The company I work for has a corporate credit card that has moved to “Charged Off” status with American Express. This was due to an employee my company had who was irresponsible on not only credit card payments but a couple other things that caused him to be fired.
As we work to clean this up, we’ve been offered to reinstate the same card with American Express and they have said on the owners personal credit report, the charge off will be removed but on the businesses credit report, the charge off will be listed but the account will be listed as having been active through the duration of the time. They have also said that including the three personal credit bureaus, they will remove it from D&B. Small Business Financial Services is the only one they won’t be removing it from (they refer to it as the, “business bureau.”
Is this true or is the collection agency just saying things to collect payment? I’m hesitant to approach the owner until I better understand what the credit card company and collection agency can get away with saying and not actually follow through on.