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Removing an old auto loan

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Anonymous
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Removing an old auto loan

I have an old auto loan that is haunting me. A lot of the account has been deleted from my reports. From 4/2009 till 10/2010 the account was 30-60 days late. 10/2010 I brought the account current and paid it in full. I'm about to buy a house and would really like the auto account (through Toyota Financial) to disappear. What are my best options. I have ZERO experience in credit repair. My scores reagents from 763,754,767. This auto loan is my ONLY bad mark.
Please help!!!!
Thanks in advance.
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RobertEG
Legendary Contributor

Re: Removing an old auto loan

The only way to get the entire account deleted is to contact the reporting creditor and request them to voluntarily delete their reporting.

However, that is likely not a good idea.

 

Each of the reported monthly delinquencies will become excluded from your credit report no later than 7 years from the month/year of their occurence.

Once the delinquencies are exclluded, the accout will no longer show any adverse information.

If the account has an age that is older than your current average age of accounts, then deletion of the entire accuont will adversely affect your average age of accounts calculation.  It might not be beneficial to have the entire account deleted.........

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