Closed accounts on your credit report do not usually cause trouble unless they are reporting bad information. If this is the case, you need to get your side of the dispute out there or you will suffer the consequences of letting this go with reduced access to credit and higher borrowing costs.
Contact Credit Bureaus
The Credit Reporting industry in the United States is centered on three large companies: Equifax, Experian and Trans Union.
Each of these most probably have some form of a credit report on virtually every person in the United States with some form of credit card, loan or even just a collection.
This means the information on your report can have far-reaching consequences if it is incorrect.
You can find each of these companies with a quick internet search to their various web sites.
Order yFree Credit Report
Congress has passed a law that allows each person with a credit report to request it free once a year to make sure the information contained on it is accurate.
Using the websites for the credit reporting companies, contact them and request a report From Each.
You will not know which of your credit granters reports to which reporting agency so it is best to get a report from all of them.
Review the Reports
Once you get the reports you can review them for accuracy. There are many ways that incorrect information can find its way onto your report.
A supplier can confuse you with someone else.
They can mix up their reporting data between you and another customer.
If this has happened you have to get this fixed.
Contact Credit Reporting Companies
If you find wrong information you have to contact the credit reporting company and show proof that it is wrong.
If you closed an account and got a letter confirming you had a zero balance at closing, then send this to the reporting company and get the bad information off.
Also contact the company reporting to the credit reporting company that it is showing inaccurate information and tell the company you want it fixed and correspondence showing the change to the reporting companies.
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