Business accounts appearing on my credit report

lynxptc

I run a business as a sole trader and have my business account along with a business credit card.

My question is: should these accounts be appearing on my personal credit report?

Zebedee69

It may appear on your file as your a sole trader. Normally when businesses take off other forms of credit file are used such as D&B for business but as your a sole trader it could very well appear on your personal file.

I would be interested to know if fuel cards appear on your file too. Il be needing one of these soon! (im a courier)

itsnever2lateisit?

lynxptc wrote: »

I run a business as a sole trader and have my business account along with a business credit card.

My question is: should these accounts be appearing on my personal credit report?

Yes because your business is not a separate legal entity. As a sole trader your business is you, and its liabilities are your personal responsibility

Two ways out of this are
1. Enter into a limited liability partnership (LLP) where you are the partner with the limited liability
2. Set up a limited company

There are advantages and disadvatages, but dont do either just to remove your personal liability, seek professional advice first

cakey

anything where you are finalcially linked with something will show up on your report.. if in the last 6 years you had a joint bill with an ex etc.. it all shows up