Is this still an OPEN account

[Anonymous]

Is this card still open?    It was a Target card I had years ago and thought I closed?  But it looks like it's open on EQ - I'm confused - I like the age of the account - but It doesn't report anywhere else......I thought it was paid for settlement or something back in 2004.   Should I contact the bank - if I still have that credit line it would be amazing, but I'm scared to open a can of worms.....

Account Number

XXXX

Account Type

Retail Card

Terms

Date Opened

03/01/1995

Account Status

Open

Payment Status

Paid

Payment Status Details

Pays account as agreed

Status Updated

08/01/2011

Balance

-

Balance Updated

-

Credit Limit

$9,600.00

Past Due Amount

-

High Balance

$10,559.00

Monthly Payment

-

Balloon Payment

-

Contact Phone

-

Contact Address

C/O TARGET CREDIT SERVICES, PO BOX 673, MINNEAPOLIS, MN 55440-0673

Ownership

Individual Account

Original Creditor

-

Company Sold-to

-

Original Amount

-

Comments

-

[Anonymous]

Under account status it says open so I would assume that it is. With that being said I would check that particular bank and see if it is open or closed.

[Anonymous]

I called - they told me to dispute it - but I think I'll leave it alone because it is actually reporting positive (even though I settled for like 60%).   

It appears there are a few other OLD (2004) accounts that haven't dropped of EQ yet - and they aren't on the other reports - so I'll just let them fall off eventually.  

[Anonymous]

I would do the same just for the positive reflection.

[RobertEG]

Just because it is currently showing as open does not make it a fact.

Yes, in an ideal world, current reporting should always be accurate.  FCRA 623(a)(2) places the requirment on anyone who has furnsihed information to a CRA to promptly update that information as necessary to maintain its current accuracy.

However, that does not ensure that a furnisher always does so. 

If it was paid via a settlement, it was almost assuredly closed to your further use prior to settlement of the delinqueunt debt.

Only they can say whether they closed the account.  Lack of update does not make it a fact that it is still open.

The only legitimate dispute would be to assert that open is inaccurate, and thus the dispute would assert correction to closed.  That is not apparently what you seek.

Go into a store and try to make a charge on the card.

I bet it is not approved based on the account no longer being open to use.  That would provide a conclusive answer.....

[Anonymous]

I cut up the card years ago!   I called and she said it was reporting incorrectly and to dispute it - but since it appears to be reporting postively and is actually past the 10 year mark - I think I'll let it sit - at least until I'm closer to the house thing.......Let my other accounts age up a bit!

[RobertEG]

If they are acknowledging that it is reporting incorrectly, they have the absolute requirement under FCRA 623(a)(2) to promplty notify th CRA of its correction.

There should be no need for the consumer to have to file a dispute now that they are aware of and ackknowledge the inaccuracy.

A dispute will affect your credit scoring until it is resolved, and should be avoided if unnecessary.

If you wish it corrected, I would simply call and remind them of their obligation under FCRA 623(a)(2) to initiate the required correction without your filing of a dispute.

If they balk, then inform them that you will be filiing a complaitnt with the CFPB for their clear violation of the FCRA.

With all that being said, personally, I would leave it be.  Open means the ten year period for housekeeping deletion the the CRA has not yet begun.

Update to closed wiill begin the ticking of that clock.

It is still counting in your average age of accounts, open or closed.

[Anonymous]

Thanks Robert - thats what I figure too - I found another one on there too - smaller credit line - but an Old GAP card that is reporting as OPEN.   I figure that his helping my AAoA  - especially since I just opened 4 new cards that are pulling that average down.

I both actually look like they are reporting positively - paid on time and open (for over 10 years) and it's only on ONE report anyway (Oddly enough the one with the lowest score)

[RobertEG]

Closed accts are not removed from your AAoA scoring.