closed accounts show as still open?

[Anonymous]

I've tried searching for this answer (to no avail), so I'm hoping someone can help me.

I use CreditSecure to track my reports.  I've noticed that there are a few accounts - installment and revolving - that are closed, but still show open on Equifax.  They are reporting as closed on TransUnion and Experian.

My question is - is it worth fixing this error (?) on my Equifax report?  If I should correct this, what is the best way?  Should I dispute the information?

Any and all advice is greatly appreciated!

Thank you in advance!

[Anonymous]

There is no reason to have this report as closed.  Maybe it will even stay on your reports longer if it continues to report as open, thus helping your average account age.

[GFer]

I worried about this myself, as I have quite a few of those.

I've read here that they do not affect your score.

And to be honest, even under manuel review, the other notes or 'keys' on the account show that the account is obviously, not open.

I wouldn't worry about it.

By the way, my oldest account is my worst pay history but is helping my average age of accounts tremendously!!!

[wmarat]

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cyncyn129 wrote:

I've tried searching for this answer (to no avail), so I'm hoping someone can help me.

I use CreditSecure to track my reports.  I've noticed that there are a few accounts - installment and revolving - that are closed, but still show open on Equifax.  They are reporting as closed on TransUnion and Experian.

My question is - is it worth fixing this error (?) on my Equifax report?  If I should correct this, what is the best way?  Should I dispute the information?

Any and all advice is greatly appreciated!

Thank you in advance!

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I have the same problem with CCT, but when I've got report directly from EQ all my closed accounts are closed, so pull directly from EQ.

[Anonymous]

On my reports from TC, I have a few accounts being reported as open instead of closed on my EQ. The one way I see that it affects me is that the payment is considered into my credit obligations.

So, if I apply for credit and they pull my EQ report, it shows that I have more credit obligations that I actually do, which messes with my debt-to-income.

[RobertEG]

I agree with MsCharlie.  Having an account continue to report as open is only an advantage. 

Open accounts continue to have their CL factored into your %util.  Additionally, accounts continue to be scored in your avg. length of credit for ten years after closing.  So keeping it open will just prolong its beneficial effect on avg credit length.

Leave it alone!

[RobertEG]

As a point of clarification, sidewinder, you used the term "debt-to-income," 

Income is not reported to the CRAs, and has no affect upon credit scoring.  What FICO looks at is current debt on an account as a percentage of your credit limit on that account.  FICO is not a debt to income anaylasis.

[Anonymous]

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RobertEG wrote:

As a point of clarification, sidewinder, you used the term "debt-to-income," 

Income is not reported to the CRAs, and has no affect upon credit scoring.  What FICO looks at is current debt on an account as a percentage of your credit limit on that account.  FICO is not a debt to income anaylasis.

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Right, but I think Sidewinder might be referring to DTI when applying for credit.  The credit grantor will likely know his income and might be interested in DTI as a factor for deciding whether to offer credit.

[Anonymous]

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mrscharlie wrote:

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RobertEG wrote:

As a point of clarification, sidewinder, you used the term "debt-to-income," 

Income is not reported to the CRAs, and has no affect upon credit scoring.  What FICO looks at is current debt on an account as a percentage of your credit limit on that account.  FICO is not a debt to income anaylasis.

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Right, but I think Sidewinder might be referring to DTI when applying for credit.  The credit grantor will likely know his income and might be interested in DTI as a factor for deciding whether to offer credit.

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Exactly. When applying for CC or something that is online instant decision or computer decision, you can't really explain that the account is actually closed, so no payment is due.

A friend recently had her home loan held up until she got closed accounts reporting as open accounts changed to closed in order to bring her DTI down.

Message Edited by sidewinder on 06-26-2008 08:55 AM