Paid in full reporting

[CS800]

I have some loans that have been paid in full and closed. Is it normal for the OC to stop reporting on the last month I made the payment?

Example:

I have a car loan that i paid off with DCU in Feb 2011 and when looking at my TU (like I do every month), I noticed that nothing has been reported past Feb 2011. Is that normal?

- Another DCU credit card account hasnt reported Sept and Oct (I'm still paying on this card which makes up the 70% util that i have)

- Also is HSBC that slow? They havent reported on my card (BBRZMC) since May 2011.

Capital one hasnt reported October at all.

[sweetschuni]

I have had this to happen to me with a few accounts as well and would like an answer.

[CS800]

I think TU is also very slow to report. Maybe others have had better luck.

[Anonymous]

For the installment (car) loan that is perfectly normal. There is no reason for the creditor to continue to report after the loan is paid. It's status should change to Closed and Paid as agreed or some verbiage to that effect. As for the credit cards, has there been any activity on the cards during the months in question? If you were not carrying a balance and did not have any new charges a lot of card companies will not report for that month. If you were charging or making payments I would consider (1) calling the company and inquiring whether a report was made (2) checking a different monitoring service to see if the months in question show up - third party monitoring services are notorious for not getting all the information correct (3) pull a report directly from the CRB - this does cost money but is worth it to alleviate your concerns or (4) dispute a balance as incorrect on the account if that is what the concern is.

Be careful using the dispute process as eventually the CRB may label all your dispute efforts as frivolous!

[Ms-Kato]

Funny thing is I bought a new car and made payments for about a year and then decided to pay it off in full.  I was bad paying my bills on time

during them days and didn't want that to happen to my car loan like it did with my CC's. Anyway..That car loan isn't reported on any of my credit reports but when I call any of the CRA's and they verify me they always ask about that car loan as part of the verication.

So that tells me they have info that they aren't reporting on my CR for me to see but use it for other things..who knows

if CC companies or mortgage companies get to see that even tho it's no longer listed on my CR. It should be because it's

a good tradeline.

Makes you wonder.

[RobertEG]

There is nothing to prevent a creditor to continue reporting on an account at any time.

However, they are required, under FCRA 623(a), to report accurately.  If the account is paid, any further reporting must reflect that same status.

Thus, it becomes kinda senseless for a creditor to continue to report the same information.  It does not update anything, so is just a useless piece of information posted to your credit file.

Most creditors will cease continued "updated" reported on settled accounts, as it serves no purpose.  Let them waste their time and money if that is their inclination.

[Ms-Kato]

A good tradeline is not useless and should stay just like a bad tradeline stays according to the state laws.

I have good tradelines on my CR that are older than my car loan that was also a good tradeline.

My car loan should be on my CR..period ..especially since they use

it for verification !