topic Re: when do good accounts fall off? in Understanding FICO® Scoring

when do good accounts fall off?

morganirish — Tue, 19 Jul 2011 14:35:41 GMT

one of my oldest accts on my cr was opened in 2003. An auto loan paid of in 2008 and close. I believe it is 10 years, but is it 10 years from the date I opened it or 10years from when it closed?

Re: when do good accounts fall off?

MarineVietVet — Tue, 19 Jul 2011 16:39:51 GMT

@morganirish wrote:
one of my oldest accts on my cr was opened in 2003. An auto loan paid of in 2008 and close. I believe it is 10 years, but is it 10 years from the date I opened it or 10years from when it closed?

It's generally 10 years from the closing date but some will drop off a bit early and a lucky few have older accounts continue to report past that 10 year period.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Re: when do good accounts fall off?

morganirish — Tue, 19 Jul 2011 16:51:53 GMT

That is the answer I was hoping for. Thank you.

Re: when do good accounts fall off?

Booner72 — Tue, 19 Jul 2011 20:38:57 GMT

Hi there - some of my accounts do not list the date the account was closed. How would you figure that out?

Re: when do good accounts fall off?

MarineVietVet — Tue, 19 Jul 2011 23:04:45 GMT

@Booner72 wrote:
Hi there - some of my accounts do not list the date the account was closed. How would you figure that out?

And you're looking at full reports? Not third party reports? I'm not sure what to tell you. I guess you could always call the creditor and ask when the account was closed.

What type of accounts are you talking about?

Re: when do good accounts fall off?

RobertEG — Thu, 21 Jul 2011 00:37:14 GMT

The practice of deletion of closed accounts by the CRAs is not addressed under the FCRA or federal regulations other than under section 628, and thus there is no specific date. Theoretically, they should never be deleted. However, the CRAs, for their own purposes, have enacted procedures to delete old accounts after a period of time that THEY consider to be appropriate.

What they seem to consider "appropriate" is a time after which they no longer have the responsibility to monitor a consumer's credit file in order to calculate when derogs can no longer be included in credit reports they issue. The CR exclusion periods under the various paragraphs of FCRA 605(a) range from 7-10 years (with the exception of tax liens, which if unpaid, can be reported forever). Those periods curiously coincide with the normal deletion dates used by the CRAs, giving credence to the conclusion that they delete when they no longer have statutory obligations, ignoring the detrimental effect on consumers that can result from such deletions.

Under FCRA 628, the federal banking agencies were required to have initiated rulemaking on the subject of disposal of credit report information back in 2005, but to my knowledge, no such rules have been proposed, let alone enacted.

Re: when do good accounts fall off?

TravellingNomad — Thu, 21 Jul 2011 22:37:58 GMT

is the countdown starting when the accounts were closed or paid in full?

Re: when do good accounts fall off?

MarineVietVet — Thu, 21 Jul 2011 22:42:42 GMT

@TravellingNomad wrote:
is the countdown starting when the accounts were closed or paid in full?

The countdown starts for any type of account on the closing date because some accounts (credit cards for example) can be paid off but not closed.

Re: when do good accounts fall off?

TravellingNomad — Fri, 22 Jul 2011 14:53:54 GMT

@MarineVietVet wrote:
@TravellingNomad wrote:
is the countdown starting when the accounts were closed or paid in full?
The countdown starts for any type of account on the closing date because some accounts (credit cards for example) can be paid off but not closed.

ok that makes sense. thanks!

Re: when do good accounts fall off?

morganirish — Fri, 22 Jul 2011 15:08:15 GMT

In response to Booner looking for closed dates:

I went by the last reported date and then under Descriptions it says closed. This is for an auto loan that was from 2003 that I paid off in 2008. It is a perfect and older account so I was nervous about it coming of my report.

Re: when do good accounts fall off?

RobertEG — Sat, 23 Jul 2011 06:17:56 GMT

As with any item of information in your credit file that you are unsure of, either as to its date reported, or any other reason, such as finding out a DOFD, you can request any and all information reported on any account directly from the CRA by simply sending them a request under FCRA 609(a)(1). Just idenrify it as a request under FCRA 609(a)(1), enclose proof of your identity, and the current processing fee, which is $10.50.