Closed Accounts and proper reporting

[tayloreat713]

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?

[GZG]

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@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?

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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.

[pizzadude]

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@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?

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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.

[ForwardLooking]

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@pizzadude wrote:

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@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.

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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.

[tayloreat713]

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. 

[tayloreat713]

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). 

[pizzadude]

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 ?

[tayloreat713]

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. 

[SouthJamaica]

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@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?

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

[SouthJamaica]

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@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. 

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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.