Comments on: How A Debt Settlement Affects Your Credit Rating

By: NDT

NDT — Tue, 06 Oct 2009 01:39:59 +0000

Hi,
had a AMEX platinum business account in perfect standing for 10 years. Had to go out of country (australia) on business for 5 months. Left an australian phone number on my outgoing message in case of emergency.
During my absence the accountant in charge of paying the bills let the amex account lapse. I returned to a delinquent account in collection. I rectified the matter immediately – paying off all penalties and monies owed. In doing so, I was assured this business account would not be reported to personal credit file.
A few months later when trying to re-fi my home I was declined due to bad credit. It turns out Amex had not only cancelled my account, taken over 500,000.00 reward points but they also reported this business account on my personal credit report as charged off and delinquent.
Is there anything I can do?
I am happy to take the hit on my Dunn & Bradstreet report but don’t feel it fair to take a credit hit on my personal report…
Now my credit score hovers in the high 600’s and I am unable to re-fi.
PS fired the accountant.
Thanks for you input.

By: Debt Settlement Companies

Debt Settlement Companies — Tue, 10 Feb 2009 16:43:13 +0000

Most people do not realize that their credit rating is just a snapshot in time and can go up and down depending on the actions you take. It is something that can always be repaired if it goes down.

By: Richard Close

Richard Close — Thu, 30 Oct 2008 18:28:09 +0000

Hello –

Just wanted to let you know that I posted an informational article today and I included a link to your site. I want my readers to make sure they can find the information they need. I enjoy reading your site, and I hope that you get the chance to look over mine.

-Richard Close “The IRS-Hitman”