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 Posted: Fri May 09, 2008 1:59 pm Subject: 7 years vs 10 years |
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Can someone help me with this? I would have though this would stay on my credit for 7 years....not 10 like it states on my CR. Was I mistaken?
THANKS!
Status: Paid,Closed/Never late.
Status Details: This account is scheduled to continue on record until Jan 2012.
Date Opened:
10/1996 Type:
Revolving
Reported Since:
10/1996 Terms:
NA
Date of Status:
01/2002 Monthly Payment:
$0
Last Reported:
01/2002 Responsibility:
NA
Credit Limit/Original Amount:
$1,000
High Balance:
$1,000
Recent Balance:
NA
Recent Payment:
NA
Creditor's statement: Account closed at credit grantor's request.
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InAhole
Guest
Debtcc Points: 100
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| Posted: Fri May 09, 2008 4:36 pm Subject: |
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The FCRA only requires that derogatory/adverse information be removed after 7 years.
The law doesn't actually provide any such timeframe for "good" information to be removed. Theoretically, that account could remain indefinitely.
However, I think that the bureaus may have adopted their own internal policies which limit closed accounts to 10 years.
If you don't like it there, dispute it. I'll bet the creditor will delete rather than take the time to verify it.
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DebtCruncher
Moderator
Joined: 07 Nov 2006
Posts: 1565
Debtcc Points: 17586
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| Posted: Fri May 09, 2008 9:53 pm Subject: |
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Yup, Debtcruncher is right. You can get the entry removed form the report by disputing it. Just send the bureau a letter of dispute, then the responsibility will rest upon them to validate the entry. And most often they don't bother to validate and take the route to erase the account form the report.
try this out, I'm sure it'll resolve the matter and your credit will look nice again.
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tweetyturner
Joined: 11 Mar 2008
Posts: 279
Debtcc Points: 3264
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cajunbulldog
Moderator
Joined: 20 Dec 2006
Posts: 4875
Debtcc Points: 37803
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| Posted: Tue May 13, 2008 1:41 pm Subject: |
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cajunbulldog is right! A positive credit history is GOOD for your score.
For example, if you have this account on your CR that is 10 years old, and you next oldest account is only 5 years old... your score will DROP due to short history.
You'd never want to delete a GOOD entry on a CR. This is why the FCRA doesn't require good trade lines to be removed after 7 years.
I've actually read a review of the FICO scoring process, and they view "Excellent" credit scores to have at least a 12 year positive credit history. So this 10-year old "good" account is helping you!
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Seeing_the_Light
Joined: 28 Mar 2006
Posts: 537
Debtcc Points: 13889
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