What does it mean on your credit report when it says account closed at credit grantor's request?

Question

I have a credit card debt and under status it says account charged off and the amount that was written off. Then it says there is a past due balance. Then under creditor's statements it says account closed at credit grantor's request. It has an amount under the recent balance. I haven't gotten anything in the mail about this account and don't really know how to go about taking care of it or what all this means. Please help and don't give me any smart alleck answers about how I should have known I had a debt. I was stupid when I was younger and in college and I know that I have this debt. Only reasonable answers please that will help!

Answer 1

It means that the credit card company, closed your account, and sent it to collections. When they send it to collections they write the debt off on Taxes and the collection agency takes over the debt and comes after you for payment. Often times you can negotiate with the collection agency for a lesser amount. It's going to be on your credit report for no less than 7 years. If you do not pay off the debt then the collection agency can sell the debt to another collection agency and the debt will be on for yet another 7 years. This cycle can potentially go on for life. Good luck! Pay it off as soon as possible! Even if it's in payments. Negotiate with the collector.

Answer 2

They are simply saying because you didn't pay the past due balance in a timely manner, they closed your account. Usually if you have a few months charges on a bill that are left unpaid, the company will close the account. If you don't know where it came from, call you credit bureau and file a dispute.

Answer 3

The creditor closed the account because you didn't pay.  If you haven't heard from a collection agency and want to pay, call the creditor and talk to them.

Answer 4

It probably means that the account was closed and has gone to a collections company.  Did you have a collections company contact you back when you were using that card?

Answer 5

It is a notice on your report to all future creditors that they regard you as a bad customer.

The credit report should contain contact information.  Pay the debt.  The closed account will remain, but it will look better if there is no unresolved balance.

Answer 6

it means they closed it because you didn't pay it.

Answer 7

The credit grantor closed the  account for delinquency to make it simple.

You'll have to track it down to straighten it out.  Do you have any letters from collection agencies referring to it.  Else call the bank that charged it off, and ask where they sent it/or sold it.

Does your cr bur report have a similar amt listed by such and such associates.  Sometimes the collection agencies report it,  sometimes not, it costs them money.  You have to track it down.  If it is Capitol one, they don't sell debts, write off, but keep in house for life.

I disagree w/Lizzie above.  Yes, seven years is the amt. of time a debt can stay on a cr. bur. report.  However after that it can be taken off if you challenge it, via credit repair, or complaint.  Where Lizzie is correct, is the agencies have been violating laws, buying debt for pennies on the dollar, past seven years old, and putting it on credit bur. reports illegaly.  The cr. bureaus don't know how old the debt is unless you advise them, and are getting paid to put them on.  The collection agency is trying to catch you buying a car, or mortgage and pop it pops up.  May be easier to settle it then go thru the challenge process the credit bureaus not very helpful, though by law they have thirty days to answer an inquiry of this sort.

Track it down; make a settlement.  It will show as 9 (charged off at one time) and bal 0.  Make sure that you get a letter before settling that settle amt. is being accepted as payment in full before remitting pmt., and make sure you get letter stating paid in full.  You may have to remit that letter yourself to cr. bur.  If you settle high, 60-70 % you may ask for deletion completely, but that is usually while it is still at bank.