What happens with Delinquent Accounts on my credit report?

How will a company that has gone out of business reflect on a credit report?

• Recently had a line of credit issued through a company (Venue), placed an order on 9/2/09, made two on-time monthly payments and account was in good standing. Waited forever but never received the merchandise. On 11/11/09, I was informed that this company(Venue) has gone out of business and all orders and accounts have been canceled & closed. Currently I am in the process of getting my money back for payments made from the bank issuing credit. I do not owe anything since I am being refunded and my account is closed. I previously had a balance of $905.00 just curious to know if and how it might be reflected on a credit report entry wise. When I last checked in October this account was listed and current, but what happens now after my account is closed? Will the entry be removed from my credit file? At this point it is too soon to check it myself since I've already expended the free yearly 3 bureau credit report option. FYI, I have a good credit scores according to all 3 credit bureaus, ranging from the mid to upper 700's.

• Answer:

  If the company is out of business, they won't be sending in any more reporting to the agencies. The entry won't change until such time as the reporting agency drops it.