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Please Help--Personal Guaranty for Business Loan

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I am part owner of a business that is looking at leasing some equiptment. all the leasing companies are requesting a personal guaranty because we are small and relatively new.

Does signing a personal guarantee for a business loan or lease effect my personal credit? Will it show up as credit extended on my personal credit report?

thank you,


[Edit by corkyrob on Saturday, April 5, 2003 @ 09:26 AM]

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From my experience of doing exactly the same thing, it never showed up on my personal report.

I would think the only time it would might be if the business didn't pay for it, and you didn't personally either.

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It should not be reported on the personal credit report; but I can't say that it won't happen. Have seen it before; but just keep an eye out should they report on the consumer side. Would sure enough be disputing with them to fix the matter.

Would ask the company; are they going to pull your personal credit report to determine approval? This will add inquiry on your credit report, affecting your credit score.

And if they report; tell them ahead of time that they be mindful not to report under your name.

Keep an eye on the billing; and make sure not to be late on the off chance they would collect from you. Should it go to collection they will surely report on the business side & your personal credit report side.

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