Accounts Older than 10 Years!!

[Myhearts]

Hey All,

Hearts here.  Question.. I was checking dh's cr's this morning and I found at least 10 accounts that are older than 10 years, and they are all closed.  Many of them were from finance companies and should have dropped off by now.

Can I dispute with credit bureaus as "too old to report"?  Will this affect his scores?

Thanks

Hearts

[Junejer]

Hi Hearts. Closed accounts will remain for up to 10 years from closed date.

ETA: Let me add that I was speaking of accounts in good standing (I assumed they were, b/c I didn't see any mention of derogatory).

Sandra: The derogatory information will drop off 7-7.5 years from when it took place. So in your example, the 2002 stuff would remain for 7-7.5 years.

Message Edited by ByrdMan on 03-25-2008 03:37 PM

[Anonymous]

NO the clock starts when the very FIRST date the negative remark (posting) shows. There has to be a SOLID guideline or they will and would just keep reporting and reporting. It would allow agencys or reporting companies to be very lazy...and just post for the sake of posting. A month and year must be present in all reporting profiles. Think about it?? 

Everyone should always inforce this serious guideline!!

what if 02/2000 was 90 days late listed.

 then   04/2000  was fine.

 then   08/2000  was 30 days late

 then   11/2000  was fine.

THEN 2/2002 came up and a divorce happened etc....and now NO payments being made.

--Would your CLOCK start from year 2002 or 2000 to inforce your Statue of Limitations?

----It would be the year 2000   "First date of deliquency"  

[Dawn]

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Myhearts wrote:

Hey All,

Hearts here.  Question.. I was checking dh's cr's this morning and I found at least 10 accounts that are older than 10 years, and they are all closed.  Many of them were from finance companies and should have dropped off by now.

Can I dispute with credit bureaus as "too old to report"?  Will this affect his scores?

---

Are they "good" accounts? 

If so ... I would leave them alone as they contribute to average age of accounts.  Even though they are "closed" some creditors continue to report and update each month, resulting in some closed accounts remaining for longer than the 10 years the CRAs usually allow.

[Junejer]

Hearts, also the age is probably helping you more than the CFC is hurting at this point.

[Myhearts]

Okay.  All the accounts are good, paid in full, no lates.  Just wondered if they should still be on the cr.  They are not updating them though.

Hearts

[Dawn]

Count your blessings ... they are only helping.  Many of us would LOVE for our old closed accounts to remain on our reports indefinitely. 

[athensguy]

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--Would your CLOCK start from year 2002 or 2000 to inforce your Statue of Limitations?

----It would be the year 2000 "First date of deliquency"

---

DOFD referring to the Date of First Delinquency assumes that the account doesn't become current again. If the account becomes current then DOFD is reset.

*Edit: Spelling is a virtue.

Message Edited by erchambers on 03-26-2008 02:46 PM

[Anonymous]

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erchambers wrote:

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--Would your CLOCK start from year 2002 or 2000 to inforce your Statue of Limitations?

----It would be the year 2000 "First date of deliquency"

---

DOFD referring to the Date of First Delinquency assumes that the account doesn't became current again. If the account becomes current then DOFD is reset.

---

Correct.  DOFD would be 2002 in OP's example.

[Anonymous]

could someone please define "current"? I am kind of in the same situation, I have an account with DOFD listed in 2003 (with a CL of $500) that had a balance of $5000 in 2003. I would venture to say I wasn't "current" at that time, or even 4 years prior.

Sorry, OP I am not tryint to Hijack your thread.