topic Re: Oldest Account discrepancy in Understanding FICO® Scoring

Oldest Account discrepancy

girbabe — Wed, 12 Nov 2014 23:45:57 GMT

Two of the CRA's show my oldest account to be 31 years. The third shows my oldest account as only 15 years old. This has obviously affected my AAoA and credit score as well. Is there any way to dispute or somehow get the CRA to report the same as the other 2? Appreciate your input.

Re: Oldest Account discrepancy

09Lexie — Thu, 13 Nov 2014 07:03:15 GMT

@girbabe wrote:
Two of the CRA's show my oldest account to be 31 years. The third shows my oldest account as only 15 years old. This has obviously affected my AAoA and credit score as well. Is there any way to dispute or somehow get the CRA to report the same as the other 2? Appreciate your input.

Have you pulled your reports - all 3? Are they the same?

Re: Oldest Account discrepancy

girbabe — Thu, 13 Nov 2014 08:11:10 GMT

Yes, I have all 3 reports and no they are not the same. Experian is not reporting the oldest account., which is closed if that makes a difference.

Re: Oldest Account discrepancy

RobertEG — Thu, 13 Nov 2014 08:19:06 GMT

The CRAs have an arbitrary housekeeping policy of deleting accounts that have been closed for approximately 10'ísh years.

They do it to recover databse space, assuming that accounts closed for around 10 years have lost their value to their custormers as a current risk predictor.

That, of course, ignores the obvious impact of loss of old accunts on consumer AAoA and oldest account calculations.

It is not regulated under the FCRA, and such deletions are routine but not consistent. I, for one, had an old account remain in my report until it was arund 16 years of age, while a couple of others were deleted at around 9 years.

Re: Oldest Account discrepancy

mitchblue — Thu, 13 Nov 2014 08:19:23 GMT

@girbabe wrote:
Yes, I have all 3 reports and no they are not the same. Experian is not reporting the oldest account., which is closed if that makes a difference.

How long has it been closed? They stay on for 10 years, maybe Experian just removed it first..the other two removing it shortly? Just a guess..

Re: Oldest Account discrepancy

girbabe — Thu, 13 Nov 2014 18:58:29 GMT

Well, that answers my question but it sure sucks. The accout has been closed for well over 10 years so I guess they're just getting around to cleaning out their database. I don't think it's fair though since it doesn't really reflect a true and accurate credit score. Closed or not, those accounts are still part of the credit history. It just doesn't make sense to me.

Re: Oldest Account discrepancy

RobertEG — Mon, 17 Nov 2014 14:37:48 GMT

I agree.

The CRAs dont care about impact on consumer scores, which are clearly impacted by their policy of deletion of old accounts.

Consumers are obviously not their bread and butter.