Credit reporting explained
Understand how Capital on Tap reports to credit bureaus and the impact on your business and personal credit files.
Overview
Capital on Tap reports your credit account history to credit bureaus on a monthly basis. We report the status of the account on the last day of each month.
Commercial credit reporting
We report on the commercial credit files for all customers who have an approved Capital on Tap account with a balance of more than £5. The status of your account is reported regardless of lateness. If you have a declined account with an outstanding balance, we will report until the balance is cleared.
We report on the following variables:
- Business information, such as business name and address.
- Outstanding balance from the last day of the month.
- Amount past due, which is the sum of any late payments owed.
- Account status (e.g., on time, late, on arrangement, settled, or sold).
- The date the account was opened or closed.
- The approved credit amount.
Personal credit reporting
We report to personal credit files when an account is more than 90 days past due, in line with the personal guarantee. We will continue to report on the account until it is either sold or returned to good standing.
FAQs
Why does a business credit card affect my personal credit?
Due to the personal guarantee on the account, it has the potential to affect both your business and personal credit report. We report to business credit bureaus monthly. If your account is defaulted, the personally guaranteed account will also be reported to the personal credit bureau.
I had an active arrangement. Why was this account reported to my personal credit?
Lateness temporarily freezes while an account is in an active arrangement. We report based on the delinquency status of the account at the time the arrangement was set up. If the arrangement is broken and lateness remains, we will report the account's latest status.
I have already paid. Can you remove the default from my report?
No, we cannot remove accurate previous listings from your credit report, as this is against the rules of the credit reporting agency. However, we will report the balance as satisfied.
I never gave permission to report to my personal credit.
As a personally guaranteed card, our terms and conditions state that we have the right to report to your personal credit file if your account is in default.
Capital on Tap has inaccurately reported this account on my personal credit.
We apologise for the inconvenience. Please file a dispute directly with the credit reporting agency.