Settled account on my credit file.

TheGenerus1

I had a credit card with Monument which I opened in 2003.
There was a rate jack in 2005 which subsequently led me to close the account.
The card when closed had a balance on it which would be eventually brought down, charged at the old APR.

I continued to pay down the minimum payments without fail and never late for the next 8 years until it was finally paid off last year.
I rang up Monument and asked them to officially close the account as I had brought down the balance to nil as of last year.
I was sent a letter saying that They were sorry that I wanted to close the account but will close notify the CRA with the account now being settled.

Since paying down the balance to nil last year and receiving the closure confirmation, I am getting anomalies with the CRA.
Callcredit have completed removed the Monument entry from my report. Experian and Equifax have the account as still active and having the original balance a year after they said they closed the account.

I spoke to Monument, their customer relations rep told me that as I had closed the account in 2005 then this would mean that it would not be on my report anymore as CRA only hold data for 6 years.

I told her that surely the settlement date was when I paid the balance off which was last year and that it should stay on my report 6 years from that date.

Is this correct?

Factually they should put the date of settlement as being last year and not 2005 when I requested the closure as there was a balance on the account that needed to pay down.

Please could I get some advice on the matter.

Many thanks.

rizla_king

You need to complain to monument about the outstanding balance, and not let them fob you off.

TheGenerus1

Would you agree that the account should stay on my credit files for 6 years from my settlement date which was 2012 (The date I brought the balance down to zero)?

matttye

TheGenerus1 wrote: »

Would you agree that the account should stay on my credit files for 6 years from my settlement date which was 2012 (The date I brought the balance down to zero)?

Yes, definitely.

ValHaller

TheGenerus1 wrote: »

Would you agree that the account should stay on my credit files for 6 years from my settlement date which was 2012 (The date I brought the balance down to zero)?

Yes. And if you were paying in accordance with the contract, it should be recorded as such. This should not look bad. Are you saying it is recorded as arrangement ot pay or with any adverse connotation?

Thrugelmir

TheGenerus1 wrote: »

Since paying down the balance to nil last year and receiving the closure confirmation, I am getting anomalies with the CRA.
Callcredit have completed removed the Monument entry from my report. Experian and Equifax have the account as still active and having the original balance a year after they said they closed the account.

Monument would appear to report their data to Callcredit. Your other CRA files will be updated next time a search is requested on you through them. Updating is not automatic but performed on a need to basis.

TheGenerus1

ValHaller wrote: »

Yes. And if you were paying in accordance with the contract, it should be recorded as such. This should not look bad. Are you saying it is recorded as arrangement ot pay or with any adverse connotation?

I closed the account because of the rate hike. I did not set up an arrangement to pay with them so the interest was not frozen.
I continued to be charged interest and payment protection for the next 8 years all of which has been added to my credit files (8 years of green ticks), until I paid off the balance last year.

TheGenerus1

Thrugelmir wrote: »

Monument would appear to report their data to Callcredit. Your other CRA files will be updated next time a search is requested on you through them. Updating is not automatic but performed on a need to basis.

I've been getting my credit reports every 2 months for about a year.
Experian and Equifax have been updating my payments every month and have been for 6 years. They only stopped reporting last year when I paid off the account (settled). The month after I settled the account, they took away the last 6 months of green ticks and replaced them with not been updated markers (I have proof they reported green ticks then took them away).

Callcredit has the monument entry deleted a month after I settled the account. I believe this could only happen if Monument reported that the settlement date was in 2007 (which doesn't tally up as I closed the account to new spending in 2005). Also the account should have the settlement date of 2012 when I settled that account and should stay on there till 2018.

ValHaller

If reported, it should be reported with green ticks. Otherwise the inference is adverse. But I would not be bothered about whether it is or is not reported.

Are you concerned about your so-called 'credit-score'?

TheGenerus1

ValHaller wrote: »

If reported, it should be reported with green ticks. Otherwise the inference is adverse. But I would not be bothered about whether it is or is not reported.

Are you concerned about your so-called 'credit-score'?

Callcredit = report with green ticks for last 6 years. The monument account has entirely disappeared a month after I brought the account to zero.

Equifaq = reported green ticks for the last 6 years. Since making the final payment and receiving confirmation from Monument that the account will be closed, the balance is still showing active with my original balance a year after I paid the account off (2012). After reporting green ticks for the last several months prior to my payment, they have replaced them 'not updated' markers.

Experian = same as equifaq

I'm not really worried about the 'credit score' aspect. I'm worried that they will delete this entry from my credit report if Monument says I settled the account in 2005 (when I asked them to close the account down to new spending). I'm certain they should put down settlement date as being last year so that this account will stay on my reports for a further 6 years.
This is my oldest account on my report which spans 10 years. If this is deleted it will bring my average years of handling credit down to 3 years.

This is why it is important for me to find out what Monument should be factually reporting to the CRAs as the correct settlement date.

ValHaller

TheGenerus1 wrote: »

I'm worried that they will delete this entry from my credit report if Monument says I settled the account in 2005 (when I asked them to close the account down to new spending). I'm certain they should put down settlement date as being last year so that this account will stay on my reports for a further 6 years.

Their rights are to report. Or not as they choose.

Your rights are to have it reported correctly, but I don't think you have a right to have it reported.

At least, that is my take on it.