rachael
Joined: 11 May 2009
rachael's page
Posts: 244
6581 Magic Points
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Thu Jun 25, 2009 10:34 am
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Hi brown,
Generally, the credit bureaus will not remove a account that has a balance remaining. I think in your case, when the credit bureaus removed the credit accounts from your report, the credit card company may not have reported that it had balance remaining. But I am very sure that Amex will report to the credit bureaus (the next time they review your records). It is very likely that the accounts will reappear on your credit report as "Closed" with a remaining balance and late fees. This will have a negative impact on your credit records
The next time you apply for credit, creditors will think that the accounts were closed by the card company, because you defaulted on payments many times ( i.e you have not used the account responsibly). In that case, creditors will not find you worthy of credit, and may not approve your credit application.
To get out of this situation, you can contact Amex and request them to accept the payments. If you pay them a lump sum amount they may accept it. You can come to a written agreement that they will not report to the credit bureaus in future, about any payments made for the accounts in question. Whether the card company will accept your proposal, will depend on your ability to convince them.
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Looking forward to a debt-free life. |
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