Q: How do I remove a delinquent/ charged off business credit card from my credit file for good?
My last payment on the credit card was 4/2020. I never made another payment because they closed my account. They recently updated it to a charge off on my credit report around 09/2023. Since this is a business credit card, how can I dispute it to be removed from my personal credit report for good?
A:
First, check whether the business credit card was indeed under a personal guarantee. If it was, the delinquency could rightfully appear on your personal credit report. However, if the card was strictly under the business's name without any personal guarantee, you might have grounds to dispute its appearance on your personal credit file.
To dispute the item, you should first obtain a copy of your credit report from each of the major credit bureaus where the charge-off appears. Review the reports carefully to ensure that the entry is indeed incorrect or unjustified. Then, file a formal dispute with each credit bureau, explaining why the item should not be on your personal credit report. Provide any supporting documents that affirm the credit card was solely in the business's name without personal liability.
Finally, follow up regularly on your disputes to track their progress. The credit bureaus are required by law to investigate disputes typically within 30 days. If your dispute is successful, the charge-off will be removed from your personal credit report. If the credit bureaus determine the information is accurate, you may need to seek legal advice to explore further options for removal. Keep copies of all correspondences and documents related to your disputes for your records.
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