Chase Business Cards Reporting To Personal Credit Reports
Update: Chase sent out an internal memo saying that the issue has been fixed. Customers don’t need to do anything and they should see a correction within 30 days. (HT: reddit)
Over the last few days we have seen many people point out that some Chase business credit cards are now reporting to personal credit reports.
When you apply for a business credit card you will usually see a hard inquiry on your personal credit report. But, normally business credit card accounts will not show up on personal credit reports, unless you are late with monthly payments or have a delinquent count.
And that is why it’s strange that some Chase business cards are suddenly appearing on people’s personal credit reports. It’s not just newly opened cards either. People are seeing cards they’ve have for over two years for example, show up in their reports now.
You can see discussions about this at r/churning, r/creditcards and Doctor of Credit. One of the best explanations for this, is a comment on reddit with information shared from a phone rep:
“Chase had halted credit reporting since December due to an issue on their end. This month, they resumed reporting, but many accounts were mistakenly reported to personal credit.”
Several other reps have mentioned that this is a mistake on Chase’s part. So if you are affected but this, you can call Chase to inform them and they will open a ticket to correct the error. This should take about 1-2 months. It looks like Chase will not fix this unless you request it. You can also file a dispute with the credit bureau.
The reason why readers would care about these account showing up in their reports, is that it affects their Chase 5/24 status. It will also increase your utilization ratio, which then lowers your credit score.
Let me know in the comments, or share in our Facebook Group if you are affected by this error, and if you have been able to get it fixed.
Credit: Source link
