Trying to force the credit agencies to mark closed CCs as closed sooner

[TripleB]

Has anyone used the 'correct info' (or similar) feature (which is really a statutory right) on their credit reports to try and force the credit reporting agencies to mark accounts closed sooner?

I'm finding that it's currently taking months for closed accounts to be marked as closed - which is significantly slowing down the ability to churn. I'm currently down to just one credit card, which doesn't earn points with a $1k limit. So I'm rather anxious for the closed accounts to be marked as closed so I can apply for a couple of new ones.

I know that Experian don't make it easy - requiring a whole stack of documents by post (which is no doubt very deliberate). However, I've just noticed that Illion (Dun & Bradstreet) via the free NAB credit report interface has a painless process. I've given it a go for my two closed accounts and will report back. However, I'm interested in any other experiences.

 

[33kft]

There is arguably no need to wait until the accounts are marked as closed - the banks themselves realise this takes time. Just save the letters you get when you close the account if you need some confirmation that this has been actioned. I stop listing a card in subsequent applications immediately after it is cancelled.

 

[NoName]

There is arguably no need to wait until the accounts are marked as closed - the banks themselves realise this takes time. Just save the letters you get when you close the account if you need some confirmation that this has been actioned. I stop listing a card in subsequent applications immediately after it is cancelled.

Agree and this is what I do. Never been questioned or had to prove anything when applying for a CC but did proactively provide a letter of closure when refinancing a home loan recently as I knew a particular card would show up as open when they did the credit check.

 

[Dr Ralph]

There is arguably no need to wait until the accounts are marked as closed - the banks themselves realise this takes time. J

Agree. I've been asked to supply the closure letter to prove that the account was closed when I have applied for a new card.

 

[TripleB]

Sadly my wife cancelled a card and cut the limit on the other one such that her total limits went from $15k to $2k. After 2 months they hadn't rolled off her Experian report. So she applied at ANZ and was promptly rejected on the back of the credit limits. They wouldn't entertain any discussion regarding the fact that they had been closed and had the limit reduced. There ought to have been no other reason for the rejection - she hasn't had an application of any sorts for 2 years (and only 1 in the last 5 years), there are no default or late payments (or similar) and her income hasn't dropped. I was just waiting for Bankwest to post before churning into ANZ so her rejection has given me cause to pause and wait for them to roll off.

 

[opusman]

Closed accounts are meant to stay on your record for 2 years I think.

 

[get me outta here]

Closed accts are ime not actually even marked as closed until the next statement has been and gone so it could in theory not be shown closed for 2 months. Amex seems to be a bit quicker.

 

[Skyhawk]

Citibank is over three months.

 

[TripleB]

Citibank is now at 4 and a bit months and counting ...

What I am after is trying to get the status to change from open to closed. See attached screen extract. I don't mind it sitting there as closed for however long it takes - but open is killing me...

 

[EestiTiger]

Yep Citi (QANTAS card) takes a looooong time to show up as closed. I have applied for further cards whilst it was showing as open with no issue. I could prove it was closed if needed but wasn't asked.

 

[mini2]

How long does it take Amex to mark your account as closed?

 

[Spongbob]

How long does it take Amex to mark your account as closed?

About as long as it takes their website to load (i.e. a very long time).

 

[theblank]

Has anyone used the 'correct info' (or similar) feature (which is really a statutory right) on their credit reports to try and force the credit reporting agencies to mark accounts closed sooner?

Its pointless, the banks update the account information at their leisure. They would send the updates once a month, so would be at lease one month after cancelling. It can take longer becuase when you cancel a credit card, its not really cancelled. they leave it open for some time in case there are delayed transactions.

If its not updated, complain to the bank, who wont care much because you are no longer a customer so why would they bother priortising the matter. Expect such complaints to take so long to handle that by the time they do, it will be marked as closed.

really, if this is all about churning, you just got to suck it up and deal with it as is. Do your cancellations promptly and wait.

 

[GSP]

Citibank is now at 4 and a bit months and counting ...

What I am after is trying to get the status to change from open to closed. See attached screen extract. I don't mind it sitting there as closed for however long it takes - but open is killing me...

Yes I did, got a rejection back saying bank says otherwise. No idea why and was shut out of right of reply. Put it in the too hard basket to follow up and it eventually got sorted out.

As others have mentioned and in my experience, Citibank appears to be the main laggard at this, although I've also had prompt Citi updates so it's hard to tell. FYI, it's only CreditSimple (Illion) and CreditSavvey (Experian) I have visibility of. GetCreditScore (Equifax) is just too hard.

 

[mini2]

Amex have marked one of the cards as closed considering the account was only closed last Thursday. However, the other card I had closed on the same day haven't been touched yet. Then again there was a positive balance on it (cheque heading my way) maybe that affected it?

 

[mrmerc500]

My ANZ adventures was reported closed on the actual day of cancelling via phone. Impressed!
CitiBank however is still open 3 weeks on!

 

[Skyhawk]

Re Citi, you may want to check that they have actually closed the account.

 

[TripleB]

I'm getting close to 6 months on Citi now ...

Trying to force it as closed through the correct feature doesn't seem to have helped. Bless ANZ for approving me anyway. Hopefully by the time the ANZ bonus points post the Citi and Bankwest will have rolled off.

[I hate Citi - I only wound up with them again because Latitude sold their book to Citi. About 15 years ago I had a Citi card and they started charging me a few random cents of "government taxes" on each transaction. They wouldn't explain what it was other than government charges. It was complete rubbish so I closed the account and moved on. Then roll forward the best part of a year they send me a letter saying that they had incorrectly charged me some charges and would be refunding it. Except their idea of refunding it was to reopen the account, credit me $3 and then charge me a $250 annual fee. They wouldn't budge on putting their hand out for the annual fee. Took a complaint to the ombudsman before they dropped it. I never did get my $3 back either. I refuse point blank to deal with them now... regardless of how good their signup bonus offers are]

 

[GSP]

I'm getting close to 6 months on Citi now ...

Trying to force it as closed through the correct feature doesn't seem to have helped. Bless ANZ for approving me anyway. Hopefully by the time the ANZ bonus points post the Citi and Bankwest will have rolled off.

[I hate Citi - I only wound up with them again because Latitude sold their book to Citi. About 15 years ago I had a Citi card and they started charging me a few random cents of "government taxes" on each transaction. They wouldn't explain what it was other than government charges. It was complete rubbish so I closed the account and moved on. Then roll forward the best part of a year they send me a letter saying that they had incorrectly charged me some charges and would be refunding it. Except their idea of refunding it was to reopen the account, credit me $3 and then charge me a $250 annual fee. They wouldn't budge on putting their hand out for the annual fee. Took a complaint to the ombudsman before they dropped it. I never did get my $3 back either. I refuse point blank to deal with them now... regardless of how good their signup bonus offers are]

That is comically bizarre!!

 

[Dr Ralph]

I'm getting close to 6 months on Citi now ...

Trying to force it as closed through the correct feature doesn't seem to have helped. Bless ANZ for approving me anyway. Hopefully by the time the ANZ bonus points post the Citi and Bankwest will have rolled off.

[I hate Citi - I only wound up with them again because Latitude sold their book to Citi. About 15 years ago I had a Citi card and they started charging me a few random cents of "government taxes" on each transaction. They wouldn't explain what it was other than government charges. It was complete rubbish so I closed the account and moved on. Then roll forward the best part of a year they send me a letter saying that they had incorrectly charged me some charges and would be refunding it. Except their idea of refunding it was to reopen the account, credit me $3 and then charge me a $250 annual fee. They wouldn't budge on putting their hand out for the annual fee. Took a complaint to the ombudsman before they dropped it. I never did get my $3 back either. I refuse point blank to deal with them now... regardless of how good their signup bonus offers are]

I swore off Citi some time ago for different reasons. Incompetence personified.