topic Re: Account Removal question?? in Rebuilding Your Credit

Account Removal question??

Anonymous — Sun, 27 Sep 2009 16:22:42 GMT

I have an old macys account on my TU report that states it will be removed 9/2009. I recieved an updated report today and the account is still on my TU CR. Will it not fall off until October? Do they leave the account on the report for the entire month and then drop it? Just curious as I am really trying to improve my scores...Thanks

Re: Account Removal question??

DI — Sun, 27 Sep 2009 17:35:42 GMT

@Anonymous wrote:
I have an old macys account on my TU report that states it will be removed 9/2009. I recieved an updated report today and the account is still on my TU CR. Will it not fall off until October? Do they leave the account on the report for the entire month and then drop it? Just curious as I am really trying to improve my scores...Thanks

The account should not report come Oct. 1st. Inquiries with TU are deleted the exact day when the inquiry appeared two years ago. Give it until 10/1 to fall off.

Re: Account Removal question??

RobertEG — Mon, 28 Sep 2009 01:10:08 GMT

The reporting limitations of FCRA 605(a) relate to the cessation of the reporting of delinquencies on an account after 7 years from the date of each delinquency. It does not require removal of the entire OC account from your CR.

The only removal of accounts mandated by the FCRA are charge off or collections at 7 1/2 years from the DOFD on the OC account.

Focus on the reporting of OC account delinquencies, not the entire IOC account.

Re: Account Removal question??

Anonymous — Mon, 28 Sep 2009 01:56:30 GMT

@RobertEG wrote:
The reporting limitations of FCRA 605(a) relate to the cessation of the reporting of delinquencies on an account after 7 years from the date of each delinquency. It does not require removal of the entire OC account from your CR.
The only removal of accounts mandated by the FCRA are charge off or collections at 7 1/2 years from the DOFD on the OC account.
Focus on the reporting of OC account delinquencies, not the entire IOC account.

Okay, so the 7 1/2 years is only for negative items reported? I was confused because I have good accounts (never late, closed in good standing) that are scheduled to continue on record for 10 years since the DOLA. Is this right? Should they fall off after 10 years?

Re: Account Removal question??

RobertEG — Mon, 28 Sep 2009 02:35:48 GMT

How long an OC account remains in your CR is not regulated, in any manner, under the FCRA. The FCRA only regulates how long delinquencies reported for an account may be included in any credit report.

Most CRAs seem to continue to include OC accounts for at least 10 years from their date of closing, and then may or may not drop them. I have an old Macy's account that was closed 15 years ago that is still reporting. I love it, for it is adding to my AAoA, but am aware that it could evaporate at any time. No one can tell you for sure what will happend to a closed account.