Business Debt/Expert Profile

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My focus and specialty is in credit, so that the risk of the debt itself is minimized. This means understanding it, predicting it, and helping to correct it. Having worked in contracts & credit, I have also worked with all of the related documents such as Guarantees (personal and corporate), and Security Agreements (aka UCC’s or “liens” – but I caution you in using those interchangeably).

Experience in the area

I have a broad background with more than 15 years in the credit industry. Ten years with Dun and Bradstreet, first as a field reporter creating reports, then in customer service, finally I served as the credit manager designing risk models for many national and international customers through D&B’s Outsourcing function. Five years with another publicly traded firm where I created the credit department and then served as credit manager for North America. At both companies we used both business and consumer data. You probably know that both business and personal credit have scores; what you might not know is how many different types of scores there are. I am familiar with and have used many different scores in each. Also be aware that each credit type (business & personal) is unique with different processes and different time frames. I have served on the board of directors for companies in many states and still serve in some capacity in a few. I contribute to credit publications and work with the non-profit arm of the SBA called SCORE.


ACA International * NACM * Credit Risk Managers * SCORE (SBA)- Counselors to America’s Small Business * Payment Card Industry Network * * D&B Alumni * Psi Chi, National Honor Society for Psychologists


BIS in Business and Psychology, University of Minnesota * MBA is still in progress (on-line)

Awards and Honors

State of Colorado - State finals in Accounting and Advanced Accounting. * D&B Leadership Winner (3 times) * D&B Leadership Finalist (3 times) *

Something controversial or provocative about this subject

Credit is the cause of our current economic crisis (not properly controlling it to begin with) as well as the reason for its continuation (over-reacting and no longer granting credit)

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    K = Knowledgeability    C = Clarity of Response    P = Politeness
Jousuf10/27/13101010Very kind and helpful person
cpj05/07/121010Thanks for your quick response. Even on .....
Maria03/21/12101010Thank you for your response, we will .....
Frank Hannigan07/26/11101010Good morning Michael and thanks for taking .....
James Lim05/09/11101010Quick and very professional answers to my .....

Recent Answers from Michael Fay

2013-10-26 Commerce:

Creditor can have many meanings, often related.  For example in a legal setting, a company or person who has a monetary judgment entered in their favor by a court is called a creditor or judgment creditor

2012-03-20 Closed Business Debt:

Good evening Maria,  Because there is no personal guarantee you do not have the same responsibility to pay that you did with the other debts.  However, you need to consult an attorney because I do not

2011-07-22 SBA Loan personal guarantor:

Frank,  The answer to the question about the personal guarantee is not one that really applies to the SBA.  I am a counselor with SCORE, the SBA partner, and can tell you that from the SBA standpoint it

2011-05-09 Outstanding debt owed by corporation:

James,  The answer depends.  You will need to check the terms of the contract under which the debt was incurred.  There may be provisions that cover personal responsibility.  Was a personal guarantee signed

2011-02-09 personal debt vs. business debt:

Allen, the same answers apply.  LLC and INC are two different types of the same thing and the law treats them similarly in this situation (except for taxes).  Both corporations and LLC are each viewed


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