Eric's Credit Community

This loan will be used to amortize higher interest debt incurred during a two year period in which I had started, and ultimately closed, a business.  I have 21 years in the transportation and logistics industry (minus the two from 2000 - 2002 when I had started a small construction business).  Most of my career has been in management having been employed during that time with three Fortune 500 companies, including my current employer - a Fortune 100 enterprise with whom I am employed as a business development manager in the high tech and medical device vertical markets.  

The business I started grew from a small sole proprietorship in which I filled what I considered a void in providing professional trades to the community in which I live.  Through networking, the business grew into a company that provided commercial framing in light gauge steel construction.  My final project was the completion of eight condominiums.  This is a classic case of growing rapidly and beyond the expertise of the owner.  Employee expenses, higher cost of steel due to being a small business, and the rising cost of steel due to governmental quotas all factored into my ultimately closing the business.   I paid my employees, sub-contractors, two investors, and suppliers in full - and on time.  In order to do this, I used personal savings and, ultimately, zero interest credit card cash advances. The only other business debt I am paying is to the state Workforce Commission who came to me after the business closed and said I still owed some worker's compensation money for employees that had been re-classified at a higher rate for "steel construction".  I worked out a monthly payment plan and they will be paid in full within the next year.  

I have been married for almost 23 years, have owned three homes since 1987, and have four children - two in college, one in high school, and one in middle school.  

Note: The current delinquent that showed up on my credit report was a surprise to me.  To my knowledge, I have not had any late payments since the three that happened during 2002 when I was in the process of closing down the business and starting my new job.  And, these were simply oversights in the midst of a flurry of activity surrounding these events.  I am writing Experian to see if this is an error, and if so, will take the necessary action to have it removed.