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Does my EIDL loan impact my personal credit?
In today’s video I give an update about the impact of default on personal credit. Earlier this week I put out a call to EIDL borrowers to ask who is seeing their EIDL being reported on their personal credit.
The overwhelming majority said they did not see it, however I got an email yesterday from a client who showed me screenshots and it was definitely being reported on her credit. As I mentioned in the original video (click HERE to view), you can check your credit for free at www.annualcreditreport.com.
This particular borrower took the loan through a legal entity, did have to give a personal guarantee, and the loan amount was $500K. For the vast majority of EIDL borrowers who are in default, not making the payments isn’t necessarily something they get to make a decision on.
They simply can’t afford their loans. So the fact that it’s reported on credit probably won’t change people’s behavior, but nonetheless it’s still disappointing to see that it is showing up on personal credit.
If your defaulted EIDL loan is showing up on personal credit, my suggestion would be to file a dispute. You could claim that this was a business loan and not a personal loan. You don’t have a whole lot to lose by disputing it.
A few years back, I had several clients get SBA loans off their credit because the SBA failed to include their contact info, so the credit bureaus had no choice but to remove the information because there was no way to contact the SBA.
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