Can someone tell me how long positive info is supposed to stay on a CR? Is it 7 or 10 years? Then is it 7 or 10 years from the date closed or opened? I am trying to clean up this Equifax mess that dropped 25 tradelines between my husband and myself. Also, at what point does a positive tradeline lose effect on your score? If it is 7 years old, does it have very little influence (the way a negative does)?
Good stuff can stay up to 10 years. There is nothing in the statutes that require that though. In fact, the only thing in the statutes is that most baddies have to drop off after 7. My experience has been up to 10 yrs after closed. I recently disputed a $10K balance on a positive TL from 98. I just wanted it to report -0-. Anyway it was deleted, (thats the risk you take) and I lost 1 point.
Positive tradelines are supposed to stay for 10 years on your credit report, from the date closed. Although, I have seen that it's not the case on quite a few occasions. I had an old Associates Bank card that used to give gas rebates, which got later merged with Citibank, and Citibank later changed the type of card. On each occasion, I lost the history of the old account. If you look at my credit reports, it looks like I had the card only for 21 months, instead of 9 years! Reading from other posts on this board also shows that sometimes the CRAs simply delete the wrong positive accounts when you dispute stuff, either inadvertantly or maliciously. When that happens, there is no recourse either, since FCRA simply states that positive accounts can remain upto 10 years --lakpr
Jlynn, that is exactly what I wanted to know. Through all of this fight for good credit again, I failed to watch all of the positive tradelines. I was too concerned about the negative stuff. EQF has deleted 70% of my husband's total credit file (he only as 1 negative item left). I do wonder if they will just bump it all off again if I get it re-reported. The OC"s have actually been quite nice about it.
Re: Re: How long does Pos TL Stay On CR? Same thing happened to DH on EQ. Although they deny deleting it, I believe it had to do with too many inquiries. Are you using Credit Watch or something and pulling every day?
Re: Re: How long does Pos TL Stay On CR? That is exactly what happened. I made such a nuisance of myself about this issue, I finally got some answers. Yes, it has to do with the inquiries. We both have Credit Watch. Both of us have had split files in the past--me 2 times, him 1 time. EQF doesn't have the file space to store that much data. It allows the soft inquiries to post and bumps tradelines to keep the total space within allotted limits. Even when I got the inquiries deleted and my file put back together, the TL's were still gone. A Mgr at CSC told me that they go "offline." They aren't deleted, they are just not included. She couldn't tell me if they factored into your score or not. I sent letter after letter about this. Nothing has happened. The mgr told me to have it all re-reported. Easier said than done. Banks are bought out, histories are purged off of OC's systems. Knowing what I know now, it amazes me that they can "verify" anything disputed. The OC's just don't keep that info after about 4 years. When the account becomes 6 or 7 years or more, it is non-existant. I have received some really odd things from Equifax. For example, I disputed an account with CSC that was included in a bk. 26 days later I got a copy of the report that said "deleted from the file." Sure enough it was no longer reporting. The next day I got another copy of his CSC report. This one listed the same account and said "Account updated to show paid in full." The detail doesn't list the account that was supposedly updated to say paid in full. This scares me to death! All of that stuff that is living offline, may or may not include items that I have had deleted. How would I ever know? There is some caselaw related to this subject. If you are interested, I can find it. They can't pick and choose what to report.
I'm aware of the law there. My suggestion to you would be to try and get a mortgage broker friend or someone to pull your report. Yea, it will cost you a hard, and see if EQ is reporting things to them they are not reporting to you. Major lawsuit fodder.
I don't see why they need to drop any CLOSED POSITIVE account even after 20 years!!! ...unless you want it gone...
