUR credit references as a basis for their decision. They HAD to have had inquiries entered on your credit reports.

The other nasty thing about "business" credit cards is, that they are NOT covered under the FCRA or FDCPA -so they will be harder to remove from your reports once they get on,and the collection agencies who deal with business debt make the consumer collection agencies look like angels in comparison.

The fact that it will be on your personal credit report (if it gets there) will help you somewhat, because the commercial collection agencies do not report on consumer credit reports.

I suggest you file that CH7 ASAP to avoid a LOT more trouble than 1 single credit card collection.

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