How long does positive credit stay on your report? I applied for a personal loan with Lockheed and I received an email saying it was approved. When I spoke with the loan officer a few days later he told me that he felt uncomfortable approving it because I have limited credit history. I am 32 and I had a $14,000 car loan with Bank of America in 1994. He told me that it wasn't reporting on my Experian but the Experian copy that I have is showing it. To make a long story short LH turned downed the loan because of "unable to verfy credit references". I called the loan officer again to ask what that meant and he told me it was because I had a different report than he did. I had faxed my report to him to prove that I did have a loan. Anyway, can someone help me understand what the hell is going on? Did the loan "disappear" from Experian's file because there's a time limit on reporting positive credit or does Experian provide the creditors with a different credit report than the consumers? Can I sue them for this? BTW, I should note that I sued Experian in Federal court in the past and the suit was settled out of court for deletions of inquiries and removal of all negative student loan accounts but no cash.
Was the last payment in the first half of 1994, or the second half? If the last payment was before June, then chances are it just fell off, it may even fall of for the second half since at least with negatives, they occasionally fall off a few months early than the true fall off period.
Try asking the lender (or any company which you have positive experiences with) for a Credit Reference letter, and request reconsideration after providing any credit references you can get. Don't just focus on 'credit' companies, but any company which you pay regularly for anything, even if they wouldn't report to a CRA.
in my past experiences with exp I have found that my paid car loan was deleted 7yrs from the date it was paid off. positive info used to be reported indefinately and now i guess its 10 years as they claim. their response to this was call the creditor and ask them to report it. in a nutshell, if the creditor no longer pays the $ to exp to report guess what the acct gets deleted. if a consumer offers $ to the CRA to report it it may work but haven't tried that angle yet. seems unfair to me, too bad it doesn't work that way with the negatives lol
I checked the FCRA and nowhere does it say that positive tradelines get removed after 10 years. Can someone please direct me to the Section where it says that. The EX report I had was dated April 27 and Lockheed pulled their report about May 15 and many of the accounts that were on my report was different from theirs.
Even if it is not specifically mentioned in the FCRA, all three CRA's put a 10 year cap on positive information, if it is older than that, then it is not indicative of your *CURRENT* credit rating. Just be glad that they let positive information on for THREE years longer than negative information. If the FCRA is mute on a topic, then the three CRA's have disgression in coming up with their own policies on that topic. By different, do you mean that the report that they received had entries on it which do not appear on your personal copy of the credit report? If so, depending on the amount of their typical loans, they may be flagged for an exempted case under the FCRA. Under FACTA, the FTC has to study the cost to benefit of requiring that consumers be able to request the exempted file from the CRAs.
