How far back does credit history go?

Svenena

I've just accessed my credit report with Equifax (free as a Capital One customer), and I've noticed that there is information showing for some older, closed ('settled') accounts going back as far as 2004.

All accounts currently open go back four years (or less if the account is newer than that), even those that I've had much longer.

My understanding was that the information held by CRAs only went back six years? I had an arrangement to pay with a credit card which finished in February 2007, when I cleared the balance, however I did not close the account for another two years after that. I'd been thinking that the AP markers would drop off after February, but actually it's still showing two years of AP markers going back to 2005. Another account is showing green ('up-to-date') markers going back to 2004.

Does the information not drop off until 6 years after the account was closed? In that case it seems like I would have been better off leaving these accounts open, and only showing the past four years. Or perhaps there's a difference in what I can see on my own report versus what an institution would be able to see?

Can anyone shed any light? Sorry if this has been asked before.

Curr946

information is held for the life of the account and 6 years after default or closure.

Svenena

But information older than four years has disappeared for accounts which I have which are still open. I got a report last April which had info for them going back to 2008, it now only goes back to 2009. What's going on here?

nctmum

I believe the record disappears six years after the account has defaulted or closed, e.g. either by you closing it, or the data provider closing it.

Its up to the data provider and the bureau how many status updates they show I think, they dont have to show that many - the payment history string would be too long to show 6 years worth of payments

shiny76

Svenena wrote: »

What's going on here?

Perhaps worth asking Equifax. I used to work for them and remember being told they kept info for 5 years 11 months (to keep within the 6 year limit)

Anthorn

Yes 6 years for open or closed accounts. but don't take that as Gospel. In my case a defaulted account I was paying off in installments was bought and the default date changed to the date when they bought it: A threat to take it to arbitration cleared up the matter.

When an account is bought it gets transferred with no changes and the original account terms and default date is the same as it was with the original lender.

But lenders can remove accounts from the CRAs at their discretion or indeed upon a request from the borrower when an account is cleared including previously defaulted accounts. So that could be the reason why accounts drop off credit files earlier.