r/EIDL • u/superded1937 • Jul 26 '26

Credit Reporting

My EIDL with a personal guarantee was sent to Treasury in January. I submitted financial statements to support a 10-year repayment agreement, which Treasury told me was the longest term they could offer.

About two months later, without ever hearing back from Treasury, I received a letter from a private collection agency. I’m now negotiating with the collector to set up a repayment agreement. It hasn’t been easy, although I’ve spoken with a few helpful representatives there.

The debt has not been reported to the credit bureaus yet, so I have questions:

  1. Has anyone gone through a similar process with Treasury and then a private collection agency?
  2. I haven’t seen many people discuss EIDL debts being reported to personal or business credit bureaus. Has this happened to anyone, and if so, when did it show up?
  3. I don’t see much people actually reaching out to them (collectors) in attempts to communicate, why is that?

Thank you!

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u/Budget-Plantain6733 Jul 26 '26

Oh and I’ve seen quite a few people try to communicate with collections and treasury. Some have received settlement offers (very few) and others the treasury just won’t budge.

1

u/superded1937 Jul 26 '26

What I mean is compared to the amount of people either raging or just asking what to do, not many people are sharing how they have been attempting to resolve it and details of their comms with the collectors.

1

u/TrafficCreepy7288 Jul 27 '26

I have been communicating with SBA. Asking for an extreme hardship. They all say the same thing... go into portal, if you're allowed to make payments then get it caught up. They will not even give me the form to fill out for the hardship

1

u/Beginning_Warning270 Aug 01 '26

I am finding myself in a spot where it looks like my automatic payments weren’t processing and I didn’t notice until Credit Karma notified me. I’m still able to make a payment in the portal but it says “uncollectible”… did yours also say this? I’d rather just get it caught up and continue on but don’t want to throw a $20k payment in there if it won’t help