Account reported as closed but money is still owed.

[Anonymous]

I'm a long tiem lurker of this site and want to say thanks for all the great information everyone has posted out there.  I almost went to Lexington Law to get help until I found this site.  I have learned a lot and am attempting to handle my credit on my own before seeking professional help.  My score is in the middle 500's and my goal is to take care of collections first, then pay off credit cards and go from there.  My two question are this:

I currenlty have an account that I owe money on ($5500-revolving card) but on my report it shows that the account is closed.  What does that mean? 

Also, This account was sent to collections at one time because I received a letter and worked out payment arrangements but the credit agency decided to take it upon themselves to debit my account without my permission so I stopped payment from that creditor and I have not heard from them since.  None of this is reported on my credit report for either one of the three agencies.   Shall I try to make good on this card with the original creditor or wait until it is back at collections and do a DFP?  

Any suggestions would be greatly appreciated!

[Anonymous]

You need one of the pro's here to help you on this one they took advantage of you....

[Anonymous]

hi ya,  account closed means....they closed it & you owe money.

It was illegal for them to remove money!!!!!!

what is the dates  that go with this account

CCC  open        closed     look

collections    date

does your report tell you when it falls off.

check this link for your state SOL.

http://www.bankrate.com/brm/news/cc/20040116b2.asp?caret=8

[Anonymous]

Thanks for getting back with me.

The date the account was opened was 2002-03.  I don't show a closed date just the status shows as closed.  Last reported dates I have are EFX 2007-05, XPN 2006-12, TUC 2007-05.  There are no collection companies listed with this account.  It does not show that I ever was sent to collections for this account on my reports.  I just remember talking to a company because I had received a letter by mail.  Since I made that one payment and ceased the payment they took automatically (2007-03) I have not heard from anyone but the credit card company keeps sending me statements.  The report does not tell me when it falls off either but according to the web link you sent, I'm in Texas, so my SOL is 4 years.

Hope this helps!  Thanks again!

[Anonymous]

dispute with all CRA  that this account shows on!

 Cr should show...name of creditor...address..date opened....closed...status...last reported date....type....terms...high bal..........your report looks (to me) as incomplete.

more info. is needed.  You can dispute online or in writting. send CMRRR if writting.

SOL 4 years means when past they can not sue. In TX  it is DOLA....date of last activaty...If you made a payment in 7/2003  SOL runs out 7/2007

I would dispute so that you have all the info. that you need to go futher.

I never talk to anyone on the phone.....everything in writting

I disputed online.   When the dispute comes back IF varified  everything will be there.

Message Edited by HappyDays on 08-09-2007 10:44 AM