Balances and payments reported after account closed by credit grantor.

[Anonymous]

A few years ago I had a secured CC account with Bank Of America. After falling into some rough times, I became 60 days past due and BOA closed my account. I subsequently contacted FIA card services (BOA's in house collection agency) and was told that i could continue to make my minimum monthly payments even though the account was closed by the creditor. I made my minimum monthly payments as normal (with the exception of one month) but made the payments during different times of the month. Due to the fact that I paid a different times of the month, BOA reported two 30 day late payments and one 60 day late payment after the account was closed by them.

BOA continued to report my monthly payments and balances for a year (until the account was paid off) after they closed my account. I disputed this online with the boroughs to no avail. My issue is that BOA turned the account over to FIA card services (whom is owned by BOA) and although the account was never reported as a charge off or new collection, the payments should have stopped being reported when the account was closed by BOA.

The report shows that the account was closed a year before the last payment posted.

Is BOA allowed to do this under FCRA? Am I just stretching what I though were my rights, a little too far and interpreting the FCRA incorrectly? Any advice would help as I cannot find any forums with the scenario.

[FinStar]

Regardless if the account is closed voluntarily by you or by the lender, any payment history (positive and negative) will still be reported to the CRAs.  BOA and FIA are one in the same, internally it is possible FIA was handling the payment arrangements but it's the same lender.  This in turn, prevented the account from being sent to an outside collection agency or charging off (i.e. depending on the payment arrangement agreement and schdeule).  Therefore, if you still had an outstanding balance at the time of the closure, the lender is still required to report any such payment history to the CRAs.

I believe you may be interpreting the FCRA incorrectly as applicable to your situation.

[Anonymous]

Regardless of whether the account is open or closed, as long as it's within 7 years of DoFD and the information being reported is accurate they are doing nothing wrong.

[Anonymous]

I closed a account with Chase in 2012, for a interest rate reduction. I just paid it of last month. Even though it had be closed since 2012, I still owed them money and continued to make payments. I also continued to get positive payment history from it.
Look, just because they closed your account does not remove your obligation to the debt or to pay it on time. I'd say start working on good will letters.