I had excellent credit history with no negative reports ever until recently when a now defunct LLC I previosuly owned settled a business credit card account with Advanta Bank. Through my attorney we contacted Advanta to inform them the business had failed and we wanted to settle the account. After no written response to acknowledge our offer to settle, we sent a followup with a check as an offer if they should accept. Advanta accepted the settlement check and continued to bill the account. They later wrote me personally that they intended to hurt my personal credit profile. Well, they did. They reported the account as deliquent 3 months after they accepted our settlement check. Needless to say my personal credit score dropped from excellent to fair and by over 150 points. Other perfectly paid business accounts (American Express) reduced their credit lines to the balance due on the accounts because of the action by Advanta. They have continued to call and harass and refuse to deal with my attorney.
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