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Moderator Emeritus
webhopper
Posts: 7,225
Registered: ‎09-16-2011
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Re: Survey: reporting of closed credit cards

I have several that were closed in 2004 that are still reporting... 

 

Chase Auto Loan,

 

I had one Citi card that was opened in 1999 that was closed in 2003 that has fallen off within the last few months.

 

I also had a Chase Auto loan opened in 2002, but the car was wrecked and paid off shortly after I bought it.  That account is no longer reporting but it did report for close to 10 years.


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Senior Contributor
Open123
Posts: 4,220
Registered: ‎02-23-2011
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Re: Survey: reporting of closed credit cards


HiLine wrote:

1. When did the account get closed?

 

- 2000 - Closed Wells Fargo CC & Bank One CC, WF mortgage and Fed Student Loans (B of A).

 

2. How long did account reporting last after that? If your account is still being reported, please tell us the amount of time elapsed from account closing date, in years and months if possible.

 

To the best of my recollection, CCs stopped reporting in 2006 or 2007.  Student Loans are still reporting.  Mortgages stopped reporting in 2006 or 2007.  If memory serves, I was advised that I could request they continue reporting, but didn't think it was worth the effort.

 

3. What card is it? Who's the creditor?

 

-  Wells and Bank One (now, Chase, I guess.  Maybe that's why they're so generous with CLs?)

 

4. Did the consumer or the creditor close the card?

 

-  I closed them all, and rather abruptly, along with terminating entire banking relationship.

 

5. Any other information and stories about the card?

 

-  The rewards sucked. 

 


 

Moderator
09Lexie
Posts: 26,660
Registered: ‎09-13-2012
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Re: Survey: reporting of closed credit cards

WF auto loan PIF 2006 ; fell off 2012

BoA home mortgage PIF 2004 ; only reporting on my EXP

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Roarmeister
Posts: 334
Registered: ‎04-21-2012
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Re: Survey: reporting of closed credit cards

[ Edited ]

1. When did the account get closed? 2002

2. How long did account reporting last after that? If your account is still being reported, please tell us the amount of time elapsed from account closing date, in years and months if possible. Last reported to CRA April 2009, Transunion is still has a record of this

3. What card is it? Who's the creditor?  CIBC Visa, I also had chequing and savings accounts that I closed at the same time.

4. Did the consumer or the creditor close the card?  Consumer

5. Any other information and stories about the card?  I was 60 days late at one point so the creditor TOOK back all the reward points ($500+).  I called it theft, they called it READ THE FINE PRINT.

 

1. When did the account get closed?  Aug 2004

2. How long did account reporting last after that? If your account is still being reported, please tell us the amount of time elapsed from account closing date, in years and months if possible. Continued reporting to April 2008, Equifax last accounted for it in Oct 2009

3. What card is it? Who's the creditor?  MBNA

4. Did the consumer or the creditor close the card?  Creditor

5. Any other information and stories about the card?  Applied and got a new card from same vendor last year with CL of $20k so they obviously don't hold grudges. :smileyhappy:

 

1. When did the account get closed? Feb 2008

2. How long did account reporting last after that? If your account is still being reported, please tell us the amount of time elapsed from account closing date, in years and months if possible.  Not sure, it was reporting as of last October but March Equifax doesn't show it.  That would make it about 5 years of reporting after closing.

3. What card is it? Who's the creditor? Future Shop

4. Did the consumer or the creditor close the card? Creditor, they were cancelling all their cards when they were bought out by Best Buy and went to a different credit system not because of a fault by me.

5. Any other information and stories about the card?  I think I used the card 2x, opened in Jan 2006.

 

Equifax removes an item from its database after 6 years after the last report so old deleted items do not enter into its AAofA.  Transunion has a different retention period and a really wacky way of doing business.  I also have a lot of accounts that I thought were closed but Transunion says they are reporting for example a car lease that closed in 2000 but was reported in 2009 and was still in their records in 2010.  A car loan that closed in 1994 that reported in 2009 was still in their records.  How does a car loan get reported on 15 years AFTER it was closed????  That makes no freaking sense!  Even more strange - Transunion has a record of hard inquires going back to 2002!

 

Hey maybe they just keep their records permanently but don't enter into their scoring system?  I don't know but Transunion is one funky weird company.

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HiLine
Posts: 3,176
Registered: ‎10-19-2012
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Re: Survey: reporting of closed credit cards


Roarmeister wrote:

 

Equifax removes an item from its database after 6 years after the last report so old deleted items do not enter into its AAofA.  Transunion has a different retention period and a really wacky way of doing business.  I also have a lot of accounts that I thought were closed but Transunion says they are reporting for example a car lease that closed in 2000 but was reported in 2009 and was still in their records in 2010.  A car loan that closed in 1994 that reported in 2009 was still in their records.  How does a car loan get reported on 15 years AFTER it was closed????  That makes no freaking sense!  Even more strange - Transunion has a record of hard inquires going back to 2002!

 

Hey maybe they just keep their records permanently but don't enter into their scoring system?  I don't know but Transunion is one funky weird company.


I believe that TU isn't responsible for reporting accounts; if the original creditor is still reporting closed accounts, the accounts will still stay on your report when you pull it.

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pakman92
Posts: 650
Registered: ‎03-01-2012
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Re: Survey: reporting of closed credit cards

I just pulled EQ and discovered that several closed accounts were removed before 10 years.  Let me look through the previous pull from EQ and get the ansswers to OP's question.  More to come.    I do think however, how long positive closed account stays is up to the CRA's and not anythign that the creditor does.

 

 


My Starting Score: EQ: 691 (11/30/11) TU98: 726 (11/30/11)
My Current Score: EQ: 779 (04/22/13) TU08: 835 (06/03/13)
DW Starting Score: EQ: 742 (03/02/12) TU98: 748 (03/02/12)
DW Current Score: EQ: 784 (03/11/13) TU08: 775 (06/03/13)
Established Contributor
pakman92
Posts: 650
Registered: ‎03-01-2012
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Re: Survey: reporting of closed credit cards


pakman92 wrote:

I just pulled EQ and discovered that several closed accounts were removed before 10 years.  Let me look through the previous pull from EQ and get the ansswers to OP's question.  More to come.    I do think however, how long positive closed account stays is up to the CRA's and not anythign that the creditor does.

 

 


Here are the details.  Most of the removal happened between 3/11/13 and 3/31/13 (two dates of my recent EQ pulls).  Currently, I'm now showing 3 (installment an revolving) closed accounts only.  all of them less than 3 years since closure.   YOu can see from below that, there doesn't seem to be any kind of pattern.  It does seems that they decided at least for me to purge a lots of cloed account sometime during last two weeks.   Sucks for me, they were all positive accounts.

 

1. When did the account get closed? 11/2004
2. How long did account reporting last after that? 8 years 2 months (+ possibly 2 mor months)
3. What card is it? Who's the creditor? Capital One (Auto loan)
4. Did the consumer or the creditor close the card? NA
5. Any other information and stories about the card?

 

1. When did the account get closed? 12/2005
2. How long did account reporting last after that? 7 years 1 month (+ possibly 2 more months)
3. What card is it? Who's the creditor? Capital One
4. Did the consumer or the creditor close the card? Consumer
5. Any other information and stories about the card?

 

1. When did the account get closed? 1/2003
2. How long did account reporting last after that? 9 years 7 month (+ possibly 4 more months)
3. What card is it? Who's the creditor? City
4. Did the consumer or the creditor close the card? Consumer
5. Any other information and stories about the card?

 

1. When did the account get closed? 12/2005
2. How long did account reporting last after that? 6 years 8 month (+ possibly 4 more months)
3. What card is it? Who's the creditor? HSBC
4. Did the consumer or the creditor close the card? Consumer
5. Any other information and stories about the card?

 

1. When did the account get closed? 10/2003
2. How long did account reporting last after that? 9 years 5 month
3. What card is it? Who's the creditor? Merrick
4. Did the consumer or the creditor close the card? Consumer
5. Any other information and stories about the card?

 

1. When did the account get closed? 11/2004
2. How long did account reporting last after that? 8 years 4 months
3. What card is it? Who's the creditor? 4 separate student loans from the school itself
4. Did the consumer or the creditor close the card? NA
5. Any other information and stories about the card?

 

1. When did the account get closed? 7/2003
2. How long did account reporting last after that? 9 years 8 months
3. What card is it? Who's the creditor? Citi (Sears card)
4. Did the consumer or the creditor close the card? Consumer
5. Any other information and stories about the card? shows last reported date 3/2005 nearly two years after closing of the account.

 

1. When did the account get closed? 10/2006
2. How long did account reporting last after that? 6 years 5 months
3. What card is it? Who's the creditor? Chase (Circuit City)
4. Did the consumer or the creditor close the card? creditor, however, this is false
5. Any other information and stories about the card? no closed date, date of last activity 10/2006, dat of last reported 1/2007

 

1. When did the account get closed? 5/2007
2. How long did account reporting last after that? 5 years 10 months
3. What card is it? Who's the creditor? Chase
4. Did the consumer or the creditor close the card? Consumer
5. Any other information and stories about the card? Show date reported 12/2008

 

1. When did the account get closed? 6/2011
2. How long did account reporting last after that? 1 years 9 months
3. What card is it? Who's the creditor? Home Depot
4. Did the consumer or the creditor close the card? Inactivity
5. Any other information and stories about the card? Date of Last Activity 4/2008


My Starting Score: EQ: 691 (11/30/11) TU98: 726 (11/30/11)
My Current Score: EQ: 779 (04/22/13) TU08: 835 (06/03/13)
DW Starting Score: EQ: 742 (03/02/12) TU98: 748 (03/02/12)
DW Current Score: EQ: 784 (03/11/13) TU08: 775 (06/03/13)
Frequent Contributor
Roarmeister
Posts: 334
Registered: ‎04-21-2012
0

Re: Survey: reporting of closed credit cards

[ Edited ]

HiLine wrote:

Roarmeister wrote:

 

Equifax removes an item from its database after 6 years after the last report so old deleted items do not enter into its AAofA.  Transunion has a different retention period and a really wacky way of doing business.  I also have a lot of accounts that I thought were closed but Transunion says they are reporting for example a car lease that closed in 2000 but was reported in 2009 and was still in their records in 2010.  A car loan that closed in 1994 that reported in 2009 was still in their records.  How does a car loan get reported on 15 years AFTER it was closed????  That makes no freaking sense!  Even more strange - Transunion has a record of hard inquires going back to 2002!

 

Hey maybe they just keep their records permanently but don't enter into their scoring system?  I don't know but Transunion is one funky weird company.


I believe that TU isn't responsible for reporting accounts; if the original creditor is still reporting closed accounts, the accounts will still stay on your report when you pull it.




Point 1:  And yet those same reported accounts aren't logged by Equifax but they ARE by Transunion. 

 

Point 2:  What would set off a lender company to report on a car loan that has been closed for 15 years except an back inquiry by the CRA itself?  There would be no point in the original creditor releasing that information unless it was in turn requested by somebody!

 

Point 3:  Transunion keeping inquires beyond 3 years is not an acceptible practise if the other CRAs automatically drop the inquires at that point.

 

I don't know if Transunions' practices are different south of the border but I find their business practices weird up here.

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____$25k_______$20k_______$20k_______$25k_______$25k____
Starting Score: 676 Feb 2008; Current Score: 791 EQ; 824 CA, Dec. 2014; TU 814, Oct. 2014; Goal Score: 800 by end of year Oldest Account reported by EQ: 12 years; EQ AAoA: 5.8 years; EQ Credit Utilization: 2.3%
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HiLine
Posts: 3,176
Registered: ‎10-19-2012
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Re: Survey: reporting of closed credit cards

I think the CRA's primary interests are in complying with the law; it doesn't do them any good to report data in a way that is favorable to consumers.

Senior Contributor
lg8302ch
Posts: 3,138
Registered: ‎11-13-2012
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Re: Survey: reporting of closed credit cards

I am completely confused. BofA reporting the same account as OPEN and CLOSED (with comment " card lost/stolen) - Does this mean it gets counted twice for the AAofA ? it shows up as sep TL. Sorry but I am new to US reporting issues.
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