What's the difference between a closed account and a collection?

[Sheisaking]

Hi!

I am reviewing my credit reports to make sure everything is accurate and I saw something the made me question. About 4 years ago, I had a repossession. The repossession is still reported on 2 of my credit reports. On my Equifax report, it's listed as a negative, but listed as a closed account, not a collection. Does that make a difference to potential new creditors? Is one better than the other? There is still a balance. Thanks in advance for your answers. 

[takeshi74]

It definitely does make a difference.  One can have closed accounts that are positive factors.  However, a collection would not have a positive impact.  Make sure you're also looking at any remarks for your closed accounts.

A closed revolver with a balance can be negative in that they can report with 100% utilization.

[Sheisaking]

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@takeshi74 wrote:

It definitely does make a difference.  One can have closed accounts that are positive factors.  However, a collection would not have a positive impact.  Make sure you're also looking at any remarks for your closed accounts.

A closed revolver with a balance can be negative in that they can report with 100% utilization.

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Great! Thank you.