When will accounts with no close date fall off?

Noctilum · ‎10-18-2016

I had two auto loans in a previous marriage. Both opened in 2006. They were paid off after the divorce, but since I was removed from the loan account before they were paid off they are stuck as: Current; Paid or Paying as Agreed. So will these fall off after 10 years or do I need to find a way to have them report as closed first?

Anonymous · ‎10-18-2016

@Corvidae wrote:
I had two auto loans in a previous marriage. Both opened in 2006. They were paid off after the divorce, but since I was removed from the loan account before they were paid off they are stuck as: Current; Paid or Paying as Agreed. So will these fall off after 10 years or do I need to find a way to have them report as closed first?

Interesting question! Somebody here may know the answer and I'll be curious to hear what it is.

Is the amount owed on the loans correctly listed as $0? If so, why are you interested in getting them to fall off? If they were to stay on your reports for the next 30 years, they'll just continue to cause your AAoA to increase, which is a good thing.

If not, what is the amount owed (as it reads on the report) and how much was the original amount of the loan?

Noctilum · ‎10-19-2016

The balance line is blank. It doesn't say $0 or any other number, it just shows:

Balance:

Status: $303 per month, paid Monthly for 64 months

Contrast to my Chase Auto loan that I paid off last year, which says:

Balance: $0

Status: $0 per month, paid Monthly for 72 months

Closed: 10/05/2015

Anonymous · ‎10-19-2016

Fascinating. It will be interesting to hear if anyone else has any advice.

Two more quick questions:

(1) Do you currently have an open installment loans? (Mortgage, Auto, Student, Personal, etc.)

(2) Are you sure that the "FICO 8" scores in your signature are correct? The FICO 8 model has a maximum achievable value of 850, so you couldn't have scores of 852.

Noctilum · ‎10-19-2016

1. I have a mortgage, that was from my previous marriage. It is current and no problems with reporting.

2. That is interesting. My scores come from my credit cards monthly. They explicitely state FICO Score 8. I am wondering if they are using the bankcard formula, which goes to 900, but not stating it.

Anonymous · ‎10-19-2016

If you are getting your EQ score from Citibank cards, then yes that score is FICO 8 Bankcard Enhanced and does have a range of up to 900.

Most free TU scores, if they are based on the FICO 8 family, are straight FICO 8 Classic scores. So they would have a ceiling of 850. And hence your score of 852 would not be possible.

You should be able to see the exact model and flavor in the fine print at the bottom of the screen when you view the score online.

Anonymous · ‎10-19-2016

Subscribing to this thread in hopes to hear some input on this question. Hopefully there is someone who knows the answer out there.

RobertEG · ‎10-19-2016

The deletion of accounts that have been closed for approx. 10 years is not a legal issue under the FCRA, it is an administrative issue based only on CRA policy.

The FCRA does not include any such requirement. It is solely an internal policy procedure established by the CRAs.

The problem with the posted scenario is that it asks the CRA to make a deletion determination that is based on a date of closure of an OC account when the reporting is not accurate or complete. The "answer," in my opinion, is to get the credit reporting corrected so that it reflects current account accuracy, at which time the account can be evaluated per CRA policy.

To that end, the creditor is required, under FCRA 623(a)(2), to have updated the reporting under their account when the loan was discharged, and thus closed.

The problem is that the creditor failed to meet its statutory obligation to have promptly updated its reporting so as to continue to reflect its current accuracy.

I would recommend making informal contact with the creditor, and advise them that their reporting is not accurate/complete, and they have not met their obligation to have promptly updated so as to maintain its current accuracy.

The credit reporting implications of whether or not the account will be deleted is then up to the CRA based on its internal policies.

If one is aware of inaccurate/incomplete reporting and wishes not to raise the issue based on some determination that inacurrate reporting may be beneficial to the consumer, such as continued inclusion of an old, closed account in their age of accounts scoring, that is a side issue over which the consumer is free to make their choice.

However, if the consumer wishes the account to be treated under normal CRA policy, the path is clear. Simply invoke, either informally or by way of a formal dispute, the issue of lack of prompt update of the account information to show closed date and paid, zero balance.

I would opt on the side of update to accurately reflect the true account status and balance.

Once that is done, the account should be deleted under normal CRA policy.

Anonymous · ‎10-20-2016

The oldest account in my credit report was closed in 2005 but shows a date of status of 2009 and account is scheduled to continue on record until 2019. I think they're going off the date of last status.

disdreamin · ‎10-21-2016

I have a zombie Jc Penney account that has been closed since some time in the late 90's or very early 2000's (definitely closed by 2005 when we app'd for our first mortgage) - it's still on two of the three bureaus even though I asked that it be removed years ago. EX shows it closed at consumer's request, but somehow it shows a payment history through 2007 (it was long since closed) and it's still on my report as of today. For EQ, is shows closed with a status date of 10/16. Very weird!