|
 |
Home >> Accounts >> Business Accounts
Bank Closed: How Can I Rectify a Problem?
More than ten years ago, I had a business account that I closed, but later discovered a $200 deficit due to a late-clearing check conflicting with automatic withdrawals. I tried to open an account some years later, but was refused, and I assumed this was the problem, as I've never had any other blemish on my record. The bank has since closed its doors and I have not been able to rectify the situation. How long will this stay on my record?
|
Untitled
|
 Under the Fair Credit Reporting Act the transactions are active for seven years. For some purposes records are available longer, but for what you describe, seven years.
When you were denied the new account, you should have been given a notice telling you whom to call to see what was reported. Assuming you don't have that, you can ask if they still use the same company, or apply again. If you apply again they'll give you a new disclosure. Call and ask what is being reported.
Get a free annual credit report, but from your description it may be a TeleCheck report or from a similar company. That would not be the same as an Experian or similar credit report. Without knowing who it was, you can't ask this key question, but that is what you need to know.
Published on BankingQuestions.com 2/02/10
|
| |
|
Accounts
Article
Q&A
Podcast
Video
Blog
Discussions
PDF
Powerpoint
