Good accounts missing?

Anonymous · ‎08-30-2010

I noticed that on all three of my credit reports, I have closed accounts in good standing that do not appear.

Specifically, a student loan which I paid in full from the mid 80's and a car loan also paid in full from the late 90's.

I know that negative accounts can drop off your credit reports after 7 years but can positive accounts drop off as well?

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llecs · ‎08-30-2010

Generally, positive TLs fall of about 10 yrs after they report closed.

RobertEG · ‎08-30-2010

There is no provision of the FCRA that ever requires OC accounts to drop from your CR, either postitive or negative, under any time frame.

All that is required is that indvidual derogs must normally drop from inclusion in your CR after the periods set forth in FCRA 605(a), such as 7 years, but not the accounts themselves.

Total dropping of an OC account can occur at any time an OC chooses to report an account deletion code to the the CRA. Normally, they will just report account closure, and not deletion.

The other way an account can drop from your CR is based on independent deletion by the CRA. CRAs dont normally do their independent deletion until the OC account has been closed or at least 10 years. That arbitrary date arrives from the fact that the CRAs want to retain data until all of the possible FCRA derog deltion dates of FRCA 605(a) have passed. Thus, 10-years min.

I have closed accounts still appearing on my CR for 15-27 years after closing. It is not something that the consumer controls, and is totally unregulated.

Anonymous · ‎08-30-2010

FCRA § 605(a)(5)

In a nutshell, other than bankruptcy, criminal convictions and, under certain circumstances, student loans, child support, arrest records and judgments, one's credit report may not contain any adverse (i.e. negative) items which antedates the report by more than seven years.

There are, however, three exemptions based on the dollar amount of a) the credit product you are seeking, b) salary the job you're seeking pays and c) the face amount of the life insurance policy you are applying for -- if any.