topic Re: Personal inquiry removed because it is a business card? in Business Credit

Personal inquiry removed because it is a business card?

JimmiS — Sat, 02 Mar 2024 19:04:41 GMT

There is a credit repair company that is getting inquiries for "business" credit cards removed. Their argument is they pulled personal credit for what the banks are touting as a business card. This is a legitimate credit repair company.

I know credit card companies have been accused of blurring the difference between corporate and business cards but is there any case law on this? Has anyone else tried this? It makes sense, but why haven't I heard of this before?

Re: Personal inquiry removed because it is a business card?

JoeRockhead — Sat, 02 Mar 2024 20:05:40 GMT

These days, the majority of small business cards are personally guaranteed, which entitles the credit card company to pull the applicant's credit and in turn denies any ability to remove the inquiry as it's completely legit. Authorized Users on Small Business cards are SP only as they are with Corporate cards. I would guess their success rate at having legit inquiries removed is virtually non existent.

Re: Personal inquiry removed because it is a business card?

JimmiS — Sat, 30 Mar 2024 21:38:37 GMT

If the active account doesn't report, the inquiry becomes "extraneous data." The creditor may be justified in pulling the inquiry but CRA, by not reporting the underlying account is practicing "insufficient matching procedures." It could also impair credit by being misinterpreted by underwriting as failure to obtain funding.

Re: Personal inquiry removed because it is a business card?

SouthJamaica — Sun, 31 Mar 2024 11:57:34 GMT

@JimmiS wrote:
There is a credit repair company that is getting inquiries for "business" credit cards removed. Their argument is they pulled personal credit for what the banks are touting as a business card. This is a legitimate credit repair company.

I know credit card companies have been accused of blurring the difference between corporate and business cards but is there any case law on this? Has anyone else tried this? It makes sense, but why haven't I heard of this before?

Color me skeptical. Yes a lender is allowed to pull your personal credit for a business credit application.

Re: Personal inquiry removed because it is a business card?

CreditCuriosity — Sun, 31 Mar 2024 17:19:59 GMT

That inquiry will remain. Inquiries are factual and will not be removed as one was seeking credit business or personal.

Re: Personal inquiry removed because it is a business card?

sccredit — Mon, 01 Apr 2024 19:57:20 GMT

Sorry, I don't see how the argument holds water. Take an SBA loan for example. If you get an SBA loan you will PG the loan (just like a business credit card) and it will not be reported to personal credit (just like a business credit card). The fact is you did seek credit and are personally liable in the case of default. The lender has permissible purpose.

Also, matching procedures has to do with reporting. It has to do with identity verification. An account reporting or not reporting is irrelevant to "insufficient matching procedures" and is an utter misuse of the term.

Re: Personal inquiry removed because it is a business card?

pizzadude — Mon, 01 Apr 2024 19:57:54 GMT

@JimmiS wrote:
This is a legitimate credit repair company.

If you're personally guaranteeing the credit then lenders have PP to pull your reports and the inquiries are valid ; anyone can claim to be legit but if they're telling you anything differently they're questionable.

Re: Personal inquiry removed because it is a business card?

JimmiS — Tue, 02 Apr 2024 00:48:49 GMT

The creditor has the right to pull the inquiry. The creditor has the right to not report the activity. The CRA does NOT have the right to display extraneous data. If the account doesn't report, the inquiry can be misinterpreted as multiple failures to obtain funding. They are only giving the creditor half of the picture. Such a practice is neither accurate nor fair and is not in line with maximum possible accuracy.

Re: Personal inquiry removed because it is a business card?

JoeRockhead — Tue, 02 Apr 2024 08:47:56 GMT

Considering we're talking about personal reports, not everyone is approved for a credit card or loan every time they apply. By your logic, those inquiries should be expunged because they don't correspond to a new account.

If a potential lender has the right to pull the inquiry, the inquiry is therefore both accurate, and relevant. The reporting of such corresponds to the fact that an individual's credit was pulled from that bureau and subsequently means they were/are seeking credit.

Re: Personal inquiry removed because it is a business card?

JimmiS — Tue, 02 Apr 2024 09:55:06 GMT

Nope. Not the same. The CRA knows an attached account exists but is not reporting it. Bye.

Re: Personal inquiry removed because it is a business card?

JoeRockhead — Tue, 02 Apr 2024 12:13:09 GMT

@JimmiS wrote:
Nope. Not the same. The CRA knows an attached account exists but is not reporting it. Bye.

They have no idea if there was an approval, or denial associated with a HP. The only way they know a new account exists, is if, and when it's reported by the lender... No information about an account reported by the lender, no information reported by the CRA...

Re: Personal inquiry removed because it is a business card?

Kasuito39 — Sat, 06 Apr 2024 13:56:14 GMT

Sweep the bad boy and keep it moving!