Mega Contributor
RobertEG
Posts: 18,462
Registered: ‎03-19-2007
Re: Closed accounts stay on for 10 years, correct?

Deletion of old info from your credit file is not covered under the FCRA, and is done by the CRAs solely at their convenience and discretion.

It seems that the primary consideration on their part is whether the account might still possible contain information that is still within the credit report exclusion periods of section 605(a), and thus still requires their monitoring.

 

Most information is excluded after 7 years, with the primary exceptions being some BKs at 10 years, and unpaid tax liens, which can extend indefinately.

So it appears that they see most accounts deletable after 7 years, but 10 years builds in accounts that might possibly have a reported BK.

Ergo, the usual 10 year after closing period.  But they may delete any time, with 7 years being the min that might still involve them in a dispute process.

 

I, too, had a closed account that remained for 17 years before they zapped it.  They dont care about consumer impact of loss of account age... they care about reducing their data base size.  It's arbitrary, and thus almost impossible to challenge.