THE INSANITY THAT IS "MY LIFE"

[Anonymous]

So basically i had a auto loan via Wells Fargo i had paid off several years ago... 

I started keeping tabs on my credit reports and scores as i am getting older and nowadays credit is a "BIG THING".. To my suprise my auto loan that i paid in full is not showing!!!

I contacted the credit buraus and they said i had to get Wells Fargo to send them the info and they would update said info.. I sent the fax and experian updated but Transunion and Equifax hasn't..

My Fico Score is 700 on Experian but in the 600's for the other two due to them not reflecting this loan.

I have (0) bad history on my credit report, one loan i am currently paying on and could pay off next week if i wanted, but i am stuck again and having to send yet another fax to Wells Fargo to get the info sent.

Anyone else go through this kind of nonsense?  Why was it took down to begin with?

Errrrrrrrrrhhhh, the Insanity that is my life.. Just another day in paradise!!

[dynamicvb]

Most positive tradelines stay on a report for 10 years after closing, but that is not a requirement and the companies can remove them earlier than the 10 years

[gdale6]

TU and EQ have been excluding closed items way earlier than the 10 years that EX keeps them. Once they are excluded by the CRA it doesnt matter what the OC does on an update as they are automatically negated and wont show. I would send a letter to the CRAs asking them that they unexclude the account as it has not yet reached 10 years post close.

I believe they do this as they do not have the space to store the data. EX has very deep pockets TU and EQ do not.

[iv]

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@gdale6 wrote:

I believe they do this as they do not have the space to store the data. 

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Not a chance.

This isn't the 60s. Or even the 80s.

The actual size of the raw credit report data is TINY by today's standards.

And while some of the software used by the CRAs may be ...dated... the storage hardware definitely is not.

Doing a rough estimate for maximum file size, it looks like you could fit a full, unredacted lifetime credit report for every living resident of the US in 100 to 200TB (probably much less with halfway-intelligent data structures).

That's a few thousand dollars worth of consumer hard drives (obviously not what's in use!), in the $100k range for spinning rust "enterprise" grade storage, and maybe $1M for all-SSD enterprise storage.  The actual systems used are likely tiered, with a mix of SSD and HDD.  And yes, there will be multiple copies, multiple systems, backups, support costs, etc...

But raw storage space is CHEAP today. (I've recently been speccing storage in 240TB units... and I'm not in a megacorp.)

Are some (many) of the CRAs' practices still rooted in an older era, where storage WAS a concern? Sure. But not it's a concern today.

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@gdale6 wrote:
EX has very deep pockets TU and EQ do not.

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Yeah, EX is doing better... but all three still have massive revenue.

Check out the annual reports for each:

Equifax

Transunion

Experian

All of them can afford plenty of data storage.

(Especially considering that handling that data is their primary business!)

Shame they can't seem to find the money for proper security, though...

[Anonymous]

Now that was a proper rebuttal. 

[Caardvark]

I'd go a step further. Just because the CRA removes old accounts from your report after 10 years (or less in some cases), I would be SHOCKED if they deleted it from their records entirely. Storage is cheap and data is valuable. I assume they keep the data and use it in other ways to monetize. 

[calyx]

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@Caardvark wrote:

I'd go a step further. Just because the CRA removes old accounts from your report after 10 years (or less in some cases), I would be SHOCKED if they deleted it from their records entirely. Storage is cheap and data is valuable. I assume they keep the data and use it in other ways to monetize. 

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I think you're right.   The estimable RobertEG has mentioned that if someone makes a request for credit involving at least $150,000, the "entire" credit file history is open.   He usually makes this comment when a poster is asking about the 7/7.5 year exclusion of derogs by the CRAs.  I would gather "entire" to mean exactly that.