Once your account is closed and paid in full, how long can the credit bureau keep it on your credit report?

Question

I paid my credit debit and have closed the account in 1992, should it still be on my credit report as closed and paid. I thought that 7 years was the limit that old information can stay on your account. I was late with some payments in the past but have since paid it off in full.

Answer 1

Reported Prior to 12-29-97:

Regular Accounts
Late payments can be reported for seven years from the date the bill was due, not the date of last activity. For example, if a bill was due October 1, 1996 and you did not pay it until December 15, 1996, the seven-year reporting period begins October 1, 1996.

Collection and charge-off accounts
Can be reported for seven years from the date the merchant charged-off the account or placed for collection, which can be months or years after the account was initially due.

Answer 2

Everyone is wrong on this answer. The correct answer is there is NO federal law that prohibits accurate information from being removed from your credit report. Old, outdated, inaccurate or unverifiable information is regulated but good payment history, really has no time limit.

Before you remove this item consider the following. You get points for credit scoring by via older accounts. You also get a boost credit scoring by good accounts paid as agreed. And it is better for credit scoring purposes if you close the account rather than the creditor. Why then do you really want to remove a good account from your credit file? If it is showing late payments like 30, 60, 90 days, then that may affect you. And removing it entirely makes sense. However, you can dispute the number of days it was late and normally you'll end up with the late payments removed but the account will still show the high balance, date it was opened and closed. That will help your future ability to get credit. Removing negative data makes sense but not positive data. In fact I would argue the opposite if you discovered that this data was removed I would contact the credit bureaus and insist it be placed on my credit file because it only helps you not hurts you but if you dispute the information, chances are high after seven years that the credit bureaus will at your request remove the data because the original creditor will most likely not respond to their request.

I know my answer is a bit more complicated than the others you have received and I hope that this fully demonstrates all your options. Please contact me here at Yahoo if I can be of further assistance.

Good Luck

Answer 3

Depending on the Creditor such as Sears-Discover Card It may be hard to get that removed from your Credit Report. However you can file a letter with the credit bureau's stating your side of the story. Then on the other hand if you have been keeping up the rest since you had the troubles back then when applying for a loan talk to the lender about this fact that you had some troubles but now your good for your word.

Answer 4

It should be 7 years from the time it was paid off in full. You should contact all 3 of the major credit bureaus to have it removed from your report.

Answer 5

You really shouldn't worry about these things. Even if you had a few lates, if it was 7 years ago, that info will not affect your credit score at all. Trust me. Just so long that you don't have recent lates ot collections. Do not worry about old data at all. The information that has the most weight is most recent 12 months! Then it gets gradually less important.

Answer 6

Since you were late, it is showing as derogatory information. It can stay on there 7 years from the date of last activity from the original creditor.

Negative information is negative information. If you paid it late, it will and should show that way.

Disputing items that you know are correct should not be done and in some states it is illegal.

Answer 7

I believe it 7 years that what I was told by the credit bureau

Answer 8

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