Credit Reference Agencies

Millennium

I have recently closed a few credit card accounts (over the past year). When I look at my credit report it shows them as settled, along with a date, but is does not seem to indicate that the accounts are closed.
Does anyone know how the companies searching my records know that the account is closed rather than just a zero balance?

YorkshireBoy

Millennium wrote: »

Does anyone know how the companies searching my records know that the account is closed rather than just a zero balance?

"Settled" means that line of credit is no longer available to you, ie you've "settled" the debt...in other words, the account facility is closed.

In summary, settled = closed as far as credit searches are concerned.

Gromitt

You'll also have an 'Account end date' underneath 'Account start date' stating exactly when it was closed.

Millennium

Thank your for your reply, but I can also see 'Settled' when I have fully paid off a card, left it a few months and then used it again. Isn't this confusing!

Millennium

Gromitt wrote: »

You'll also have an 'Account end date' underneath 'Account start date' stating exactly when it was closed.

Ahh - OK, I'll have another look - thank you!

seriousDFW

YorkshireBoy wrote: »

"Settled" means that line of credit is no longer available to you, ie you've "settled" the debt...in other words, the account facility is closed.

In summary, settled = closed as far as credit searches are concerned.

I'm sure I have had lots of 'settled' indicators when I have paid off a balance of a credit card, even when the account is still active.

I would presume the 'end date' is the indicator that the account is closed.