Hoping to get some advice

[Anonymous]

I currently have an item on my credit that is from 2014 and was actually being reported from a rental property I had for 2 years. The thing is that it is still showing as an open account but has not been reported since 2016. For a while I actually thought this was great because at this rate, I'm not sure it will ever close unless I notify the CRA but when I looked in more detail it's showing I'm still needing to pay $1,500 for that every month. Do you think I should contact the CRA to have the account closed so it makes more of my income available or do you think it's better to keep it open to have a long account on my credit? Just so you also know there are no negatives on the account.

Thanks

[AllZero]

Can you clarify what is said item?

What is it reporting as?

[SouthJamaica]

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@Anonymous wrote:

I currently have an item on my credit that is from 2014 and was actually being reported from a rental property I had for 2 years. The thing is that it is still showing as an open account but has not been reported since 2016. For a while I actually thought this was great because at this rate, I'm not sure it will ever close unless I notify the CRA but when I looked in more detail it's showing I'm still needing to pay $1,500 for that every month. Do you think I should contact the CRA to have the account closed so it makes more of my income available or do you think it's better to keep it open to have a long account on my credit? Just so you also know there are no negatives on the account.

Thanks

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I think you should report it as closed.

[Remedios]

@Anonymous   You cannot notify CRA that an account is closed. Consumers are unable to change that info. 

What you can do is reach out to whomever is reporting and have them correct reporting as paid and closed. 

If that (direct dispute) does not work, you will need to dispute account with CRAs as paid and closed. 

[Anonymous]

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@Remedios wrote:

@Anonymous   You cannot notify CRA that an account is closed. Consumers are unable to change that info. 

What you can do is reach out to whomever is reporting and have them correct reporting as paid and closed. 

If that (direct dispute) does not work, you will need to dispute account with CRAs as paid and closed. 

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Thank you for your response. Yes, sorry I guess I should have been more clear. I am aware of the process and know I would need to dispute it as paid and closed but I was mostly just curious of people thoughts on if they think it would be better to leave it open or dispute it as paid and closed?

[Anonymous]

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@AllZero wrote:
Can you clarify what is said item?

What is it reporting as?

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This is how it's showing minus a few details I blocked out. Thanks for your response.

Account Info

Tap labels for more details

Account numberXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

Account statusOpen

Account typeRental Agreement

Payment Info

StatusCurrent

Updated onApr 1, 2016

Original Amount$1,500

Monthly payment$1,500

You've made 100% of your payments on time for this account.

(This section shows 24 green dots that didn't paste for all of my payments on time even though below it stated the term is only one month)

JanFebMarAprMayJunJulAugSepOctNovDec

2016

2015

2014

On Time

Additional info

ResponsibilityIndividual

Terms1 Month

Original creditor-

[Anonymous]

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@SouthJamaica wrote:

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@Anonymous wrote:

I currently have an item on my credit that is from 2014 and was actually being reported from a rental property I had for 2 years. The thing is that it is still showing as an open account but has not been reported since 2016. For a while I actually thought this was great because at this rate, I'm not sure it will ever close unless I notify the CRA but when I looked in more detail it's showing I'm still needing to pay $1,500 for that every month. Do you think I should contact the CRA to have the account closed so it makes more of my income available or do you think it's better to keep it open to have a long account on my credit? Just so you also know there are no negatives on the account.

Thanks

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I think you should report it as closed.

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Thank you for your response. Can you give me some more detials as to why you think it's better to close it out? Tring to learn as much as possible on how credit reporting actually works to get over 800. I'm getting close now at 768 EX FICO 8 and don't really want to take a big dip.

[Remedios]

You should dispute  it as closed  because it's affecting your DTI. Because it's not revolving credit, and there is no limit, it will not affect utilization for worse at all. Entire amount is calculated towards DTI each month, same way that mortgage payment would be (or any other loan) and minimum payments on credit cards. 

Closed revolving and installment loans can stay on CR for up to 10 years. I'm unsure if same is applicable to closed rental agreements.

Maybe someone with closed rental agreement will chime in. 

If those are completely removed after they are reported as closed, or if whomever is reporting opts to remove their reporting in it's entirety, it may affect scoring if it affects AAoA and AoOA  (if this is your oldest) 

[Anonymous]

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@Remedios wrote:

You should dispute  it as closed  because it's affecting your DTI. Because it's not revolving credit, and there is no limit, it will not affect utilization for worse at all. Entire amount is calculated towards DTI each month, same way that mortgage payment would be (or any other loan) and minimum payments on credit cards. 

Closed revolving and installment loans can stay on CR for up to 10 years. I'm unsure if same is applicable to closed rental agreements.

Maybe someone with closed rental agreement will chime in. 

If those are completely removed after they are reported as closed, or if whomever is reporting opts to remove their reporting in it's entirety, it may affect scoring if it affects AAoA and AoOA  (if this is your oldest) 

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Thanks for that info. It is not my oldest account but it will lower my average age a bit. It's weird because it is actually showing that this info was added by me from Experian boost but this was way before boost was even around so it's not right. I also did not add it either. Anyway there is a link on Experians site to edit it since it was added by Boost but when I click it it tells me to link my bank acocunt. I've tried to link 3 different bank accounts and keep getting errors so I'll have to give them a call to get this figured out.

[Anonymous]

So I just submitted a dispute as "other" and added this comment.

"This accounts monthly payment should be updated to show $0. Please verify and update. Thank you."

Hopfully when they submit the verification they only verify the monthly payment should be $0 so that will fix the debt to income drag on my file and leave the account showing as open. Fingers crossed.

Does that sound like I handled this the best way?