closed account

[Anonymous]

how long til an account gets taken off your credit report. i have a closed account from february 1998 still listed on my credit report, plus it has a balance on it

[Anonymous]

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neous wrote:
how long til an account gets taken off your credit report. i have a closed account from february 1998 still listed on my credit report, plus it has a balance on it

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It will remain for at least 10 years but there's no guarantee that it will fall off as of that date.  Is the balance valid?  It could have been charged off and the collectors actions have fallen off under the FCRA.  I would see it that way if I were eyeballing your report.  If the balance isnt valid I would disouote it cause even though the accoutn is closed, the balance still is considered in your outstanding debt utilization.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:
how long til an account gets taken off your credit report. i have a closed account from february 1998 still listed on my credit report, plus it has a balance on it

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It will remain for at least 10 years but there's no guarantee that it will fall off as of that date. Is the balance valid? It could have been charged off and the collectors actions have fallen off under the FCRA. I would see it that way if I were eyeballing your report. If the balance isnt valid I would disouote it cause even though the accoutn is closed, the balance still is considered in your outstanding debt utilization.

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the charge is not valid,at least not in my opinion it was a case where i was desperate candidate and signed up for card with strings attached of course the strings where invisible and the rep was good at being vague, i needed a credit card to start rebuilding my credit history after defaulting on a previous. basically i received my first statement with a balance, of course i called all angry and told them this is not what i signed up for i asked that the charge be removed and the account be closed,of course knowing what i know now, i should have demanded some proof of the removed charge before closing the account. could you explain what it means to fall off under the FCRA

[Anonymous]

THe FCRA (fair credit reporting act) states that accounts in good standing will remain on the report for ten years minimum after closure.  If the amount is not valid,the first thing I would do is to contact the issuer in writing and advise them to update the report to reflect a 0 balance as long as you closed the account within the first 30 days of opening.  Send anything CMRR.

If that doesn't work, dispute with the credit bureaus stating the amount shown is an account opening fee and that the card was closed within the first 30 days of receipt and that the amount should have been credited back to you.

Now if you accepted the card by activation and use, you may or may not be out of luck.  Activating and using the card is an indication of the acceptance of the terms and conditions.  Most issuers will give you a pass if you close within 30 days but if it is a deeply subprime issuer, you may be stuck with paying it or risk it going into collections.

Sorry too old to go to collections but it will factor into your revolving debt utilization until it reports 0.

Message Edited by Brammy on 10-08-2007 09:45 AM