Affecting someones credit if they owe you money?

Question

if someone has an outstanding debt with you...can you affect their credit?

Answer 1

No individuals are not able to add items to a credit report.

However, you can file a suit against them. When you do this will appear on the public records section of their credit report.

Answer 2

Just call Trans Union toll free @ 877 322 8228 and ask if there is a charge for a non member.You have nothing to lose by asking. You can also write a letter to the customer demanding that the balance be paid within 10 days or others actions may be taken. Send 1 regular 1 certified and keep a copy of the letter sent.

Answer 3

Katherine W, that only works if this were a business loan. In exchange for a tax write off as a bad debt, you file a 1099 against the person, and it's reported as income on their taxes.

I'm assuming this is a personal loan...won't qualify.

You can do what OC says, or you can contact a small local collection agency (if you have a written agreement with this person) and let them pursue it. They can then add it to their reports.

Answer 4

This is kind of nasty, but it's true: if you don't think they will pay you back, you can tell them that, unless they pay you, you will report it to the IRS as income, and then they will have to pay the taxes they owe on that income. It's true, because a written-off debt is the same as income.

Answer 5

No you can't. You have to be a member of one of the credit reporting agencies. The membership is not cheap; probably more than they owe you.

Answer 6

Only if you are a subscriber to Transunion, or Experion, or any other credit reporting agency. Individuals cannot report a personal debt to them.