Hello all, I have my TrueCredit report stating my car loan, that I'm still paying on, is obsolete with EQ. The last reported date was 04/07. I'm not late on this and haven't been in a very long time. Can someone explain to me how it can say "obsolete" and then directly beneath that, say "current"? Does this affect scores at all? Thanks,
If you HAD been late 7 years ago, then the "late" negative information would be obsolete, even if the account itself was not. Since you probably don't have a 7 year old car loan, that is still open and current, it looks like just an "error". If you really want to know what is on your reports, obtain them directly from the CRA, to avoid any error due to erroneous processing by an intermediary. Is any negative information being reported with respect to that account? Does it show anything regarding lates in the history section?
There is a 30-day late... It's interesting that that may make it "obsolete". They're just dumb, if you ask me. Thanks!
If it was late in 2003, then it should show for the next 7 years, until 2010. Pull your report directly from the CRA, and see what they show. Or else ignore it, if what they are showing that is negative, is accurate. If may be the "obsolete" notation that is in error.
