How long credit record exist?

[Anonymous]

Hi guys,

Recently, I got SSN so I am trying to build credit.

Long time ago, I have auto loan record and called them ask about add my SSN.

(It was 2008-2011, paid on time, never late payment)

So they put my SSN and said "Even your account is closed, We will put your SSN so you can get credit for the whole payment."

Is it possible? I wonder how long credit record exist?

And they put my SSN on july 30 and I checked my credit score yesterday but I cannot see it so far.

How long does it take to add credit to my record?

Thank you guys!

[Anonymous]

It would exist for 10 years after it was paid off and closed. As for how soon it will appear, that is completely dependent on how quickly they report it.

[Anonymous]

Thank you for reply CAPTOOL.
So my previous auto loan history will effect my credit right? By the way how come they report 7/30 but still cannot see the record?

[RobertEG]

Whatever the creditor has previously reported to the CRA will remain in your file until the CRA decides to delete.

The CRAs have an internal housekeeping policy of deleting credit files after they have been closed for a period of time considered by them as sufficient to remove their usefulness to creditors.  Ten years is their approximate date from closing, as it extends to the maximum credit report exclusion period provided for derogs under the FCRA.

Retaining all files forever would be extremely costly.

I, for example, had an old credit card account that was closed for 15 years before it was deleted.  It can vary........

[Thomas_Thumb]

Closed accounts remain on your credit report for ten years.

I paid off and closed a 15 year mortgage 10 years ago - June 2005. I also closed a CC account with 20 years active history ten years ago (in 2005). Both accounts fell off all three CB reports on their respective 10 year anniversary dates to the month. Impact of drop off showed up in my AAoA and # total accounts summary as well.