Closed items on credit reports
A new article is posted each day on Blunt Money, where you get plain talk about money and personal finance. If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!
I got a copy of my credit report from Experian in the mail this past weekend, and was interested to note that it listed the dates that closed credit cards and loans would “fall off” the report. Apparently it takes a LONG time — 10 years from the date of closure/payoff. A bunch of mine are due to be removed from the record in 2010 and 2011, which makes sense, since they were closed in 2000 & 2001 due to divorce. But apparently the 10 years is not an industry standard: my TransUnion report states that the oldest item on my report is from 1986.
January 21st, 2008 at 10:03 am
Hmm, I thought that, by law, non-bankruptcy entries had to be removed after 7 years. I must not have my facts straight…
January 21st, 2008 at 12:11 pm
Well I don’t have any bankruptcy entries, that’s for sure :)
January 22nd, 2008 at 7:16 am
That seems to be an awfully long time; I wonder if they keep things on your report that don’t actually impact it.
January 23rd, 2008 at 5:42 am
I got the same thing too. I have some cards that I closed about six years ago but the day the report say they would drop off is ten years from the closing date.
That was really news to me, but it is okay since they were all closed by me because I wanted to, not because I had to.
It is just good to know that information. Some drop off in seven years and some take ten. There is one card I had that is set to drop off twelve years after the closing date. Not sure what that is about.