How do I get aa paid vehicle off of my credit report when the company is out of business
Total Comments: 8
Posted: Tue Oct 13, 2009 07:27 am Post Subject:
I guess you have 2 options. Either you'd need to seek the help of a credit counselor or else contact the credit bureau. Credit bureaus will often remove it once paid, they won't earn on that account anymore. If they don't, you may begin disputing it on them.
Posted: Fri Oct 16, 2009 07:39 pm Post Subject:
Familirize yourself with the Fair Credit Reporting Act and the dispute process.
Best way to do this is to order your credit report (if you haven't already) from each of the three major credit bureaus (Equifax, TransUnion, and Experian). You can obtain a free copy of your credit report with each of these credit bureaus once a year from annualcreditreport.com.
Each of the companies will provide you information on how to dispute anything that is incorrect on your report. The Fair Credit Reporting Act is in your favor.
Posted: Sat Oct 17, 2009 01:40 am Post Subject:
All you need to do is provide the CB, with your last payment amount nad pay off amount. Cancled check or bank statement. Had to go through the same thing with a vehicle a few years ago. No big deal. You do have the documentation right?
Posted: Sat Oct 17, 2009 02:06 am Post Subject:
Just a couple of things to maybe consider to add to the good info you've received.
You haven't mentioned how the car shows on your credit report (CR). If the car shows as paid with a solid payment history, this is actually, in a small way, helping with your credit score. On the other hand, if it's a bad history, getting it off your report is worth a try.
If the information in your CR is accurate and correct, the creditor has no legal obligation to remove the information until the statutory time limit expires. Depending on the type of creditor, that's normally 7 years. If the info is incorrect, as previous posts stated, you have a legal right to have the information corrected. They can correct it and not remove it, if you get my drift.
So, if it's a good payment history, leave it on your report. If it's bad, try and get it "better" so to speak. As well, there's a ton of info on this out there in cyber-credit land. Do a google or whatever search and you'll get 5 billion hits.
Keep us in touch.
InsTeacher
8)
Posted: Sat Oct 17, 2009 04:52 am Post Subject:
Actually just the opposite. If the debt is truly paid, keeping the account open does not help your credit score. The idea is to close any open accounts, open counts may cause an adverse effect on credit. People talk about and explain on TV that although a 750 or better score is good, the best number is 0.
Closed accounts in good standing paid by debtor, show a good history. Closed account activity can be closed immediately and peaks better interest from a lender than leaving an open "in good standing" account.
All a credit score is, is basically letting someone know that you like to barrow money. But if you have a history of not barrowing money after a period of a year, your score hits zero as long as you have no outstanding debt. And if and when you wanted to make a major purchase such as a house, the zero score gets to moves to the front of the line.
Posted: Sun Oct 18, 2009 06:56 pm Post Subject:
Trench,
I hate to disagree with your disagreement, but I must. Your statement of:
Actually just the opposite. If the debt is truly paid, keeping the account open does not help your credit score. The idea is to close any open accounts, open counts may cause an adverse effect on credit.
is incorrect. Having an account on your credit score that has been paid off and has a good history absolutely aides your credit score. Lenders want to see a positive payment history for a bOrrower, and your credit report reflects both negative and positive payment history. If you have successfully paid off an auto loan with no negative history, lenders will see that. If you have deleted the credit history on that loan...how will a lender know?
As well, if you consider credit cards, having an account open for a long time with a good history is a crucial component of your score. Keeping your utilization rate at <20% is another add to the score. Length of credit history accounts for 15% of your score.
If you don't believe me, check out this link from Experian:
http://www.experian.com/ask_max/max070809d.html
I'm trying to figure out what this means:
People talk about and explain on TV that although a 750 or better score is good, the best number is 0.
Could you explain? At face value, it makes no sense whatsoever. I get the impression that you're saying that if I have a score of "0" I would get better credit terms than if my score was 750? What about this:
But if you have a history of not barrowing money after a period of a year, your score hits zero as long as you have no outstanding debt. And if and when you wanted to make a major purchase such as a house, the zero score gets to moves to the front of the line.
This makes no sense whatsoever. First off, if you don't "bOrrow money after a year your score goes to zero? No...it doesn't. I have personally had more than one year where I didn't bOrrow money and my score never hit zero. There IS no zero score. There is "no credit history," but not "0."
InsTeacher 8)
Posted: Mon Oct 19, 2009 12:53 am Post Subject:
Paid account in good standing, closed shows the debt paid in full. Less accounts equal a better score. Don't take my word for it, call any of the CB and ask them. When you close an account, the history remains. It doesn't get removed so that no one can see it.
Yes if I had a score of zero and no outstanding debt, I would recieve a better rate than you. If you were a lender and had two applications to consider for approval, which application has less risk?
Both applicants make $85k per year and have a 25 year credit history in good standing, no late payments etc.
Applicant 1 has a zero credit score
Applicant 2 has a credit score of 750 but has 35k in oustanding debt.
Which applicant would you rather loan to?
You can have a credit history with a zero credit score. Your score is just a number based on the amount of debt. If you close accounts after they have been paid, it shows the lender paid in full and zero debt. Keeping it open doesn't do anything. The link you provided explains the reason for closed accounts.
This makes no sense whatsoever. First off, if you don't "bOrrow money after a year your score goes to zero?
Yes, if you have no outstanding debt after a period of a year of paying off your last debt, your account goes to zero.
Posted: Tue Oct 20, 2009 05:22 am Post Subject:
I have personally had more than one year where I didn't bOrrow money and my score never hit zero. There IS no zero score. There is "no credit history," but not "0."
Although you did not borrow any money for a year or more, you still had outstanding debt. Which intern keeps your credit score in a certain bracket.
By May of 2012, I will have paid off 2 student loans, my wife's car, and our mortgage. By May of 2013, if I don't borrow any money (knock on wood) my score will fall to zero. You are confusing a zero score with having no credit history which is false. Zero means zero, no debt, the history of the debt will still remain.
Posted: Tue Oct 13, 2009 07:27 am Post Subject:
I guess you have 2 options. Either you'd need to seek the help of a credit counselor or else contact the credit bureau. Credit bureaus will often remove it once paid, they won't earn on that account anymore. If they don't, you may begin disputing it on them.
Posted: Fri Oct 16, 2009 07:39 pm Post Subject:
Familirize yourself with the Fair Credit Reporting Act and the dispute process.
Best way to do this is to order your credit report (if you haven't already) from each of the three major credit bureaus (Equifax, TransUnion, and Experian). You can obtain a free copy of your credit report with each of these credit bureaus once a year from annualcreditreport.com.
Each of the companies will provide you information on how to dispute anything that is incorrect on your report. The Fair Credit Reporting Act is in your favor.
Posted: Sat Oct 17, 2009 01:40 am Post Subject:
All you need to do is provide the CB, with your last payment amount nad pay off amount. Cancled check or bank statement. Had to go through the same thing with a vehicle a few years ago. No big deal. You do have the documentation right?
Posted: Sat Oct 17, 2009 02:06 am Post Subject:
Just a couple of things to maybe consider to add to the good info you've received.
You haven't mentioned how the car shows on your credit report (CR). If the car shows as paid with a solid payment history, this is actually, in a small way, helping with your credit score. On the other hand, if it's a bad history, getting it off your report is worth a try.
If the information in your CR is accurate and correct, the creditor has no legal obligation to remove the information until the statutory time limit expires. Depending on the type of creditor, that's normally 7 years. If the info is incorrect, as previous posts stated, you have a legal right to have the information corrected. They can correct it and not remove it, if you get my drift.
So, if it's a good payment history, leave it on your report. If it's bad, try and get it "better" so to speak. As well, there's a ton of info on this out there in cyber-credit land. Do a google or whatever search and you'll get 5 billion hits.
Keep us in touch.
InsTeacher
8)
Posted: Sat Oct 17, 2009 04:52 am Post Subject:
Actually just the opposite. If the debt is truly paid, keeping the account open does not help your credit score. The idea is to close any open accounts, open counts may cause an adverse effect on credit. People talk about and explain on TV that although a 750 or better score is good, the best number is 0.
Closed accounts in good standing paid by debtor, show a good history. Closed account activity can be closed immediately and peaks better interest from a lender than leaving an open "in good standing" account.
All a credit score is, is basically letting someone know that you like to barrow money. But if you have a history of not barrowing money after a period of a year, your score hits zero as long as you have no outstanding debt. And if and when you wanted to make a major purchase such as a house, the zero score gets to moves to the front of the line.
Posted: Sun Oct 18, 2009 06:56 pm Post Subject:
Trench,
I hate to disagree with your disagreement, but I must. Your statement of:
Actually just the opposite. If the debt is truly paid, keeping the account open does not help your credit score. The idea is to close any open accounts, open counts may cause an adverse effect on credit.
is incorrect. Having an account on your credit score that has been paid off and has a good history absolutely aides your credit score. Lenders want to see a positive payment history for a bOrrower, and your credit report reflects both negative and positive payment history. If you have successfully paid off an auto loan with no negative history, lenders will see that. If you have deleted the credit history on that loan...how will a lender know?
As well, if you consider credit cards, having an account open for a long time with a good history is a crucial component of your score. Keeping your utilization rate at <20% is another add to the score. Length of credit history accounts for 15% of your score.
If you don't believe me, check out this link from Experian:
http://www.experian.com/ask_max/max070809d.html
I'm trying to figure out what this means:
People talk about and explain on TV that although a 750 or better score is good, the best number is 0.
Could you explain? At face value, it makes no sense whatsoever. I get the impression that you're saying that if I have a score of "0" I would get better credit terms than if my score was 750? What about this:
But if you have a history of not barrowing money after a period of a year, your score hits zero as long as you have no outstanding debt. And if and when you wanted to make a major purchase such as a house, the zero score gets to moves to the front of the line.
This makes no sense whatsoever. First off, if you don't "bOrrow money after a year your score goes to zero? No...it doesn't. I have personally had more than one year where I didn't bOrrow money and my score never hit zero. There IS no zero score. There is "no credit history," but not "0."
InsTeacher 8)
Posted: Mon Oct 19, 2009 12:53 am Post Subject:
Paid account in good standing, closed shows the debt paid in full. Less accounts equal a better score. Don't take my word for it, call any of the CB and ask them. When you close an account, the history remains. It doesn't get removed so that no one can see it.
Yes if I had a score of zero and no outstanding debt, I would recieve a better rate than you. If you were a lender and had two applications to consider for approval, which application has less risk?
Both applicants make $85k per year and have a 25 year credit history in good standing, no late payments etc.
Applicant 1 has a zero credit score
Applicant 2 has a credit score of 750 but has 35k in oustanding debt.
Which applicant would you rather loan to?
You can have a credit history with a zero credit score. Your score is just a number based on the amount of debt. If you close accounts after they have been paid, it shows the lender paid in full and zero debt. Keeping it open doesn't do anything. The link you provided explains the reason for closed accounts.
This makes no sense whatsoever. First off, if you don't "bOrrow money after a year your score goes to zero?
Yes, if you have no outstanding debt after a period of a year of paying off your last debt, your account goes to zero.
Posted: Tue Oct 20, 2009 05:22 am Post Subject:
I have personally had more than one year where I didn't bOrrow money and my score never hit zero. There IS no zero score. There is "no credit history," but not "0."
Although you did not borrow any money for a year or more, you still had outstanding debt. Which intern keeps your credit score in a certain bracket.
By May of 2012, I will have paid off 2 student loans, my wife's car, and our mortgage. By May of 2013, if I don't borrow any money (knock on wood) my score will fall to zero. You are confusing a zero score with having no credit history which is false. Zero means zero, no debt, the history of the debt will still remain.
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