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Sunshine1

Credit Report Error

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Hi everyone I’m new to this site! I have a question about an account I saw on my credit report - it’s an old car lease back in 2006 that’s been paid for years but upon reviewing my report it noticed that it still shows open! Should I contact Transunion and have them close it or should I just leave it - there are no late payments but it isn’t showing paid as agreed! 

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A lease from that era was likely closed out at the end of the term almost ten years ago...any dispute will have the more likely result of the item just being deleted since it is almost ten years from the point at which the term had likely expired.  As such, absent a decisioning factor that cites that item, you are better served to leave it alone.  It is helping with age and as long as all other data points for the item are correct, it helps far more than hurts! 

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I wouldn't dream of doing anything to an old positive (or even neutral) trade line!

 

I had a store card reporting on Experian for almost 20 years after I closed it.  I was disappointed when it finally dropped because it lowered my AAoA.

 

The most obvious potential downside would be if it's showing a payment amount that's due every month, although that would only impact your DTI (which isn't a factor in credit scoring, but is considered for certain types of new credit like a mortgage). 

 

With that said, if your DTI with an extra car payment is an obstacle to getting other credit, you are carrying way too much other debt.

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Posted (edited)

Thank you for your replies - it is however showing a payment of $596 a month! And doesn’t state paid as agreed like my other auto loan! 

Edited by Sunshine1

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are you looking at paper copies of your consumer credit reports mailed to you directly by each of the four major CRAs?

 

 

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13 hours ago, Sunshine1 said:

Thank you for your replies - it is however showing a payment of $596 a month! And doesn’t state paid as agreed like my other auto loan! 

 

On 5/15/2019 at 6:28 AM, cv91915 said:

The most obvious potential downside would be if it's showing a payment amount that's due every month, although that would only impact your DTI (which isn't a factor in credit scoring, but is considered for certain types of new credit like a mortgage). 

 

With that said, if your DTI with an extra car payment is an obstacle to getting other credit, you are carrying way too much other debt.

 

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Any nitwit credit analyst looking at a credit file that contains an auto loan from 2006 that still shows a balance of ~$500.00 without any other critical information present doesn't know how to read a credit file.   That loan has long since been PIF.

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I’m just going to leave it, just wanted to make sure what I should do - I’m new to all this! Yes paper copies I did pull my report from credit karma and noticed it there first so I ordered Copies! Thanks again! 

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