Why do some closed accounts continue reporting?

[Anonymous]

I've got multiple closed accounts on my credit report that have been closed for some time... 1 year, 2 years, 5 years and they still report every month "OK" as if I'm still making payments.  Why is this the case and what causes this to happen with some accounts but not others?  I'm trying to rationalize why a creditor would continue to waste their time reporting on a closed account month after month, year after year.

I appreciate any insight offered. 

[Anonymous]

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@Anonymous wrote:

I've got multiple closed accounts on my credit report that have been closed for some time... 1 year, 2 years, 5 years and they still report every month "OK" as if I'm still making payments.  Why is this the case and what causes this to happen with some accounts but not others?  I'm trying to rationalize why a creditor would continue to waste their time reporting on a closed account month after month, year after year.

I appreciate any insight offered. 

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I had a Firestone (CFNA) account that was still reporting after my BK, even though I had assumed it was closed for inactivity, since it was last used in 2013.  So I disputed it.  Turns out it was still open, but finally closed as a result of my dispute  

The point is - are you SURE these accounts are closed?

[Anonymous]

Positive.  They all state "closed by credit grantor" or "cancelled by credit grantor" which means they are in fact closed.  Some I closed myself, others were closed on me by the creditor.  They do still report every month though and it says the account status is "current."  I just find this stuff odd.  The account closed dates are accurate though, so I would assume at 10 years they'd fall off my reports but who knows... maybe the'll stick around if they are still being reported monthly?  Maybe this could be an AAoA blessing in the future? 

[Thomas_Thumb]

@Anonymous wrote:

I've got multiple closed accounts on my credit report that have been closed for some time... 1 year, 2 years, 5 years and they still report every month "OK" as if I'm still making payments.  Why is this the case and what causes this to happen with some accounts but not others?  I'm trying to rationalize why a creditor would continue to waste their time reporting on a closed account month after month, year after year.

I appreciate any insight offered. 

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My closed accounts show a series of OKs on CRA  credit reports - but the month-year is static. In other words the last OK has an associated date the same year as the account was closed.

[Anonymous]

See, that's not what I have going on.  Examples:

1 - Local CU CC account closed on 4/1/15, date last reported 11/11/16.

2 - Sears card closed on 2/1/14, date last reported 11/21/16.

3 - Care Credit account closed on 12/25/12, date last reported 10/5/16.

All 3 of these accounts have "OK" (green) reported every month from the time the account was closed through the month indicated above with the last reported date.

[Anonymous]

Same here. I brought this up in the BK forum a while back. Hope this helps.

http://ficoforums.myfico.com/t5/Bankruptcy/Creditor-updating-reporting-after-BK-discharge/td-p/45176...

[Anonymous]

beachglass,

I read through that thread, then the one linked in that thread and I still have not seen a concrete answer as to why closed accounts keep reporting.  In my case, the 3 accounts in question were not "negative" accounts and they all contain only positive information... not that I think that really matters at all.

[Anonymous]

I know, I never found a concrete answer. Was actually thinking of posting this question again in the BK forum, because going for a mortgage soon and need to clean some things up here. I think this is soley a bk issue, so hoping somewhere over there might have an answer this time. 

[Anonymous]

Just came across this.

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Charged-off-account-still-reported-monthly-as...

[pizza1]

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@Anonymous wrote:

I know, I never found a concrete answer. Was actually thinking of posting this question again in the BK forum, because going for a mortgage soon and need to clean some things up here. I think this is soley a bk issue, so hoping somewhere over there might have an answer this time. 

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Why would you want to get rid of closed positive accts? If they are in good standing, closed/paid ....let them report for the full 10 yrs. Its only helping you, not hurting you! 

Negative acct are a different story....they report for 7 yrs from DOFD, and you would have to GW or something to try and get them off your reports. but good positive accts, leave them be!