Hello All! I've been trying to research a subject but have not had much luck!. I have a paid auto loan from January 2010 with over twenty 30 day lates The loan eastablished in 2004 with first late in 2006 dropped off Experian and Transunion in February 2013 this year which coincides with my annual credit report notes for removal. The loan still reports to Equifax and it seems to be just removing the old thirty day lates past there seven year mark (which I have researched as accurate reporting) This all confuses me? I am trying to find a ryhme and reason for a few things... With a paid loan which has multiple lates when is they true drop off date from your credit report? It has obviously fallen off my TU and EX from the date the first payment was 30 days late? EQ does not have a DOFD because the loan is paid and has never went into default so I have no knowledge of the true drop off date. In my research there has been a debate on what is truely a POSITIVE closed accou and how it is to report.
To add.... I do have a dismissed bankruptcy which weirdly enough dropoed from both my experian and transuinion the same time the car loan did. Is there something I am not getting here?
Chapter 7 has a shelf life on your credit report of 10 years and Chapter 13 stays around for 7 years.
As per EQ's blog, here is what I found:
Accounts paid as agreed generally remain on your credit file for up to ten years from the date of last activity (DLA). Accounts not paid as agreed generally remain on your credit file for seven years from the date the account first became past due, leading to the current not-paid status. Late-payment history generally remains on your credit file for seven years. It’s important to note that accounts with current statuses, such as R1 (revolving debt) and I1 (installment debt), that reflect previously late payment history will remain on the credit file for up to ten years from the date of the last activity-only the late payment history is removed after seven years.