How big of a deal is it on a credit bureau report, as far as impact, when it states, "closed by creditor," instead of "closed by consumer?" In my case, they should read closed at consumers request, but four accounts have it reported closed incorrectly. Should I still write in even if only one of the three credit bureau's on the account's mis-reported? Thanks
I would contact the creditor directly as thet mgiht be misreporting it. this sometimes works better than disputing it with the CAs.
cap 1 did this to me. I called them up and complained and they fixed the problem within a reasonable amount of time.
Closed by creditor is VERY BAD it will trigger all sorts of problems from your other cc's ranging from increased apr's to refusal to renew. If a cc has refused to renew and it is reported as closed by creditor it is just as bad,and much more difficult to correct.
If you have accounts that read "closed by creditor", I don't think it affects your score IF the account was paid on time and never late. There are times when a company will close an account due to no usage. Some consumers have even forgotten they had certain accounts. HOWEVER, if you have more than 1 or 2, I would try to get those changed only for the purpose of manual reviews. Some companies may not feel you would be profitable if you never use the accounts and other creditors are closing them out. I have an account that reads "closed by credit grantor". It was never late and shows in the positive section of my CRA report. I don't believe it has a negative impact on my scores. Experian & Equifax are well over 700+. This did not prohibit me from receiving Chase Platinum, American Express Blue, BofA Platinum and JCB cards. As well as a 4.9% auto loan. With the exception of the JCB card, all my approvals were instant online approvals. This is all JMO though. Good luck!!
I had a Fleet cc with a $100 limit back in 1994 or 1995... never late on it or anything.. closed it since $100 limit wasn't worth having. It's was on my report as 'closed by credit grantor' although it had no negatives. I disputed it with Experian - just the notation- and they deleted the whole account. I went down 1 point for trying. Ozzy.
TRY DISPUTING THE CREDIT LIMIT "N/A" (SHOULD BE $15,500) ON YOUR AMEX BLUE, and LOSE the whole account!!! Don't know if I took a "HIT" on EXPERIAN...
Maybe we should start disputing the credit limit on our charge-off accounts as incorrect, and if the CRA's follow the same logic as they are with good accounts, they'll just delete the charge off.
TU changed 2 closed by creditor accounts (they were) to closed by consumer within 2 days of a relative of mine disputing hers. Also, disputing the balances of bad accounts never has worked for me or others I've assisted with disputes. Seems they don't care
