topic Re: Which Accts Stayed on YOUR report 10 years+ ? in General Credit Topics

Which Accts Stayed on YOUR report 10 years+ ?

stellar — Sun, 23 Sep 2018 16:32:15 GMT

Which accounts specifically stayed on your credit report more than 10 years after it was closed/paid? How long did it stay?

I believe I had an old GE (now Sync) card for Express that I closed myself, which stayed probably 12 years.

Also had an old student loan paid from Dept of Edu that stayed about 12-13 years.

Re: Which Accts Stayed on YOUR report 10 years+ ?

DaveInAZ — Sun, 23 Sep 2018 17:21:18 GMT

I think it depends on the lender/CC issuer. I have a Synchrony electronics store card that was closed in 2004 still reporting (14 years), but not Visa/MC cards that were closed around then.

Re: Which Accts Stayed on YOUR report 10 years+ ?

stellar — Sun, 23 Sep 2018 17:24:46 GMT

Right, that's what I was trying to see...which lenders/ccs/accounts stay the longest generally.

Re: Which Accts Stayed on YOUR report 10 years+ ?

RobertEG — Sun, 23 Sep 2018 17:44:54 GMT

The removal of closed accounts at approx. 10 years from date closed is purely a CRA housekeeping function.

It is not required under or regulated by any provision of statute or regulation.

In many instances, the consumer cannot tell whether a closed account was removed by the CRA under their internal policy, or whether the creditor chose to voluntarily report deletion of their account, which is totally separate from internal removal by the CRA.

I have, over the years, seen anecdotal posts stating that they had accounts deleted as soon as 8-9 years after closure, and I personally had an old, closed account removed by the CRA at 15 years after closure.

It varies widely, and in many instances, it is not possible for the consumer to know whether it was removed by the CRA or deleted by explicit deletion of the creditor without contacting either the CRA or the creditor.

Re: Which Accts Stayed on YOUR report 10 years+ ?

Anonymous — Sun, 23 Sep 2018 18:04:52 GMT

The odd thing is that there should be cases of accounts that have been closed for significantly longer than 10 years staying on.

It would not be strange, of course, if one or more of the CRAs did not have a policy of deleting closed accounts at ten years. But it's clear that all three do have that policy. It's not legally binding on them to do it, but it is clear that each CRA has some kind of database program that combs through its records and deletes old closed accounts, since there is a pattern of this happening in vast numbers of cases. Any given closed account, if it hasn't been deleted by the creditor by year 9, stands an extremely high chance (I'd say 99% or better) of being deleted at year 10 (give or take a month).

The +/- a month isn't strange, because one can imagine a CRA's housekeeping program only being run once a month, or perhaps even being delayed an extra month if they are doing other kinds of database maintenance.

But given that they clearly do have such a DB program in place that prunes old accounts, it's really strange that it "misses" some old accounts -- accounts that do indeed have a clear Date Closed listed on the report (and not in the comments section) from much older than 10.5 years ago.

Re: Which Accts Stayed on YOUR report 10 years+ ?

DaveInAZ — Sun, 23 Sep 2018 18:38:58 GMT

Well, you got me to look into the detail of that Sync electronics store card. My bad, it was opened in 9/2004, it was my first HDTV. Last activity is 3/2006, I guess when I paid it off, and closed by credit grantor 9/2008 - it was an electronics store in Las Vegas and I moved to southern AZ in 2005, so I never went back. As it was closed in 9/2008 it's likely to be removed soon.

Out of curiosity I googled it, the store was Ultimate Electronics, according to Wikipedia they filed BK and ceased operations in 2011. it looks like they did have stores in AZ, but that HDTV was a Sony and it still worked great when I gave it away in 2014, it was a 55" rear projection HDTV that was the size & weight of a chest freezer. Now I have a 65" Sony 4k TV that weighs less than 50 pounds.

Re: Which Accts Stayed on YOUR report 10 years+ ?

RobertEG — Sun, 23 Sep 2018 22:43:25 GMT

It is also possible that the CRA algorithm used to identify accounts considered eligible for deletion based on obsolescence of the information uses more than simply just the period since closure.

The CRAs dont consider removal of closed accounts until well after 7 years from closure under the assumption that the normal credit report exclusion provisions of most reporting under an account have been reached shortly after 7 years.

Thus, closed accounts with roughly 8+ years from closure normally begin to or already have much of the account history excluded from their credit reports, making the account of less interest to their customers.

However, there are various types of account histories that may still have substantive derogs still showing well beyond 8 years, and even beyond 10 years. Examples that come to mind are revolving accounts, where closure does not prevent the continued reporting of new derogs, bankruptcies, and other public record information.

Perphaps their removal at 10 years is only general, with some removed a bit earlier, and some a bit later, depending upon specifics of the account history other than simply time since closure.

Re: Which Accts Stayed on YOUR report 10 years+ ?

jamie123 — Mon, 24 Sep 2018 00:57:13 GMT

I had a bank line of credit account that stayed on my EX report for almost 30 years after closing. This is when banks first started offering checking account "insurance" to cover insuffiecient funds so you wouldn't bounce checks back in the 1980s. My bank made you apply for a small line of credit ($250) and it would be tied to your checking account for that purpose. I closed that bank account in 1985 and it didn't fall off my EX report until 2015. Lost about 35 points on my EX score when I lost that account.

My wife just had a JC Penny account that was closed in the early 1990s fall off her report a few months ago.

Re: Which Accts Stayed on YOUR report 10 years+ ?

Anonymous — Mon, 24 Sep 2018 03:30:10 GMT

Credit card. Opened 2005. Closed 2005. Last reported 2012. Still reporting on EQ but tu or ex.

Re: Which Accts Stayed on YOUR report 10 years+ ?

stellar — Mon, 24 Sep 2018 22:01:23 GMT

Wow accounts staying up to 30 years after closing. Amazing.

Re: Which Accts Stayed on YOUR report 10 years+ ?

stellar — Mon, 24 Sep 2018 22:01:59 GMT

Which credit card was it?

@Anonymous wrote:
Credit card. Opened 2005. Closed 2005. Last reported 2012. Still reporting on EQ but tu or ex.

Re: Which Accts Stayed on YOUR report 10 years+ ?

Thomas_Thumb — Tue, 25 Sep 2018 02:41:25 GMT

@stellar wrote:
Which accounts specifically stayed on your credit report more than 10 years after it was closed/paid? How long did it stay?

I believe I had an old GE (now Sync) card for Express that I closed myself, which stayed probably 12 years.
Also had an old student loan paid from Dept of Edu that stayed about 12-13 years.

Unfortunately I have never been so fortunate. I had a closed store card drop off after 6 years. Otherwise it has been 10 years for other closed cards and a paid/closed mortgage

Re: Which Accts Stayed on YOUR report 10 years+ ?

Brian_Earl_Spilner — Tue, 25 Sep 2018 02:54:11 GMT

My oldest accounts are 16 yrs 2 mos old, closed in 2011. Federal student loans and Sallie Mae. Will be a sad day for average age when they fall off. Hopefully I get another 3 years out of them at least.

Re: Which Accts Stayed on YOUR report 10 years+ ?

Anonymous — Tue, 25 Sep 2018 04:18:29 GMT

@stellar wrote:
Right, that's what I was trying to see...which lenders/ccs/accounts stay the longest generally.

IME, a Citibank-backed Radio Shack account I closed in 2006 is still on all my credit reports. YMMV.

Re: Which Accts Stayed on YOUR report 10 years+ ?

Anonymous — Tue, 25 Sep 2018 15:34:54 GMT

@Anonymous wrote:
@stellar wrote:
Right, that's what I was trying to see...which lenders/ccs/accounts stay the longest generally.
IME, a Citibank-backed Radio Shack account I closed in 2006 is still on all my credit reports. YMMV.

Yeah, this is the sort of thing that seems strange to me (though it certainly does happen). Does the account clearly show a value in the Date Closed field? How does that date read? Is there anything that might set that account apart from others? Were there ever derogs on it? Did you ever have a bankruptcy? What does the Status field say?

Re: Which Accts Stayed on YOUR report 10 years+ ?

Anonymous — Tue, 25 Sep 2018 16:23:44 GMT

I've got what WAS a GE Texaco (that now reports as a Synchrony Chevron) that was opened in 2006, never used, and closed by GE in 2008 that still reports on my Equifax report but not Transunion or Experian.

Re: Which Accts Stayed on YOUR report 10 years+ ?

Anonymous — Tue, 25 Sep 2018 18:49:08 GMT

@Anonymous wrote:
I've got what WAS a GE Texaco (that now reports as a Synchrony Chevron) that was opened in 2006, never used, and closed by GE in 2008 that still reports on my Equifax report but not Transunion or Experian.

When you pull your EQ report, what does it say in the Date Closed field? If it says Aug 2008 or later, then it's not strange that it is still on your report. That's still approx 10 years or a bit less.

Re: Which Accts Stayed on YOUR report 10 years+ ?

Anonymous — Thu, 27 Sep 2018 01:09:51 GMT

@Anonymous wrote:
@Anonymous wrote:
@stellar wrote:
Right, that's what I was trying to see...which lenders/ccs/accounts stay the longest generally.
IME, a Citibank-backed Radio Shack account I closed in 2006 is still on all my credit reports. YMMV.
Yeah, this is the sort of thing that seems strange to me (though it certainly does happen). Does the account clearly show a value in the Date Closed field? Last updated: 12/31/2015 How does that date read? Is there anything that might set that account apart from others? No. Were there ever derogs on it? No. Did you ever have a bankruptcy? No What does the Status field say? Paid, zero balance