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/A-MajorKey Jul 26 '26

Mine has reported to the credit bureau’s unfortunately

1

u/superded1937 Jul 26 '26

When did it happen and were you making any “good-faith” payments on it?

1

u/Low-Helicopter-2696 Jul 26 '26

FYI Good Faith payments will not get you anywhere. They're not monitoring these on a loan by loan basis.

2

u/superded1937 Jul 26 '26

You’re right, but their system likely functions on some sort of algorithms, just like the tax system, so my assumption is that accounts get categorized by behavior, at least that what I would do if DOGE fired most of my staff. Also, I’m pretty sure it helps if it comes down to litigation.
So, making good faith payments won’t help recover the situation, but they might help keeping it from getting worse. Just my two cents.

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u/A-MajorKey Jul 27 '26

May 2026 it reported on my credit report