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I have a car loan that was open in July 2010 and paid off in July 2015. When i pull up my CR its showing closed and paid as of July 2015 BUT i had many late payments and was in collections most of 2015 ( I was young and dumb lol). Is this still affecting my score overall? should i try and get is completley removed from my credit profile? or will it fall off at 4 years? Any information is appreciated.
Since you paid off the loan, it'll be a rolling 7 years for the lates to fall off. As each hits 7 years, they'll drop.
EDIT: just saw you were in collections. Did you pay off the lender or collection agency?
It was i collectin from the main lender. It never got sent over to anyone else and was not repod. After i paid it off i did get the title.
I am also confused about "in collections". What is the current status of the loan, i.e. is it "paid as agreed" or something else?
If it was closed in good standing, the lates will drop off as each reaches ~7 years then the now clean account will continue to report as a positive tradeline until it reaches approximately 10 years after it was closed.
If it was closed as a CO or collection the entire account should fall off ~7 years after DOFD.