Dealing with credit report from equifax

25ben

Hi,
I signed up to equifax for a trial to view my credit report and have now cancelled to avoid the £69.99 subscription.

I have a lot of store card cards and credit cards listed which I no longer use. Some say satisfied and have a settled date. Does that mean they are closed accounts now? If so why arent they removed ??

Also some accounts seem to be still open, but I have destroyed the cards and have no documentation for them anymore.

What is the best way of dealing with old accounts?? Is it best for your credit rating to phone up the companies and close unused accounts? Or does leaving them open show potential lenders that you are worth of a higher credit limit???

Thanks

thesaint

The accounts will stay on your report for 6 years after the last activity on them.

If you are not using the accounts, it would probably be better to close them, as it would look like that you have a lot of credit available

Phoenix79_2

Cutting up a card doesn't close the account. You need to contact them and formally close it. The contact details are usually on the credit report.

Everything (good and bad) stays on your aacount for six years. Its so new lenders can look at your history and decide if you are worth the risk

vix2000

when they are closed how long does it take for them to be removed from your credit file?

Martinslovechild

vix2000 wrote:

when they are closed how long does it take for them to be removed from your credit file?

Usually about a month or so - varies from lender to lender.

thesaint

Does vix2000 mean removed from file because it is 6 years.

If you mean updated to show that it is closed, then it is a month like martinslovechild says.

vix2000

yes, I meant show the account as closed. thanks.

Phoenix79_2

It can take up to three months. Depends on how efficient the lender is on reporting into the agencies