Absolute & Final Purge of your Credit Data at What Point ??

[veracious]

Is there such thing ???

Are there other companies who collect data from the CRA's when the CRA's are about to purge data

from your credit file?   

My other questions are:    Once the negative or positive information is stored anywhere what's the likelihood

of it being deleted ?   

In the information age is  all  data.. insignificant or not ,   stored / kept to be bought and sold

for marketable purpose?

Please post your thoughts.

[RobertEG]

Once information is reported to your credit file, theoretically, it can remain there forever.  There are no statutes or regulations requiring deletion of informtion from your credit file at any time.

Information is normally deleted from your credit file only upon specific request for deletion by the party who posted the information to the CRA.

What are normally referred to as "drop off dates" only pertain to the inclusion of certain types of derogatory information stored in your credit file in any credit report they issue after the expiration of the "fall-off date" for that item of information. Thus, they dont refer to the deletion of anything from your actual credit file.

There are situations where a CRA might delete information from your credit file on their own initiative.  While this is, in my opinion, totally inppropriate on the part of any CRA, nontheles they do it under the following logic.  They will assume that any derogatory information in your credit file can no longer be included in any CR they issue once all the FCRA 605(a) dates have expired, and thus purging of credit files wont be detrimental.  So they will, under some situations, delete acounts from your credit file after some arbitrary date, usually 10 years, which coincides with the longest "drop-off date" under FCRA 605(a).

Such deletion by a CRA is, in my opinion, totally improper.  It ignores the detrimental affects on consumer's average age of accounts and/or the date of oldest account.  It also ignores the fact the the so-called "drop-off dates" under FCRA 605(a) are not absolute.  The exemption provision of FCRA 605(b) permits such old derogs to, under certain conditions, to still be included in a consumer credit report forever.

CRAs are prohibited under FCRA 620 from any unauthorized disclosure of information in your credit fle.  Criminal sanctions apply.

The method of disposal of information in a consumer credit file is governed by FCRA 628 and the implementing regulations at 16 CFR Part 682, as published at 69 Fed.Reg 68690(11/24/04).  Check those out if you need specifc regulations.

[veracious]

Thanks,    RobertEG.

So ,  from your explaination of the regulations involved with storing this data, can I  presume

that some of the "bits" of data in our credit files can still remain after  the fall off date ?

It stands to reason that a noted credit expert described our credit files  as residing in a pool

as oposed to a distinct  folder  specifically assigned to each individual.  Therefore, we can only

presume that  all information is removed on the designated "fall-off-date.

My guess is that the CRA would not delete, but rather "block" the information from further

inclusion in our file.  This information is not deleted  as I suspected, therefore, it may be erroneously included

in your, or perhaps, someone else's file if it continues to float in the pool of information stored.

Am I correct on this?

[RobertEG]

Every bit or byte of information can remain in your credit file.

It is a common misconception that the so-called "fall-off" dates somehow require deletion of information or accounts from your credit file.

FCRA 605(a) is simply a limitation on the CRAs as to how long they can normally extract inormation from your credit file, and then post it in any credit report they issue after those dates.  The term "fall-off" as typically used on this site refers only to credit report inclusion by a CRA, and not to credit file content.

Your use of the term "blocked" is very appropriate.

I dont quite understnd how data would "float."  Data is matched to a single consumer credit file

[veracious]

Thanks  for your reply  RobertEG.

My use of the term "float "   came from an article I read.

I started a post about this very same concept and a moderator  had to take it down due to the

copyright, and conflict of interest rules on this forum.

Well,as knowledgeable as you are,  you may find the author's views rather mundane,but I'll  PM you the link.