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GE Money bank

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MidnightOwl
Regular Contributor

GE Money bank

I was looking at my credit report earlier & I noticed that GEMB is still showing a positive trade line to date even though I cancelled the paypal line of credit from them 2 years ago. Does anyone know why they still report me as favorable even though I closed the account 2 years ago ? I thought they stop reporting to the CRA once I closed my account. I'm not complaining since it shows up as a positive every month, it just caught me off guard. Anyone know why they still report ?

Message 1 of 5
4 REPLIES 4
ncks
Valued Member

Re: GE Money bank

There are quite a few companies that do that.  I have closed gemb accounts and tehy still report as positive.

Message 2 of 5
Schoolbuskid
Valued Contributor

Re: GE Money bank

If you never obtained any lates on that account, then it was always was a positive account. Just because you close an account doesnt mean that it is to be reported negatively. It will have the comments at the bottom "account closed at consumer request"  or something like that.

 

 

Rebuilding and Reducing Debt, is my game plan.
Message 3 of 5
MidnightOwl
Regular Contributor

Re: GE Money bank

I knew it wasn't reporting any negatives, I was just surprised that they are still reporting every month since it was closed. It was never a question of negatives I was just curious as to why they still report in good standing.

Message 4 of 5
Pushto700
Frequent Contributor

Re: GE Money bank


@MidnightOwl wrote:

I knew it wasn't reporting any negatives, I was just surprised that they are still reporting every month since it was closed. It was never a question of negatives I was just curious as to why they still report in good standing.


 

It sounds like what you actually mean is that it is reporting as an "open" tradeline as opposed to a "closed" TL. If reporting as open regardless (without a balance) I wouldn't worry...it would bump your score if anything by figuring into your revolving balance. If closed and reporting every month...I wouldn't worry either. The only potential problem is if they report and late, etc after you have closed it. Keep anything stating the closed status.


Starting Score: TU: ?-- EQ: ?--EX 560 (8-08)
Current Score: TU: 671 (3-10) 625 (4-10/Rebucketed)--EQ: 674 (3-10)--EX 630 (Lender 11-09)
Goal Score: TU: 750--EQ: 760


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Message 5 of 5
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