Frank Settle asked 4 years ago

So PO right now. I just logged into Penfed and found out they had closed my personal loan account last week. Reasons:


Dear xxxxx,
In accordance with the authority contained in our agreement, a recent review of your PenFed credit line(s) of credit requires that it be closed to future access. Any PenFed line(s) of credit in your possession are now invalid.

This decision was based on prior delinquency with PenFed and/or another creditor. Additionally, we were unable to keep the account open for the following reason(s):

Our credit decision was based in whole or in part on information obtained in a report from the consumer reporting agency listed below.


There was a collection filed on my equifax in september and I came to know about in November. Since then I had been fighight in equifax to take it off. The account was not mine, it belonged to another member of my family with the same name. I called equifax and I had filed dispute after dispute and each day after each dispute account came back verified. I called the collection agency and asked them to provide me with a letter saying they don’t have an account with my social. the collection agency said they could not because they don’t have an account. So finally this early this week and move fights with equifax they had removed the account. 


Anyway can they do that? I know when they pulled the account they saw it was in dispute. Any thoughts? I am sure now it’s going to show the account closed by creditor. Isn’t that a bad marking? and it’s going to drop my available credit. Also since opening the account back last summer, I never used it. So deliquency. 


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