AaoA - 10 years in jail...

[TheBoondocks]

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.

[TheBoondocks]

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!

[RobertEG]

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.