Can they do this?

[bear812c]

I had a Children's Place credit card many years ago. I was late only once in May 2008. A few months later my financial disaster began due to a job loss. Although my Children's Place credit card was paid off and in good standing at that time they sent me a letter saying they were closing my account due to my declining credit or better said, credit disaster. I understood they were jsut protecting theirselves. That was in 8/2008 that they closed my good account. Well, they are still reporting every single month on my account as though it is an open  account but it says on my report that it is closed. It's reporting as "OK" every month as though it is in good standing but its closed and has been for over 5 years. Why do they continue to report each month if the account has been closed all this time? And is this a good thing or a bad thing for me? The account is reporting as an adverse account due to that one late payment.

[titanofold]

That one late payment does not affect your score as much now. It does, but not as much as a late payment last month would hurt.

They shouldn't be updating your account.

I would contact them and first see if you can reinstate the account. If they won't do that, ask them why they're updating your account with the CRAs.

[madmann26]

I wouldn't worry about it. It's not negatively affecting you.

[RobertEG]

You mght remind them that the CRA credit reporting manual instructs furishers not to continue updates on accounts that are closed and paid.

They dont want unnecessary work.  Their "updates" are not changes in any information, and thus add nothing to the credit history of the file.

I would suspect that the account is simply still listed in their automated reporting system, which churns out monthly reportings, ad that they would be more than willing to remove it.

[guiness56]

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@RobertEG wrote:

You mght remind them that the CRA credit reporting manual instructs furishers not to continue updates on accounts that are closed and paid.

They dont want unnecessary work.  Their "updates" are not changes in any information, and thus add nothing to the credit history of the file.

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I believe they can report for 4 months after closed then no longer.