Original Creditor and Reporting

[blaksun333]

All,

If an original creditor from a personal loan company, stops reporting on an old account which had some late payments back in 2005, will it cause the account to erase from the credit report?

[LIGHTNIN]

Just because a Creditor stops reporting, doesnt mean the item with get deleted.

Is it deleted on all your CR's?

Is the loan paid now?  Did you dispute this loan with the CRA's?

[guiness56]

No. 

What is the status of the account?  Is it paid, CO'd?  Open, Closed?

[blaksun333]

The account still shows on all three CRAs and the loan is paid off and closed since 2005.  I'm just concernced with the lates.  I disputed the acct with the CRAs and came back as verified.  I did manage to speak with the loan company and they said since they cannot remove the lates from the account, they will simply just stop reporting the acct with the CRAs.

[guiness56]

Why would you dispute it? 

The lates will fall of one at a time 7 years from their occurence.  After the last one comes off the account will become positive and stay 10 years from the closed date.

[blaksun333]

So, even though I disputed the account, will this still fall off in 7 years from 2005?

[guiness56]

I need some clarification.  Was the account ever sent to collections or CO'd. 

Was it only lates that make it a negative account?

Where are you getting the correlation between disputing and it coming off?  The only time it will come off after a dispute is if they can not verify it, which they did.

If it was only lates and not COd or sent to collections, the account itself will not come off in 7 years.  Only the individual lates.  Once the last late comes off the account will stay for 10 years from the closed date as a positive account.

If it was sent to collections or CO'd it will come off 7 - 7.5 years fro the DoFD.

[blaksun333]

Thanks for the info.  The account was never sent to collections and the lates are the only items making the account negative.  So from your message, the lates will come off in 7 years and will stay for 10 years from the closed date as a positive account.  Thanks!!

[guiness56]

Just to clarify for you, all the lates do not come off at one time.  Each late comes off 7 years after it happened.

I wasn't sure you understood that.

[blaksun333]

Thanks again!