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Posts: 7
Registered: ‎10-21-2011
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Should I and how do I get an account removed?

So, i have taken my rebuilding about as far as I can go short of waiting out some 30 day lates. I'm looking at TU 713 and EQ of 750. I'd like to get both up prior to a new car purchase. 30 day lates are the worst ding i have, and unfortunately, I have them on 8 different accounts (lazy bill paying). It looks like TU is hitting me hard on these as the only 2 dings in understanding your score are for these. I have an average age of 12 years. I noticed that 2 of the accounts with the lates are at 5 and 7 years. Would it help to have these accounts removed? They are closed. And given that they are newer than my average age, that shouldn't hurt there either right? If true, then how do you remove the accounts? Through the agencies or through the CC company? These were hsbc-best buy and gecrb brooks brothers. The newest brooks late is from 8/05 and the best buy from 4/09. So, I wouldn't think they'd have much impact in and of themselves other than they add up in number of accounts with lates. I'm about to hit 12 months out on my newest late but that's not an account I'd want to close and BofA won't help me out on it. thanks
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Epic Contributor
Posts: 29,726
Registered: ‎03-19-2007
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Re: Should I and how do I get an account removed?

[ Edited ]

Reporting of accounts is at the creditor's discretion, depending upon whether they want to make the information about your past credit history available to others in their evaluation of your credit risk.  That is the altruisitic, "good of the system" reason for reporting.


The more practical reason for creditor reporting is to place incentive upon their own customers to pay timely, or to pay delinquent debt.  They know you read your CR and are concerned about your credit score, so it becomes more than just an altruistic "good for the system" motive. It helps "keep you in line."


So, given that there are different reasons for reporting, there are also different reasons for not deleting.  Only the credtior who reported the information can delete their reporting.  The CRAs dont delete on their own initiative, except for those accounts that have reached over 10 years from date of closing (a nasty and questionable CRA policy).


When an account is closed, reason 2 is kinda gone, as they no longer have an active account with you.  So they wont care about the practical aspects of their reporting, and deletion would not impact them.  However, technically, the altruistic reason 1 still applies, and deletion would deprive other creditor of a complete view of your past credit history.

So they could legitimately set a policy not to grant deletion of prior, accurately reported information.  Who knows how any individual credit will view deletion of their reporting when requested to do so by a  former customer?   Not much in it for them.....  so maybe offering some good-will reason why it might benefit them, if you can concoct such a reason, would help.

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