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DPB

Help Understanding Commercial Credit Report

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Posted (edited)

My apologies in advance for the lengthy post, but I have no idea how else to explain my current situation.

 

I applied for a Citi Biz CC a couple weeks ago and was denied.

The denial reasons were:

"The ratio of balances to available credit limit is too high on revolving trades on the commercial credit report"

"Your company's industry on the commercial credit report suggests high risk"

 

The CRA listed in the denial letter is EQ.

 

I have two businesses.

One has never had any business credit at all. Just a checking account that has never been overdrawn. No trade accounts. No credit cards. I've never even applied for any credit product for that business. Nothing.

The second business has two Amex Charge Cards. One Biz Gold and one Biz Platinum. This business has three checking accounts, none of which have ever been overdrawn. Again, no trade accounts. No revolving CCs. I have never had any other credit for this business.

The business that was denied is business #2.

 

Confused, I called the Citi Biz Recon line. The UW told me that my Commercial EQ file showed that I had late payments on a revolving CC.

Now even more confused, I called EQ and ordered a copy of my Commercial CR, which I received today. Reading the report, I have no idea at all what I am looking at.

 

The first page is a summary chart. It lists:

Overall File Content                                          Financial               Non Financial     

Number of Accounts:                                             5                                 1

Credit Active Since:                                        10/31/2017                  1/1/2019

Number of Charge Offs                                          0                                 0

Total Past Due                                              None Reported          None Reported

Most Severe Status                                       Current                       Current

Single Highest Credit Extended                    $1919                         None Reported

Total Current Credit Exposure                      $1919                         None Reported 

 

The Public Records Summary section reports 0 bankruptcies, judgements, or liens.

 

This makes even less sense. I formed this business in June 2018. So how could I have active credit since 2017? Also, what was the UW talking about when she referred to late payments? Most severe status is listed as "Current."

 

Now for the "Detailed Account Information" section. Egyptian hieroglyphics seem easier to decipher. Nearly everything is X-ed out.

Account 1: "Trade XXX*9-18" opened 1/1/19 with a status of current and a total balance of $-309. Yes, NEGATIVE three hundred nine dollars.

Account 2: "Commercial card XXXXXX*XX2343." Neither Amex ends in 2343.

Account 3: Another commercial card with the same info, but which ends in a different number.

Account 4: "Other XXXXXX*XXDAAB" opened 10/31/2017. This is seven and a half months before I opened this business.

Account 5: "Other XXXXXX*XXOAAN" opened 4/13/2018, more than two months before I opened my business.

Account 6: "Other XXXXXX*XXPAAR" opened 10/31/2017, once again, seven and a half months before my business existed.

 

None of these accounts list any delinquencies past or present. As far as I can tell, there is no negative information at all.

 

Under additional information it lists my name, but the date reported is nearly a month before I filed to open the business.

My address is listed with a date in 2019.

Tax ID is listed as XXXXX* - 05/31/2018. This is almost a month before I opened the business and applied for an EIN.

Then I am listed as the Owner/Guarantor for all of the accounts except for the first.

The last four digits of my SSN are listed in this section.

 

Nothing at all is listed for an industry type. So I have no idea where that part of the denial comes from.

 

That's the end of the report.

 

Sorry for the long explanation, but I am not sure how else to explain this.

 

My question is, what can I do to correct this? I have no experience with this. I have had some negative information incorrectly report to my personal credit report in the past, but I was able to get all of that resolved. It would appear to me that the laws and statutes that I used in those disputes only apply to consumer credit. Also, when filing consumer credit reports, everything was done in writing. Is that part the same here, or should I call EQ? I want to get this cleared up ASAP, but I am completely lost here and have no idea where to begin.

 

Any help would be greatly appreciated. And if you've made it to the end of this, I thank you for taking the time to read everything and for possibly giving me some advice.

Edited by DPB
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I'm updating this thread in hopes that it helps someone that has the same issue.

 

After comparing dates and statement balances, I determined that accounts 2 & 3 are my AmEx cards. I'm not sure why it shows a different account number on the EQ commercial report, but everything else is correct for those two accounts.

 

Since I did not receive any responses about how to best remove the other three accounts I decided to use the dispute form included with the report.

For the two accounts with dates that preceded the formation of my business, I noted the dates on the dispute form and included a copy of my EIN certificate as well as the Articles of Incorporation from the state filing as proof that the accounts could not possibly be mine.

For the account that was opened 1/19 I just disputed it as not being mine.

 

All three accounts were removed. I received an updated copy of the report showing just the two AmEx cards remaining and a summary of the removed accounts. Everything is still redacted in the report though. So I have no idea what those accounts were.

 

I'm going to reapply for the Citi Biz CC this week.

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