topic Re: Consumer Finance Loans in General Credit Topics

Consumer Finance Loans

Anonymous — Tue, 26 Jun 2007 20:52:15 GMT

in college needed some consumer finance loans to keep me afloat back in 98 should I get these off? all good payment history on these?

Re: Consumer Finance Loans

MidnightVoice — Tue, 26 Jun 2007 21:19:03 GMT

I don't think you can get them off. FICO does not really like them, but if they are all good payment histories it is better than bad payment histories.

Re: Consumer Finance Loans

Anonymous — Tue, 26 Jun 2007 21:30:22 GMT

they are waaaay over the 7 year statute so why couldnt I get them off? are they lowering my score?

Re: Consumer Finance Loans

MidnightVoice — Tue, 26 Jun 2007 21:32:59 GMT

closed accounts should stay on for 10 years. Are they waaaay over that?

Re: Consumer Finance Loans

Anonymous — Tue, 26 Jun 2007 21:43:13 GMT

9.5 year mark,,,,,i dont need to delete them,,,just wasnt sure if they were hurting my score

Re: Consumer Finance Loans

Anonymous — Tue, 26 Jun 2007 22:28:15 GMT

I wonder them being so old if they are hurting your score?

Re: Consumer Finance Loans

Anonymous — Mon, 09 Jul 2007 17:55:50 GMT

motoracer wrote:
in college needed some consumer finance loans to keep me afloat back in 98 should I get these off? all good payment history on these?

How thin or full is your report? I think a solid, credible argument could be made that since these are negative TLs you could dispute them with the CRAs as too old to report. I say dispute them.

http://caselaw.lp.findlaw.com/scripts/ts_search.pl?title=15&sec=1681c

15 USC 1681c

(a) Information excluded from consumer reports
Except as authorized under subsection (b) of this section, no consumer reporting agency may make any consumer report containing any of the following items of information:
...
(5) Any other adverse item of information, other than records of convictions of crimes which antedates the report by more than seven years.