Collection Accounts Reporting as Open

[shadetree]

I'm new here so please forgive me if I'm not posting this in the proper place. I have done a search but didn't find the answer I was looking for. My question is, can a CRA show a collection account as Open on a credit file?  Seems to me that a collection account couldn't be considered an Open account. 

If this is not a legal practice, can someone point me to the statute that deals with this matter?

Thanks in advance,

ShadeTree

[Anonymous]

please list the account as it's shown on your report

Who is the CRA? Experian?

[AndySoCal]

The term Open account does not refer to if the account is open or closed. It is an account type like Revolving, Installment, Mortgage. An open account is account that is characterized by single payment for the full balance. As a rule collection account the collection agency wants one payment for the full balance. Some collection agencies will allow you to make payments to pay off the debt. Some Amex credit cards are open account because the balance in full is due every billing cycle. Hope this helps.

[shadetree]

Thank you for the replies.  More info about the account in question:  the collection is from Zenith Acquisitions, and the OC is CitiBank Texaco. The account appears on TransUnion and Experian. Experian reports the account closed, while TransUnion reports the account open.  

ShadeTree

[shadetree]

AndySoCal, if this is indeed an Open account, how can Experian report it as closed while TU is reporting it Open?  Seems to me that would be along the same lines as reporting a Revolving account as an Installment account, wouldn't it?

Regards,

ShadeTree

[AndySoCal]

Open is an account type just like Revolving etc. It has nothing to do with the account status of being open or closed. The account type of Open is not the same as  caredit card account which you have not closed. The sense in which Experian and Trans Union are using the words open and closed are completely different one having nothing to do with the other.

Message Edited by AndySoCal on 09-18-2009 07:25 PM

Message Edited by AndySoCal on 09-18-2009 07:28 PM