What to Do if a Closed Account Still Shows an Outstanding Balance

You did what it takes to pay off a loan, close out a credit card with unattractive terms, or resolve any other kind of account, and you take pride in your financial responsibility. If, however, the account is still showing up on your credit report with an outstanding balance, it can directly affect your credit score and, as a result, your overall finances. Turn to our experienced South Carolina fair credit reporting attorney at Hays Cauley, P.C., for the help you need.

The Consequences of a Closed Account that Doesn’t Disappear

It’s normal for a closed account to remain on your credit report. If it still shows a balance, you’ve paid off, however, something went wrong, and it’s unlikely to fix itself. A paid-off account that still shows a balance can make it look like you owe money you don’t.

If the creditor keeps reporting late payments on an account you’ve paid off, each new report can add further damage to your credit. Even if the account isn’t marked late, an inaccurate balance can make your debt look higher than it is and lower your score.

In fact, the impact of a reduction in credit score includes all the following:

• Higher interest rates
• Difficulty taking advantage of attractive financial offers
• Rejected applications for a mortgage, car, or apartment
• Higher deposit requirements

You don’t have to simply accept faulty information on your credit report. A formidable fair credit reporting lawyer is on your side.

How a Fair Credit Reporting Lawyer Can Help

The Fair Credit Reporting Act (FCRA) is a federal law that regulates consumer reporting agencies in terms of how they collect, share, and report financial information about individual consumers. Creditors are responsible for reporting accurate data and are required to correct information that is verifiably wrong.

When a closed account reports a balance you don’t owe, you can dispute it. If a credit bureau fails to follow reasonable procedures or to properly reinvestigate, or the creditor fails to correct the error after being notified through a dispute, they can be held legally accountable under the FCRA.

You can expect your FCRA attorney to help you handle the following key tasks:

• Reviewing your files for inaccuracies, such as a closed account that shows an outstanding balance
• Gathering the evidentiary documentation necessary to prove false reporting
• Filing disputes with the credit bureaus and the creditor to request corrections
• Skillfully advocating for fair compensation that reflects your financial and emotional damages
• Filing a federal lawsuit in the event it’s necessary to do so

South Carolina has consumer protection laws of its own that mirror federal protections.

Our Experienced South Carolina Fair Credit Reporting Lawyer Is Here for You

Penny Hays Cauley is our South Carolina fair credit reporting attorney at Hays Cauley, P.C. Our firm is committed to fierce advocacy on behalf of all our valued clients, and we’re here for you, too. Learn more by contacting us online or giving our firm a call at 843-665-1717 today.