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THE INSANITY THAT IS "MY LIFE"

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THE INSANITY THAT IS "MY LIFE"

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!!

Message 1 of 7
6 REPLIES 6
Established Contributor

Re: THE INSANITY THAT IS "MY LIFE"

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

Started Rebuild 4/2018: EX 616| TU 604| EQ 621

Current 08/13/19:


Goal Score: 750+
Message 2 of 7
Highlighted
Moderator

Re: THE INSANITY THAT IS "MY LIFE"

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.
"If there's a lack of money in your life, understand that feeling worried, envious, jealous, disappointed, discouraged, doubtful or fearful about money can never bring more money to you, because those feelings come from a lack of gratitude for the money you have."

"Reactions are powerful creators because they contain every element needed to manifest—they're a combination of thought, belief, and feeling in action. Positive reactions create more positive things, and negative reactions create more negative things. If you can respond to negative situations calmly and lightly, instead of with emotional turbulence, what happens next in your life will be so much better."

- Rhonda Byrne

Message 3 of 7
Established Contributor

Re: THE INSANITY THAT IS "MY LIFE"


@gdale6 wrote:

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

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.

 


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

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...

 

 

EQ8:850 TU8:849 EX8:847
EQ9:850 TU9:848 EX9:850
EQ5:809 TU4:791 EX2:806 - 2019-08-15
Message 4 of 7
Valued Contributor

Re: THE INSANITY THAT IS "MY LIFE"

Now that was a proper rebuttal. 

Starting Score: (5/24/2018) -- FICO 08 EXP: 643; FICO 08 TU: 642; FICO 08 EQ: 677
Current Score (6/24/2019): FICO 08 EXP: 726; TU: 744; EQ: 700
2019 Goal Score: 800 across the board


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Message 5 of 7
Frequent Contributor

Re: THE INSANITY THAT IS "MY LIFE"

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. 


Message 6 of 7
Valued Contributor

Re: THE INSANITY THAT IS "MY LIFE"


@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. 


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.




Garden goal: keep on keepin' on until 2020.
Message 7 of 7
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