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Probably a simple question friends? I have several old accounts that I remember paying off long ago. They all have 0 balances, and I (believe) are closed accounts. So, how long do these even show up? And do they matter if they are paid off? Should I try get the creditors to remove the flag, or is that even possible? Many thanks to any suggestions.
Welcome!
You cite "flags". Is this coming from your FICO report?
What's reporting negatively within the tradeline on your CR that could lead to a negative view by FICO (assuming this came from a FICO report)? Are there any lates? If so, how bad? Are there any comments showing? And what type of accounts were these?
Payment of a debt on either an open or closed account does not negate any prior, accurate reporting of information on the account.
Accurate reporting of adverse items, either as specific derogs or special comments concerning the history, remain unless deleted by the furnisher.
They remain until expiration of the credit report exclusion period pertaining to the adverse item, as set forth in FCRA 605(a). Seven years from date of delinquency for monthly delinquencies, and 7 years plus 180 days from DOFD on the OC account for collections and charge-offs.
You can always contact the furnisher and request they report deletion of the item. Deletion is totally discretionary on their part.
Big thanks for the responses. By flag I meant "literally" little flags in the FICO report. And as RobertEG pointed out, those "remain until expiration of the credit report exclusion period...7 years plus 180 days ...." That is what I didn't know. That answers why they would be there on a zero balance account. I will just have to contact these ancient accounts to see what these derogatory marks were for. I really do not know. Thanks so much for all your quick responses. Both comments appreciated immensley.
The red flag on your FICO report comes about when there's derog info showing within the TL. The fields that can cause this red flag include the "Worst Delinquency" box, payment history, status, and comments. If the worst Delinquency or status says something relatively benign like "was 30 days past due" or charge-off/collection" on the extreme, then the red flag will appear. If the payment history shows any late, 30 or worse, then a red flag will appear. Finally, if any comment has a negative impact on FICO, like "paid charge-off", "paid for less than full", "election of remedy", "included in bankruptcy", and many others, then a red flag will appear.