Keeping the 3 Bureau Reports In Sync - How Important Is It?

[FICONewbie62]

One of my older accounts (closed/paid off/in good standing - with no late payments) is missing from my EQ and EX reports.  The absence of this account is lowering my Length of Credit History (AAoA) on those two reports. Although the account is closed, it will remain on the report for several more years - so I would like for it to be factored in my AAoA.

Should I contact those two Bureaus and ask that this account be added?  If the answer is yes, how is this accomplished?

I also wondered how important it is to have current, consistent information listed in the Employment area of the Personal Information section.  Should I make sure that all of my past employers, and postions held, are listed here? Does that information play any role in reviews/approvals for loans/credit?

Apologies if these are basic  questions.  I am new to this and am just trying to get my house in order FICO-wise!  I have good scores, but would like to see them steadily improve as I move forward.

Thanks in advance for any assistance.

[coldfusion]

While it's common for a closed account to remain for approx. 10 years it isn't required and a CRA can choose to remove a closed account from a report at their discretion.   You can try sending letters to the agencies asking for reinstatement of the deleted account but you need to set your expectation of a positive response very low.

Do not worry if your report doesn't list an employer or previous addresses - first priority is to confirm that whatever information they are reporting is accurate.

I suggest you get a copy of your Lexis Nexis Consumer Disclosure (it's free) and review it carefully for accuracy, if there are errors dispute them off.   LN is a data aggregator commonly considered a reference source and errors in their information have a way of trickling down onto credit reports at inappropriate times.

[FICONewbie62]

Thanks for the response Coldfusion. I appreciate your realistic expectations concerning the bureau responses.

I was not aware of the need the pull other reports, so I will look into that as well.

Thanks again for the suggestions.

[SouthJamaica]

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@FICONewbie62 wrote:

One of my older accounts (closed/paid off/in good standing - with no late payments) is missing from my EQ and EX reports.  The absence of this account is lowering my Length of Credit History (AAoA) on those two reports. Although the account is closed, it will remain on the report for several more years - so I would like for it to be factored in my AAoA.

Should I contact those two Bureaus and ask that this account be added? 

No, I don't think that there's any requirement that they continue to report closed accounts for any specific period of time. EQ dropped my second oldest account about a year after it was closed, causing my EQ average age of accounts to be consistently 6 months lower than my AAoA on the other 2 reports.

If the answer is yes, how is this accomplished?

I also wondered how important it is to have current, consistent information listed in the Employment area of the Personal Information section.  Should I make sure that all of my past employers, and postions held, are listed here? Does that information play any role in reviews/approvals for loans/credit?

I don't think so.

Apologies if these are basic  questions.  I am new to this and am just trying to get my house in order FICO-wise!  I have good scores, but would like to see them steadily improve as I move forward.

Thanks in advance for any assistance.

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[yourcreditsage]

Hi there!

Congratulations on taking proactive steps to manage your credit and improve your FICO scores! It's great to see your dedication to getting your house in order financially. Let me address your questions and provide some guidance.

Regarding the missing account on your EQ and EX reports, it's important to have accurate and complete information on all three credit bureau reports (Equifax, Experian, and TransUnion). Since the account in question is closed but should still be factored into your Average Age of Accounts (AAoA), it would be beneficial to contact both Equifax and Experian to request that they add this account to your credit reports. You can do this by submitting a formal request in writing, including any relevant documentation that supports your claim. It's recommended to check the websites of Equifax and Experian for specific instructions on how to submit such a request.

Regarding the Employment section in the Personal Information area of your credit reports, while it may not directly impact your FICO scores, it can still play a role in certain loan or credit approval processes. Lenders or creditors may verify your employment information as part of their review process to assess your stability and ability to repay. It's a good practice to ensure that your past employers and positions held are accurately listed to provide a complete picture of your employment history. While it may not be the sole determining factor, having consistent and up-to-date information in this section can contribute to a positive impression when seeking credit or loans.

Remember, improving your credit is a gradual process, and maintaining good scores requires ongoing effort. Regularly monitoring your credit reports, addressing inaccuracies, and managing your credit responsibly will help you see steady improvements over time. Should you have any further questions or need assistance, don't hesitate to reach out. Best of luck on your financial journey!

Kindly, 

YCS

PS: Additional sources of information:
- Official FICO website: www.myfico.com
- Equifax website: www.equifax.com
- Experian website: www.experian.com