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| *Ostroff, Fair and Company>>>Credit |
Credit card no longer reporting? |
I have a citibank credit card that was reporting on my credit report 6 months ago, but is absent from my report now? why would this be? I have been current on the account, but it was closed by them 5 years ago. I still owe on the card and have made payments ontime for 24 months. Should I get this back on my credit report? The credit reporting agencies make random guesses for credit score The credit reporting agencies do not arbitrarily decide on your credit score. In fact every loan, mortgage or credit card you take is closely monitored by the financial institution that provides it. The way you tackle your debt, repayment and interest rates is tracked by the company and sent to the credit rating agencies to calculate your credit score. The software used to calculate your credit score is FICO (Fair Issacs Corporation) after the people who designed it. It is a fairly complicated piece of software that decides on your credit score based on established parameters. 2. The credit reporting agencies are biased No, not at all. No consideration whatsoever is given to factors like race, gender, nationality, marital status, or religion. It is your finances that matter. The feedback received by credit rating agencies from your banks, lenders etc. are the only things that matter. The idea is to establish your credit trustworthiness. 3. I have to pay heavy fees to credit reporting agencies to get my credit report This is grossly untrue as the Fair Credit Reporting Act (FCRA) makes it mandatory for each of the credit reporting agencies to send a free copy of your credit report on your request each year. So, you can have a copy of your credit report absolutely free of cost once a year. If you require more than that you have to pay a small fee to the respective credit reporting agency. In fact, it is advised that you regularly check your credit report. It is indeed one of the best financial practices. Read more from: http://www.credit-card-gallery.com/artic... You can visit http://www.debteraserzone.com and find very useful tips and several articles on credit card related matters. well, it seems they don't have to report every transaction you do with them, for them its optional. however, it the card has been closed by them, and you are making payments on time, they are not obligated any longer to report. but, they will report if you miss payments..... nice are'nt they?.. I don't know why they would close the account like that however, unless you asked them to close it in writing. they usually do not cancel it. they just continue to charge you interest on the average daily balance. a company can report an account as long as they want...they pay the credit bureaus to be able to report people's accounts to them. it doesn't matter if you have been on time the past 6 months or not, all the payment history will be showing - even those late payment work at credit repair company |
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