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REMOVING CLOSED ACCOUNTS

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Anonymous
Not applicable

REMOVING CLOSED ACCOUNTS

Hello,

 

As I continue along the path of keeping my credit score going in the right direction.  I have accounts that are closed (due to paying off car loans), however, there was a period of having the car loan where it was late.  I would like to request the credit bureau to remove this account:

 

1) is that possible?

2) if so, I know there is a 7 year period before they will remove, but, which date do I go by, would it be the DATE OPENED - JULY 2008 or DATE OF LAST ACTIVITY - DECEMBER 2010?

 

As always, thank you for your feedback!

 

 

Message 1 of 5
4 REPLIES 4
Anonymous
Not applicable

Re: REMOVING CLOSED ACCOUNTS

The short answer is no. If it is a legitimate account it can't be removed before the normal drop off date. Positive tradelines remain for up to 10 years, but the late payment entry should drop at 7 years. The period for removal of the entire tradeline begins at date of last activity,

Message 2 of 5
RobertEG
Legendary Contributor

Re: REMOVING CLOSED ACCOUNTS

The CRAs are in the business of selling credit histories, and have the business interest of maintaining as complete a history as possible on as many consumers as possible.

They dont entertain requests to delete from consumers.

However, since reporting is purely optional and since those who have reported assume continued responsibility, while their reporting remains, to promptly monitor and update whenever the accuracy of the information has changed, furnishers do have a possible interest in deleting, thus removing any continued monotiorinig obligation.

If you want an account deleted, make the request of the creditor to report its deletion to the CRA, as they are the one with potential benefit to doing so, not the CRA.

 

The saleability of reporting on an account of a consumers begins to lose its value once derogs begin to become excluded on an account.

After date of closure of an account in good-standing, no new derogs normally are reported, and after 7 years from closure, the accoutnts begin to become less complete simply due to required exclusion of derogatory information.  At ten years, most derogs are required to be gone, and thus the account has little or no subtantive value to others in reflecting its history, so the CRAs will then delete on their own so as to free up the database space.

 

Deletion of closed accounts at approx ten years is not regulated or mandated under the FCRA, and is totally at the perceived benefit and discretion of the CRA.

Message 3 of 5
takeshi74
Senior Contributor

Re: REMOVING CLOSED ACCOUNTS


@Anonymous wrote:

is that possible?

 


Nope.

 

You can try requesting goodwill removal of the late payment info by contacting the creditor but they are under no obligation to remove valid information.

 

Definitely do whatever it takes to avoid lates and other derogs going forward.  They tend to have a significant impact as long as they are on your reports.

 


@Anonymous wrote:

if so, I know there is a 7 year period before they will remove 


Make sure you understand that there are different timeframes for different items.  Alreday covered above but 7 years is for certain derogs and not the accounts.  When the clock starts depends on the item.  IIRC there are stickies and existing threads that you can use as resources.  Don't overlook the Rebuilding subforum.

Message 4 of 5
Anonymous
Not applicable

Re: REMOVING CLOSED ACCOUNTS

thanks! Smiley Very Happy LOL

Message 5 of 5
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