Bogdan Roberts, Credit Cards Moderator
@bogdan_roberts
"Account closed due to transfer" is a phrase that appears on your credit report when you consolidate your account's debt. In other words, it’s when your debt is transferred by your lender from the old accounts into the new consolidation loan. Once this happens, your old account becomes redundant, but still stays on record as part of your credit history.
A transferred status is considered final, meaning the account is no longer active.
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People also ask
I see closed derogatory listed on my credit report. What does that mean?
A “Closed – Derogatory” mark on your credit report simply means the account in question defaulted and was closed as a result. In other words, it has charged off. This does not, however, mean the notation will soon come off your credit report. If accurate, such records will remain on your file for seven years.
That’s one reason not to take the “closed aspect” of a closed derogatory too literally. Furthermore, if the debt in...
read full answer by WalletHub, Financial CompanyHow long do closed accounts stay on my credit report?
Closed accounts stay on your credit report for 7 to 10 years, depending on whether the accounts are closed in good standing. When you close an account that is in good standing, with a positive payment history, you can expect the account to remain on your credit report for 10 years following the closing date.
On the other hand, if you close an account with a history of delinquent payments without bringing the account...
read full answer by WalletHub, Financial CompanyWhat does a closed account on my credit report mean?
A closed account on your credit report is an account that is no longer active, meaning it was either closed upon your request or automatically closed by the creditor after a long period of inactivity.
Loans and refinanced loans are also regarded as accounts and they should appear as closed accounts after they are paid off. Information about closed accounts typically stays on your credit report for 10 years.
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