Credit Report - closed accts ??

[esulerzy]

I just got copies of my credit reports (all three) just to check and make sure things looked okay.

There are so many old (I mean accts from the 80's) still listed in the report - yes, they are listed as closed but don't the credit bureaus ever clean the files out. I have to search through numerous pages to find the open accounts (which is only three - two credit cards and one mortgage).

Is it possible to write to them and have them remove those items? Or, do they have to remain to show my history? Just seems like my file could get extremely long just showing closed accounts (e.g., loans paid off.). Right now my report shows three car loans - all with zero balances and an account status of "paid account" they date back to the late 80's.

 

[JoyG]

You really don't want to get rid of those. Old positive accounts that are closed like that are increasing your credit score. They could stay indefinitely, although some credit reporting agencies will drop them off after 10 years, especially if your file gets too long. Either way, they help your credit score so leave them alone!

 

[TallyLassie]

They should drop seven to eleven years from the date of last activity on the account (either payment or charge). Not sure why they would still be showing up.

You don't want to have too many accounts showing up. Sometimes credit card companies consider your potential charge limits, and consider that you have too many.

Here is the information from the Equafax web site (one of the largest credit reporting agencies):

"Closed or inactive accounts, depending on the manner in which they were paid, stay on your report for 7 to 11 years from the date of their last activity."

 

[esulerzy]

Thanks, JoyG. I thought they would stay for about 7 years but some of these accounts are from 1982 - over 20 years! Unless it goes by the "last report on" date, in that case the date is 1996 - in which case I'm coming up on the 10 year point. I'll check the reports again next year and see if 10 years is the cutoff.

 

[esulerzy]

TallyLassie, they are closed and/or paid off accounts - that's what I don't understand (like old, old, old car loans). Seems strange to keep showing them - and, each credit bureau shows them the same way so whatever rule they are following must be the same for each bureau.

 

[Longsx3]

TallyLassie, they are closed and/or paid off accounts - that's what I don't understand (like old, old, old car loans). Seems strange to keep showing them - and, each credit bureau shows them the same way so whatever rule they are following must be the same for each bureau.

From your other post...yes they do go by last report date and typically it is ten years.

Really you want these items to remain on your credit report assuming they are favorable, paid on time etc, because they age your credit history.

 

[JoyG]

I also wanted to suggest you ask this question at creditboards.com where you will get a consensus of answers that will say "let those accounts stay!" Again, you don't want to dispute anything that is positive, let it stay on as long as possible. If those accounts had negative information that would be a different story. One problem with asking a credit question on a board like this is you receive alot of misinformation...the thing is most people in general aren't familiar with the ins and outs of credit reporting...that's why I say go straight to the gurus at creditboards.com and ask this question.

 

[CajunDixie]

You don't want to have too many accounts showing up. Sometimes credit card companies consider your potential charge limits, and consider that you have too many.

You should never delete good tradelines!!!!!!!! If the accounts are PIF(paid in full) then the OP will not be seen as having too much available credit.

For credit advice visit creditboards.com

 

[TallyLassie]

You should never delete good tradelines!!!!!!!! If the accounts are PIF(paid in full) then the OP will not be seen as having too much available credit.

For credit advice visit creditboards.com

It depends upon the type of charge accounts that are showing up. If they are lines of credit, even if they are paid in full too many can hurt you. If the accounts are installment accounts such as auto loans then, "no" they don't hurt you . However, if you have many lines of credit, even with a zero balance (unless the account is closed by the consumder) they are sometimes taken into account when calculating your debt ratio.

I worked at at credit bureau and also as a credit manger and so I am familar with credit analysis.