Effect of Older Acct Aging off of Report

[joeyoey]

Hi everyone,

I have an older car loan with GM Financial that was last updated (is this the correct term?) in June 2005.  Am I correct to assume this that will fall off of my reports in June of next year?  It's one of the older accounts in my file & it's positive so I'm wondering how big of a hit I might take when this old acount disappears.  I've been working so hard to turn things around & I'm a little concerned that when things REALLY start to look up in May, I might take a few steps back in June because of this,

Thanks for any info or insight.

[RobertEG]

The CRAs have an internal housekeeping policy of deletion of old accounts after they have been closed for approximately 10 years.

They arbitrarily consider the information to be of no further use to their clients after the normal credit report exclusion periods for derogs have all expired, ignoring the impact on consumer AAoA caused by such deletions.  It shows who matters to the CRAs.  They obviously consdier recovery of database space more important than effect on consumer credit scores.

The exact date of their deletion is arbitrary on their part, and can occur earlier or several years later.  It is not regulated under the FCRA.

I personally had an old account that remained for 16 years after closing before they finallly deleted.

[joeyoey]

16 years?  Seriously?  I had never heard of that before but if I could just get an extra year, maybe two, that would be fantastic.  I'll keep my fingers crossed.

Thanks for the info!

[Anonymous]

When my oldest positive account was excluded due to age, my scores actually rose a few points. Go figure...

[JennaD075]

I have an account that closed in '95 in good standing that is still on one of my credit reports.

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@joeyoey wrote:

16 years?  Seriously?  I had never heard of that before but if I could just get an extra year, maybe two, that would be fantastic.  I'll keep my fingers crossed.

Thanks for the info!

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[SunriseEarth]

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@joeyoey wrote:

Hi everyone,

I have an older car loan with GM Financial that was last updated (is this the correct term?) in June 2005.  Am I correct to assume this that will fall off of my reports in June of next year?  It's one of the older accounts in my file & it's positive so I'm wondering how big of a hit I might take when this old acount disappears.  I've been working so hard to turn things around & I'm a little concerned that when things REALLY start to look up in May, I might take a few steps back in June because of this,

Thanks for any info or insight.

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I had an auto loan that aged off TU recently and my score dropped a few points, mainly due to lowered AAoA.   It's still reporting on EX & EQ.