Odd Find In TransUnion Report (Fako)

[jbh]

Though this doesn't pertain to score, I did notice something interesting:

On TransUnion, my paid car loan (From 2000-2002) had only one 30 day blip (in early '02) and it's considered an 'adverse account'

Wha?

On Equifax (my strongest of the 3) the report doesn't list it as negative at all. Same with Experian if I recall correctly. Is it standard for agencies to not only have different scores, but judge accounts (installment loans) differently?

I thought it was funny.

[Anonymous]

I have a Chase auto loan show on all 3 CRs... But only show a single 30 day late on one CR. It's completely clean on the other 2. I thought it was an oversight, jumped the gun and disputed the one late 'creditor agreed to correction'... came back verified, but other 2 are still clean. Go figure.

[llecs]

Maybe EX and EQ were considering the overall history over a 30-day late.

Now TU is kind of funny. On TC TU for DW, it shows a 60 day late for a joint closed auto loan for Feb. 2006. The car was paid off in Feb 2005. My TC reads OK (being joint) and if you pull DW's TU directly or look at MyFICO TU reports it also reads OK (no late). Go figure.

To add, I have around 6 lates showing on my TU FICO report for 1 account, clearly visible in the history. But in the positive factors section, it says I have "0 lates" impacting my history. Not complaining.

Message Edited by llecs on 07-29-2008 09:17 PM

[RobertEG]

Just because an account per se was originally reported to each CRA, and thus is showing in each bureaus' files, does not ensure that the creditor reported all later actions, such as a derog, to all three.  There is no reason to  complain!

[jbh]

No, can't complain since I don't believe it's neg on the others. I just found it interesting how they measure things differently and it really opened my eyes. I never noticed such a discrepancy before.

Makes me wonder if this will drop off in 2009 (7 years after my neg 30 day late in '02) for TransUnion but stay 10 years as positive for the others. That'd be kooky, wouldn't it?

PS. I must make clear that the way it is displayed ,with all 20+ 'on time payments' and one 'late' are all identical. Which is the main reason I was baffled. Nothing is missing in this account for any of the 3. I find it fascinating.

Message Edited by jbh on 07-29-2008 10:09 PM

[Anonymous]

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jbh wrote:

Makes me wonder if this will drop off in 2009 (7 years after my neg 30 day late in '02) for TransUnion but stay 10 years as positive for the others. That'd be kooky, wouldn't it?

---

Normally what happens is that the late will drop after seven years and the account will change to positive status.  It will then drop in the same ten-year time frame as it will drop from the others.

This is especially true if you brought the account current and have positive payment history after that single 30-day blip.

[jbh]

I like that. I know it would then drop 5/09 all things =

(edited for brevity)

Message Edited by jbh on 07-29-2008 11:24 PM

[RobertEG]

Just a followup on Cheddar's post.  The derog MUST be dropped after 7 years.  It is not discretionary on the part of the CRA.  This is a legal requriement of the FCRA..

While they can continue to report the account, they cannot report the derog associated with it for more than 7 years from the date of the delinquency.

The date at which the CRA will subsequently no longer include the account in your CR is not mandated by law or regulation.  That is discretionary, and the CRAs seem to use a 10 year cutoff.  It is not to your advantage to have them drop the TL, for you then lose your years of credit history.

[jbh]

Right. And I figure since EQ doesn't report the neg, it'll stay til 2010 (2000 was when it started). I figure TU will drop the neg in 09 but I don't see them being able to drop the entire line (or so I hope not). Boy, it'll be a sad day when that account does get removed in 2010

Bye bye age.

Thanks, guys.

[ralbusta]

The TL will drop ten years after the account was closed usually, not from opening. So it should be longer than 2010, which means you'll have a positive account for longer.