credit Record not updated.

blacksta

I have have recently cancelled two credit account sometimes in the middle of Dec 2005. I have just viewed my credit record and i notice that the two account do not show settled but still behaves like i still have the accounts active.

Please advice what i can do as i need the accounts showing settled.

VenuS

Most credit updates don't appear until till a fixed date each month. ie: You cancel X_credit card on 15th December, but an update went through on the 13th of December. So, you wouldn't see a true update until the 13th January.

Also note: Most credit card companies won't actually remove your record until they make sure there are no further transactions outstanding. It might take one or maybe two months if not longer.

The_Boss

Yep, all of the above is true. Might take a few weeks or a few months. Though I have queried my Experian report saying that my Capital One account was settled in october but is still showing up. They have written to CO asking them for confirmation the account is closed. So maybe try that if you are in a hurry. I never used my CO card except for the initial balance transfer offer so there was no useage or direct debits coming out.

charlie12

The_Boss wrote:

Though I have queried my Experian report saying that my Capital One account was settled in october but is still showing up.

Same here. Capital One take several months from what I've read. Mint. on the other hand, updated my records to "settled" almost immediately.

Might be an idea to reduce your credit limit to something low like £100 before you close it. That way it theoretically won't affect your rating as much if you apply for a new card before the old card shows as "settled". Though "settled" is preferred as it won't count as an active card.

PJHilder

Hmm, I've just signed up for the Experian 30 day trial and saw that my old Capital One account is still showing as active despite being closed in 2004. I've since opened a new account with them so thought I'd see if I could get that limit added to my new card.

If not I said to make sure it's showing as settled as I'm sure it looks to othe r lenders that I have that limit available when I don't.

terrytibbs_2

You have 2 options. One is to contact the lender direct and tell them to update your Experian record. The second is to dispute the data via Experian. Experian will then contact the lender to investigate and make the amendment within a set timescale. Depends on how confident you are in dealing with this situation as to whether you deal with the lender yourself or go via Experian.

PJHilder

Ok had a reply from Capital One. Turns out there was a 12p credit on the account. They're sending me a cheque for it and closing the account properly.

Why this didn't happen the first time I called them over a year ago I don't know.