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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 every month. We report your account status on the last day of each month.
How does Capital on Tap report to commercial credit bureaus?
We report to commercial credit bureaus for all customers with an approved Capital on Tap Business Credit Card account and a balance of more than £5. We report your account status whether or not it's late. If your account is declined but still has an outstanding balance, we will keep reporting until the balance is cleared .
We report on the following details:
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Business information, such as business name and address
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Outstanding balance from the last day of the month
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Amount past due, which is the sum of any late payments owed
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Account status (e.g., on time, late, on arrangement, settled, or sold)
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The date the account was opened or closed
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The approved credit amount
When does Capital on Tap report to personal credit files?
We report to personal credit files when an account is more than 90 days past due. This is in line with the personal guarantee. We will continue to report on the account until it is either sold or returned to good standing.
Why does a business credit card affect my personal credit?
This is because of the personal guarantee on the account. It means your account can affect both your business and personal credit report. We report to business credit bureaus every month. If your account defaults, we will also report it to the personal credit bureau
I had an active arrangement. Why was my account reported to my personal credit?
While an account is in an active arrangement, its lateness status is on hold. We report the status it had when the arrangement started. If the arrangement breaks down, this can change. We will then report the account's current status if it is still late.
I have already paid. Can you remove the default from my report?
No. We cannot remove accurate past listings from your credit report, as this is against the credit reporting agency's rules. We will, however, report the balance as satisfied.
I never gave permission to report to my personal credit. Can you do this without my consent?
This is a personally guaranteed card. Our terms and conditions give us the right to report to your personal credit file if your account is in default.
Capital on Tap has inaccurately reported my account on my personal credit. What can I do?
We apologise for the inconvenience. Please file a dispute directly with the credit reporting agency.