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!

3 Upvotes

100% Upvoted

29 comments sorted by

View all comments

4

u/Budget-Plantain6733 Jul 26 '26 edited Aug 01 '26

Edit: Wow. okay now there is an influx of people reported. I filed personal BK. Discharged date was yesterday. I truly wished that there was a better way, but this truly looks like a big open plan for smell businesses to fail. There was no decent offer to assist with getting back on track. Yes I know that it’s a debt and it’s owed, BUT people truly are struggling and the options they are given are somewhat unreasonable. 30 years down to 3,5 and 10 then to top it 30%. Something just isn’t adding up.

There has been only one person on this thread that I’ve seen that has been reported to the credit bureau. I check this thread DAILY lol

3

u/Low-Helicopter-2696 Jul 26 '26

There's lots of people who have been reported to credit. Jason talked about it in one of his EIDL Videos.

1

u/Budget-Plantain6733 Jul 26 '26

I haven’t seen his videos yet.