Time Payment Corporation unresponsive,rotten customer service, liars, not a company to do business with, they ruin your personal credit even though your business is making payments on time Woburn, Massachusetts

Do NOT deal with this company, if you care about your personal credit at all! 

We saw an ad close to 6 months ago for an equipment lease company.  The people we spoke with were very helpful and they got the lease in place.  From the very begining, it was emphasized to the representatives, and to the company representatives, that this was to be a business loan under our corporation name ONLY.  They checked with our business dun and bradstreet, and our score was good.  I've been in business for over 30 years and the business has had a number of accounts that had been paid for during the years.  I explained that we were in the proccess of getting ready to purchase a new home and we preferred not having to personally back up the loan.  We were told that although I had to be a PG for the loan, it would NOT show up on my personal credit, unless the business did not pay the payments.  Although I didn't want an inquiry, I agreed to do that.  The loan went through, and I have made 4 payments so far.  Before signing the paperwork, I again asked if this loan would show up on my personal credit, if all payments were made in a timely manner. I asked this because the writing in the lease didn't explain it the way I was told, and it was vague. I was assured that it would not show up on my personal credit. 

Although I had been told that no money upfront was due, this changed  when the paperwork was sent to us. They said  a check for the lst payment had to be sent too.  The company representative told us that the check  had to be a business check from the business, since the lease was in the company name. I went ahead and sent in the payment upfront.  I set up a payment deduction automatically, which has been paid every month on time, except for being a few days late the 3rd payment, due to the company representative forgetting to set the payment up correctly, which he then corrected.  On the 5th of September, the 5th payment will be paid.

Yesterday, when I reviewed my personal credit report, I saw that the company had put this  on my personal credit, after assuring me that this would not happen!  My debt ratio increased from 42% for all accounts to 58%!  This means that my mortgage which is to close this Friday, will now be turned down!  We will lose money that we have put out for the mortgage! I immediately disputed this, and called the company.  They were inconsiderate and didn't care!  They claimed that the paperwork said, it would go on the personal guarantor's credit and the business credit.  I explained to them that they had to change it, because I had originally asked for an explanation of the writing in the lease, and had been told that although I was the PG on the loan, the loan was in the business name, and would never show up on my personal credit, as long as payments were made each and every month!! 

The response was that I had two ways to get this off my credit.  I could either pay them $35,000 in full, and they would take it off my personal credit, or I could find someone else willing to have a $35,000 business debt put on their personal credit, and they would then put it on their credit instead of mine.  They waited 5 months before putting this on my personal credit, leaving me just one or two days to get this off, before we hoped to close on our home.  We were told many times that the loan would not show up on the personal credit if paid each month.  The loan is in the business name and the business pays on time each month.  It would be a small consideration for this company to tell the credit bureaus that the loan is not suppose to show up on my personal credit, and to please remove it, that there had been a misunderstanding. Any company in the same circumstances would be concerned about customer service to their paying customers, especially when they get their payment on time each month.

This company wants no responsibility for what we were told when they explained the credit clause in the lease to us.  They are getting their payments and that's the only thing they are concerned about!  They care nothing about us, and their attitude shows it!  They don't care if we lose our house because of what they told us.  We even asked to speak to the president of the company, and they told us that the president did NOT want to talk with us!  They would also not let us speak to the person that we had originally dealt with from the company.  They DID NOT want to do anything to help us and to resolve this!!! 

I want them to correct this and to do what they told us!  I think they are NOT service minded, and I recommend NOT DOING BUSINESS WITH THIS COMPANY!  No one should have to go through this nightmare!  This is NOT company to do business with!!!