topic Re: Closed Accounts and proper reporting in General Credit Topics

Closed Accounts and proper reporting

tayloreat713 — Tue, 27 Feb 2024 17:50:30 GMT

Hello,

Can anyone tell me the proper reporting of a closed account? More specifically if an account is closed what information should the creditor be reporting? Can the creditor report a 30 day late on a closed account?

Re: Closed Accounts and proper reporting

GZG — Tue, 27 Feb 2024 18:01:03 GMT

@tayloreat713 wrote:
Hello,
Can anyone tell me the proper reporting of a closed account? More specifically if an account is closed what information should the creditor be reporting? Can the creditor report a 30 day late on a closed account?

if the payment is 30 days late, they sure can, just because an account is closed doesn't mean it doesn't have a balance

they should be reporting all accurate information in regards to the account, payment status, amount owed etc.

Re: Closed Accounts and proper reporting

pizzadude — Tue, 27 Feb 2024 18:04:11 GMT

@tayloreat713 wrote:
Hello,
Can anyone tell me the proper reporting of a closed account? More specifically if an account is closed what information should the creditor be reporting? Can the creditor report a 30 day late on a closed account?

Without knowing your specifics the best answer is probably that it depends. If they closed your account because it was past due then yes they could probably report it as 30-days late for that month even after it was noted as closed.

Re: Closed Accounts and proper reporting

ForwardLooking — Tue, 27 Feb 2024 18:11:24 GMT

@pizzadude wrote:
@tayloreat713 wrote:
Hello,
Can anyone tell me the proper reporting of a closed account? More specifically if an account is closed what information should the creditor be reporting? Can the creditor report a 30 day late on a closed account?
Without knowing your specifics the best answer is probably that it depends. If they closed your account because it was past due then yes they could probably report it as 30-days late for that month even after it was noted as closed.

Even if it was closed without a balance, they can report a 30 day late if there was one in the past 7 years on that account.

Re: Closed Accounts and proper reporting

tayloreat713 — Tue, 27 Feb 2024 18:28:33 GMT

Cap 1 closed my account on 1/5/24 there was a balance. When I called on 1/1 to make my payment and the rep advised me the account was closed, and I didn't have anything to pay. This was weird (staying the balance didn't need to be paid) Days later it reported as closed. Then the next month reported 30 days late. Called Cap1 and the rep opened a case after reviewing the phone call. Case was to remove the 30 day late, as the rep on 1/1 gave me the wrong info. A day later the case was closed. Stating they are to report accurate information and the late will remain on my reports. I have yet to get a letter from Cap 1 this is all over the phone.

not sure how to dispute- which is the reason why I asked the rules/laws on reporting for closed accounts.

Re: Closed Accounts and proper reporting

tayloreat713 — Tue, 27 Feb 2024 18:30:38 GMT

Cap1 closed my account and it was not past due. Payment was due on 1/1/24, account closed on 1/5/24. When I called on 1/1/24 to pay the rep stated my account was closed and nothing had to be paid. This was weird (being advised not to pay a balance on a closed account).

Re: Closed Accounts and proper reporting

pizzadude — Tue, 27 Feb 2024 18:44:14 GMT

If payment was due on 1/1/24 and you paid later than 2/1/24 then the account was technically 30 days late and could be reported as such.

When did you make the payment ?

Re: Closed Accounts and proper reporting

tayloreat713 — Tue, 27 Feb 2024 20:15:04 GMT

Yes, technically that is true. It was due 1/1/24 but when I called Cap 1 the rep told me I didn't have to pay. I also received a letter from Cap 1 that my account was closed. It seemed like it was in investigation mode and I was waiting to hear the next update. I spoke to a rep on 2/17 for over an hour. She created a case to remove the 30 day late but whomever got the case closed it, and said no removal of the late report. In 2 years I have not been late on this card not even one day.

Re: Closed Accounts and proper reporting

SouthJamaica — Tue, 27 Feb 2024 20:21:02 GMT

@tayloreat713 wrote:
Hello,
Can anyone tell me the proper reporting of a closed account? More specifically if an account is closed what information should the creditor be reporting? Can the creditor report a 30 day late on a closed account?

The creditor can report the same information that it would be reporting if the account were open.

Re: Closed Accounts and proper reporting

SouthJamaica — Tue, 27 Feb 2024 20:28:46 GMT

@tayloreat713 wrote:
Yes, technically that is true. It was due 1/1/24 but when I called Cap 1 the rep told me I didn't have to pay. I also received a letter from Cap 1 that my account was closed. It seemed like it was in investigation mode and I was waiting to hear the next update. I spoke to a rep on 2/17 for over an hour. She created a case to remove the 30 day late but whomever got the case closed it, and said no removal of the late report. In 2 years I have not been late on this card not even one day.

So you should dispute it in your reports, since you were misled by Capital One. But I wish you'd checked with us first, rather than relying on ridiculous advice from the customer service rep. If you owe money you have to pay it.

Re: Closed Accounts and proper reporting

tayloreat713 — Tue, 27 Feb 2024 20:29:17 GMT

Dispute to the CB's OR Cap1 OR both?

Re: Closed Accounts and proper reporting

SouthJamaica — Tue, 27 Feb 2024 20:30:55 GMT

@tayloreat713 wrote:
Dispute to the CB's OR Cap1 OR both?

The credit bureaus definitely.

Capital One too, but you might well be wasting your breath with them.

Re: Closed Accounts and proper reporting

tayloreat713 — Tue, 27 Feb 2024 20:34:03 GMT

Yes, but what do I say to the CB's? They are going to say the account was reporting correctly as it missed a payment making it 30 days.

Re: Closed Accounts and proper reporting

tayloreat713 — Tue, 27 Feb 2024 20:43:30 GMT

I have not made a payment since the rep on the phone on 1/1 advised that I did not have to pay. I figured that was incorrect and was waiting for the resolution of the account. On 2/17 when the case was created the rep listened to the call and stated she would create a case and advise to remove the late reporting since I was clearly given the wrong information. The case was closed the next day without a reason. I have yet to recieve a letter from Cap 1 about the decision on the case that was closed. CAp 1 rep today on the phone said they closed the case because it was reported correctly. Doesn't matter what the rep said on 1/1.

Re: Closed Accounts and proper reporting

pizzadude — Tue, 27 Feb 2024 20:58:53 GMT

You paid the account on Feb 17th, or just talked with the CSR ? If you still haven't paid it then you might be looking at a 60 day late very soon.

Re: Closed Accounts and proper reporting

tayloreat713 — Tue, 27 Feb 2024 21:05:04 GMT

Ok, I will call them back.

Re: Closed Accounts and proper reporting

ForwardLooking — Wed, 28 Feb 2024 02:54:00 GMT

After reading through this, I am sorry this happened and it sounds like a mess. But get the account to a zero balance ASAP before it becomes a 60 day late. And monitor the account daily over the next two months or so to make sure they don't try and sneak in any late fees after the fact that could hurt you more if you don't know about them. Once you stop the bleeding, you can focus on trying to get the 30 day late removed, that is the least of your worries right now.

Re: Closed Accounts and proper reporting

tayloreat713 — Wed, 28 Feb 2024 03:45:07 GMT

ok, I will pay it off, keep checking the balance for any remaining fee's then do the dispute again in the next 30+ days.

Thanks!!!

Re: Closed Accounts and proper reporting

SouthJamaica — Wed, 28 Feb 2024 03:49:27 GMT

@tayloreat713 wrote:
ok, I will pay it off, keep checking the balance for any remaining fee's then do the dispute again in the next 30+ days.

Thanks!!!

I didn't realize until this post that you still haven't paid the account off. I assumed you had done so.

First thing you should do is pay it off. You're making things worse as each day goes by.