Credit report "S" Settled/Satisfied.

Peeky

Hi All,

Specifically relating to equlifax.

I am doing a bit of housekeeping and trying to close any accounts of store cards i have acquired over time.

Does "S" on the credit report mean the account has been closed? I noticed that one i was trying to close (i phoned them up) had an "S" and the company seemed to think it was already closed - i may have done this myself when i closed other accounts 18 months ago.

Thanks
David.

iscrimger

You need to call/inform them you wish the account to be closed. If you don't the account will simply remain as settled but you will still be able to get access to the credit if you need it in the future. There are some credit facilities for things like sofa's and TV's that you pay over time that will automatically close the account once the outstanding balance has been cleared.

Store cards generally do not close once the balance is paid but remain as settled and active. I had a Burton card that I hadn't used in over 2 years and I thought I'd try the card out in Topman just before Christmas and it still worked.

udydudy

Peeky wrote: »

Hi All,
...Does "S" on the credit report mean the account has been closed? I noticed that one i was trying to close (i phoned them up) had an "S" and the company seemed to think it was already closed - i may have done this myself when i closed other accounts 18 months ago.

Thanks
David.

Yes all accounts/loans/cards which have been closed/repaid/closed(respectively) will show an "S" which means that there is no outstanding due on the account/loan/card and is closed.

Infact it is a good practice to check your credit files a couple of months after you have closed accounts to check whether it shows as settled on your file which reduce the amount of available credit on your file.

Peeky

As i suspected, thanks.