topic Re: AaoA - 10 years in jail... in General Credit Topics

AaoA - 10 years in jail...

TheBoondocks — Tue, 11 Jun 2019 17:53:22 GMT

Hey guys, so say I close a 1 year old card, it continues to age but after the 10 years is over, does the time 1 year comes off since you got it or does the 10 years come off? Thanks. In the long run, it's gonna affect me but not as much I believe cause I have tons of cards still aging.

Re: AaoA - 10 years in jail...

Anonymous — Tue, 11 Jun 2019 18:41:10 GMT

If I'm understanding you correctly it would be 10yrs from the date the account is closed. So in your situation 10yrs from now the acct will be 11yrs old when it's deleted.

Re: AaoA - 10 years in jail...

RobertEG — Tue, 11 Jun 2019 22:04:05 GMT

The removal of accounts by a CRA from consumer credit files/reports is an internal housekeeping measure that is not covered under the FCRA.

The CRAs choose to remove at apprix 10 years after an account is closed, as accounts will normally have most or all of payment history information excluded under the FCRA within 7-10 years of date of initial delinquency, and date of initial delinquency will occur prior to account closure. Thus, afer approx 7-10 years from date of account closure, account history will be incomplete as regards prior payment history performance, and thus of little use to potential creditors.

However, since the CRA removal date is totally discretionary on the part of the CRAs, as it is not a provision of statute or regulation, actually removal date can vary significantly. It could occur prior to 10 years, or significantly later.

I personally had a credit card account remain for over 15 years after I closed the account.

Re: AaoA - 10 years in jail...

rbentley — Tue, 11 Jun 2019 22:46:47 GMT

Thank you for the clarification Robert. I think we preach as gospel on here that closed accounts will remain on your profile and continue to age for 10 years. You have provided your own experience that they can continue longer. Another senior contributor on here has posted that he had a couple of closed accounts drop off at 3 years. I don't recall who that is though or the thread it was shared in. It is not as black and white as we sometimes say it is on here.

Re: AaoA - 10 years in jail...

Revelate — Wed, 12 Jun 2019 03:37:50 GMT

Heh I had one account fall off in less than a year after closing on EX, and have had another record wander away from EQ early too... but most closed tradelines of mine indeed stay around 10 years give or take.

Re: AaoA - 10 years in jail...

RobertEG — Wed, 12 Jun 2019 16:02:23 GMT

Accounts can be removed in two ways, and removal of an account at a given time does not necessarily mean it was deleted by the CRA under their own removal policy.

A creditor can always, at any given time, simply report deletion of their account to any one or to multiple CRAs.

That is not a deletion initiated by the CRA, and a consumer will normally not be aware of who deleted.

Creditors often choose to delete accounts in order to simplify reporting, or to avoid future need to have to deal with any disputes that a consumer might file.

I would speculate that accounts deleted after three years were not removed by the CRA under their internal procedure, but rather were removed based on an explicit deletion reported by the creditor.

Re: AaoA - 10 years in jail...

TheBoondocks — Wed, 12 Jun 2019 16:05:57 GMT

Could I call up the creditor to delete the account or how do I get it deleted by the CRA? I thought once it's deleted, it's for good?

Re: AaoA - 10 years in jail...

M_Smart007 — Wed, 12 Jun 2019 16:30:40 GMT

@RobertEG wrote:

However, since the CRA removal date is totally discretionary on the part of the CRAs, as it is not a provision of statute or regulation, actually removal date can vary significantly. It could occur prior to 10 years, or significantly later.
I personally had a credit card account remain for over 15 years after I closed the account.

Very good Advice@RobertEG , as Always!

I have a CitiBank CC Reporting @ 22.3 years after being closed. it only shows on EQ.

I Lost a very old account on EX Dropped My AoOA by 10 years Affecting My AoOA and AAoA (Painful)

Re: AaoA - 10 years in jail...

GApeachy — Fri, 21 Jun 2019 17:14:04 GMT

edit

Re: AaoA - 10 years in jail...

dynamicvb — Wed, 12 Jun 2019 16:48:52 GMT

I've got a Sears account that was closed in 2005 too, but still updating occasionally. It's only on EQ and helping my age quite a bit and I think its the reason my EQ is so much higher than the rest since my EQ is the only one that still has a baddie left on it.

Re: AaoA - 10 years in jail...

TheBoondocks — Wed, 12 Jun 2019 17:03:00 GMT

Dang, looking at all of that, I don't understand why it even goes after 10 years or whenever they feel like they should get it deleted off of the report. Why can't it be like the hard inquiries? It makes it like a hit and miss and you never know when it actually does get off. I don't see why in the long term it affect a person when it's in good standing, just doesn't make sense to me.

Re: AaoA - 10 years in jail...

TheBoondocks — Thu, 20 Jun 2019 00:17:21 GMT

Hey guys, so let's say you have 1 card one where you had back in 2000 and you decided to close it and 10 years later, it deleted. That means that it's like you never had the card then? If that's the case, it would really suck cause you wasted all that time, however if you have many cards, it wouldn't matter than would it? Thanks!

Re: AaoA - 10 years in jail...

RobertEG — Thu, 20 Jun 2019 22:52:30 GMT

The primary business and concern of the CRAs is their business clientele, and their reporting to the CRAs and their purchase of credit histories of consumers. Consumers are, at best, a secondary factor,.

Credit history on an account that has been closed for more than 7 years will have most of their prior derogs excluded under requirements of the FCRA, and normally will have all derogs removed after 10 years. Thus, they are incomplete account histories for use in determining a consumer's prior payment history, and creditors gain little or nothing in continued reporting of such accounts.

Yes, deletion by the CRAs impacts the consumer's length of credit history scoring, but the advantages to the CRA in clearing out incomplete dead wood is a more important consideration for them.