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Posted in Student Loans
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Jayjay80US

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if an account is reported Closed with a 0$ balance what does that mean?

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Since you posted under the Student Loans topic, the question may be, have you paid them in full?  If so, this is a positive thing that will remain on credit reports for 7 years, then fall off.

But, if you haven't paid in full, they may have been sold or transferred to another student loan collection activity and this action might be repeated as often as needed until the student loans are paid off.  Unlike other financial transactions, student loans do not fade away, nor can they be discharged in bankruptcy.  If the loans remain unpaid until the time you collect Social Security, that may be garnished to pay this debt.  Just something to think about.

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It likely means they closed it due to lack of use.

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Closed accounts with 0% for payment

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I have three accounts that are closed with a 0% payment status. What does that mean? Also, my wages have been garnished by a debt collector for one of theses accounts. Can they do that and if so what are my options other than bankruptcy or debtor's court?

Thanks

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