2004 late balance still showing on credit report- normal?

[acsbps1029]

Looking at my fico today I noticed a credit card that I paid late several times in college circa 2004 the account was later closed by the bank in that same year. Shouldn't that be off my score? I am by no means a expert at this so any suggestions would be great. Thanks.

[Lechte]

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@acsbps1029 wrote:

Looking at my fico today I noticed a credit card that I paid late several times in college circa 2004 the account was later closed by the bank in that same year. Shouldn't that be off my score? I am by no means a expert at this so any suggestions would be great. Thanks.

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It should be off your report 10 years from the date your OC closed it...unless they charged it off...in which case it would've fell off your report 7 years from then.  The lates should have already fell off.  Was this account charged-off?

[RobertEG]

If you are referring to a balance under the account, and not individual adverse items such as monthly delinquencies or a charge-off, then that information does not become excluded.

The FCRA, in section 605(a), defines when certain adversie items reported under an account must be excluded from the consumer's credit report.

Other information relevant to the OC account is not excluded at any time period under the FCRA.

OC accounts themselves are only deleted if the creditor reports its deletion, or if the account has been closed for approx ten years, in which the CRAs may delete as an internal houskeeping measure on their part.

Is the debt still delinquent, and is the reporting you are questioning only that of the showing of a balance?

[acsbps1029]

It was all paid off in 2004. It was a credit card with capitol one and they closed it due to late then non payment. But i paid it all off that same year. Fico still flags it is a potential issue with lenders. But it was so long ago when should that come off?

[guiness56]

If the account was never sent to collections or charged off, it will remain for up to 10 years from the date closed.  The individual lates will be removed 7 years from each occurence.  After the last one is removed it will become a positive TL again. 

Any account that has late payments will be reflected as a negative account until the lates are removed.

Only accounts that were sent to collections or charged off have a DoFD reported with them.  Those accounts would be removed 7.5 years from the DoFD.

That doesn't seem to be your case here.

[Lechte]

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@acsbps1029 wrote:
It was all paid off in 2004. It was a credit card with capitol one and they closed it due to late then non payment. But i paid it all off that same year. Fico still flags it is a potential issue with lenders. But it was so long ago when should that come off?

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Well....if it was never charged-off, but just closed...that account will be on your CR til sometime this year, but it should not be showing any negatives.   The negatives should have fallen off 2 or 3 years ago. 

[randyrhodes]

Depends on what time of the year the delinquencies occurred. remember ...were just un January right now.

[guiness56]

If the last late was in Dec 2004, I agree, it should have been gone in Dec 2011.

Can you post a pic of the account?