when to close an account

Date: Tue, 02/07/2006 - 08:03

Submitted by mcado4u
on Tue, 02/07/2006 - 08:03

Posts: Credits: [Donate]

Total Replies: 1

I'm currently disputing a debt with a collection agency for an account I haven't used in years; I believe the statute of limitations has passed. The account has been sold several times, and is still appearing on my credit report. Should I close this account, or leave it open? I know this won't affect my current situation, but I hate having it out there if I never use it - I don't even have a card for it! The last purchase was made in the mid-90's.

thanks :-)

Hi! Closing this account is one of the factors that can improve

Hi! Closing this account is one of the factors that can improve your credit scoring. If many accounts are left open, the creditors understand that you are an excessive user of credit and if it does not reflect a good payment history, they won't have any interest on your file.

According to me, the credit bureau might have made a mistake in your file regarding this account. The date of last activity occurred in mid 90s in this account and it confirms the expiry of the statutes. Also, this account should have been removed from your file by now as it's past the reporting time according to the Fair Credit Reporting Act.

Along with your dispute with the collection agency, you must get verification from the credit bureau reporting this account. Your dispute with the collection agency is a must so that you can stop them from taking any contrary actions. Keep everything documented in a file for records.

lrhall41

Submitted by curlycarl on Tue, 02/07/2006 - 10:10

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