Why are accounts removed from my credit report?

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Why are accounts removed from my credit report?

By MIKE GOLDSTEIN

Credit reports remain a bit of a mystery to many. Navigating your credit health can feel like winding your way through a never-ending maze. Fear not, though - we're here to shed a bit more light on the credit report system. Wondering why an account of yours has been removed from your credit report? Read on to find a few common reasons, as well as the potential credit effects.

Common reasons for removal

1. The account has been closed for seven to ten years: The most typical reason for the removal of a credit account (this article doesn't apply to other items, like derogatory marks or hard inquiries) is that the account in question has simply aged out. Contrary to the belief of many, accounts are not immediately removed from your credit report when they're reported as closed. Instead, those accounts and their information will typically remain on your report for seven to ten years before being completely deleted. If you've received a notification about the removal of a closed account from your credit report, this is very likely the reasoning behind the move.

2. Your lender has changed names: Often, if your lender has recently changed their business name, your old account will be removed from your report and replaced by an account with the updated name. This type of maneuver is usually relatively easy to spot: If a new account has been added to your credit report with the same open date, balances and other information as the account that's been removed, a lender name change is probably the cause.

3. The account was incorrectly included in the first place: If the account in question shouldn't have been on your report in the first place, then you may be receiving a removal notification because the initial error has been corrected. This could happen as a result of a dispute you filed directly with the credit bureau, or because your lender contacted the bureau to correct inaccurate prior reporting.

4. Your lender or the credit bureau removed the account by mistake: If your removed account doesn't fit under any of these other explanations, it's possible that your account was removed from your report due to a mistake by your lender or the credit bureau. If you think the account in question should not have been removed at all, you could contact your lender or file a dispute directly with the credit bureau to get to the bottom of the disappearance.

The credit effects

Depending on the specifics of your situation, a removed account won't necessarily affect your credit health at all. Some credit models weigh recent history more heavily than older activity so the disappearance of an account that has long been closed, for example, may not have much or any effect on your score anyhow.

It is true, though, that when an account is removed from your credit report, all the information associated with that account also disappears. If the account in question was one of your oldest, one possible effect of the removal is a shortened length of credit history and potentially lower score. However, the credit implications of a closed or removed account are complex, so it's generally wise not to single out any one specific cause when trying to explain a recent rise or drop in your credit score.

Bottom line

Accounts can be removed from your credit report for a few different reasons. As with any credit report changes, it's best to understand the basic causes of and explanations for account removal so you'll stay prepared for any future surprises. When you receive a new notification or notice a change to your information, look into the circumstances to verify that your credit data is being reported accurately.

About the author: Mike Goldstein is a Content Writer at Credit Karma. Since joining the team in June 2013, he's been delivering the financial know-how on the daily. When away from work, you can find Mike watching hockey, Twittering for hours and frequenting trivia nights.

Editorial Note: The opinions you read here come from our editorial team. While compensation may affect which companies we write about and products we review, our marketing partners don't review, approve or endorse our editorial content. Our content is accurate (to the best of our knowledge) when we initially post it, but we don't guarantee the accuracy or completeness of the information provided. You can visit the company's website to get complete details about a product. See an error in an article? Use this form to report it to our editorial team. For questions about your Credit Karma account, please submit a help request to our support team.

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1 Contribution
324 People Helped

Helpful to 324 out of 362 people

I am at the point that I don't care. I have all I need and the financial reporting perverts make little difference to me. That's what we all need to do- forget credit- live within our means and watch them fail. They have everyone on fearful mode and have tricked us into thinking their numbers matter. 

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Reply by
Sambronko

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Helpful to 114 out of 137 people

I now completly believe this comment to be so true i' replying.

BANKS and CREDIT BUREUA'S SUK

They think they have us by the balls my merrick BANK just stopped reporting. probally because my house payments are now bieng reported and my cr history lenght went way up , so my opinion in this free world is that this action is PURE MALISE. regardless of thier reason.

LIVE within means and pay bills on time .

Credit score credit smores what's the diff. FTB

Life goes on  and I will Join my local CREDIT UNION. BANKS HATE THEM lol lol lol out the door of the Bank Profiler people. off to the UNION..

GOOD luck EVERYONE

Reply by
dofaust

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80 People Helped
Helpful to 55 out of 67 people

Very true!!! Strive for self-suffiency!!! Save your capital especially when you are relatively young, and you will have plenty of F***Y** money when you need it most....

Reply by
flightangel99

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Enter Your Reply..... I agree 100 %!  Pay cash.... don't use credit!

Reply by
Brimey

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Thank you so much yiu are 100 percent C orrect. I really cant believe how they toy with these numbers call Fico!

Reply by
w4rkjg

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0 People Helped

Amen Dragonlady... IT's all a big game to make the rich richer and the poor poorer.

Reply by
masterkklein1

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0 People Helped

this should not be ignored.  it could cost you hundreds adn ultimately thousands in high insurance rates alone!  if you want something to do then complain or to ? or ban insurance companies from seeing our credit scores!  i've heard someone with a DWI can have lower rates than someone that has a low credit score!  how insane is that?

Reply by
lechefgerard

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0 People Helped

Not entirely accurate---There are instances where a company offers a discount on some item if you open a credit card with them--You don't really have to use it, or you can just pay it to 0 the day after you charge something. There are also the ridiculous airline promotions of some credit cards. So, use your head, don't be rigid. Take what's good, eschew the bad.

Reply by
gailg1957

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I just went through a bancruptcy, my credit score dropped of course but within two months it's already close to 735, where it was before the bancruptcy.  Go figure!!!  

Reply by
libertyforall89

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I totally agree with all of these comments. The US is bull**** the banking system was made forever ago by rich powerful men to keep gaining power and to keep the people under their control. So it makes total sense that the CB would lower your score after paying off debt. Even when you pay off your debt you have to stay on them to see if they've reported it correctly. The US has so many amazing aspects, but when it comes to the government, political system and banking system. Unfortunately it is all rigged to benefit a certain class of people. For everyone else I suggest saying FU to all this credit crap. Pay what you can, the rest tell them you can't pay it and that's that and live within your means. Meaning if you make 3$ a month live with that till you can figure out how to be your own boss invest and make more. The is system is smart *******  that's why they' make everything based on credit to keep us chained to debt. F that don't fall for their tricks and break those chains! We can all make things happen just by doing our own little part!

Reply by
Nhatasha

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Well said 

Reply by
BigMoney10111

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0 People Helped

I totally agree !  I got sick and during that time my home was foreclosed on and ruined my credit.

Fortunately I was able to make tons of money and going forward I will only buy with cash and dont

even have credit cards. These clowns mean nothing to me so put yourself in same position be done with these lowlifes.

1 Contribution
172 People Helped

Helpful to 172 out of 202 people

I THINK IT SUCK'S WHEN YOU WORK HARD TO PAY OFF DEBT, AND YOUR CREDIT SCORE GO DOWN LIKE THAT. SEEMS TO ME THEY WANT US TO STAY IN DEBT. YOU KNOW LIKE THE GOVERNMENT IS GETTING RICHER BY THE MINUTE. AND THE POOR IS STAYING POOR!!!!!!!!!!!!

Reply by
pkotas1

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92 People Helped
Helpful to 91 out of 115 people

It is not goverment!! it is Banks and a System!

Reply by
butterflypat

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37 People Helped
Helpful to 37 out of 55 people

Isn't that the truth!!!

Reply by
mrsteve1954

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Helpful to 26 out of 43 people

In reply to pkotas1"s.The banks are run by the government.

Reply by
CARevelution2

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Helpful to 2 out of 2 people

same thing happend to me, what the hell is going on here! are we no longer living in the USA? who is running this show, something needs to change and belive you me its going to!!!

Reply by
KreditCarm

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Same old scam, this is how they make their money.

Reply by
NCMIKEIIIPercent

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Of course they want you in debt. Your credit score goes up when you carry balances on your credit cards.. If you pay your credit card offf each month which shows your ability to do so and your responsible, your credit score goes down... When you pay off a loan, your score goes down. Think the banks are in on the credit score deal and in bed with the credit Agency???? Always Remember, you are nothing but a commodity in their eyes!!! When you carry no debt and live well within your means, you are bad for business!!!!

Reply by
NCMIKEIIIPercent

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Helpful to 0 out of 1 people

Ever heard of the Federal Reserve system? Well, who do you think runs the banks? and yes, when you are responsible and pay off debt or dont carry balances on your credit cards, you are bad for business, so they ding your credit score.. Pretty *** backwards, I know. The Fed is Evil!!!

Reply by
Retart56

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In reply to mrsteve19,

Banks are private institutions. The Federal Reserve is a private bank, not a government business. The Government is run by Banks and BIG Business. The Lobbyists give our politicians tons of money so that the poiticians become their proerty. 

Reply by
Stig65

2 Contributions
12 People Helped

Enter Your Replythe government has down nothing to effect a system that can steal billions from people and no one goes to jail there are being protected by the politicians that get money from them to run there campaigns. I don't even bother my *** about my credit score. At the end of the day your going to pay what matters to you if you need a credit card to get by in life that's sad including myself a credit score is just like a tattoo that runs your life soon they will be tattooing that **** to our arms and you no what happened when they done that to people not to long ago

1 Contribution
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Helpful to 186 out of 237 people

I had an auto loan for 13 months and never missed a payment and they were always on time.recently the loan was paid off. One would think this would increase my credit score but it had the opposite effect.it actually lowered my scoreand I was looking forward to the score increasing.I do not understand why this was removed from my credit history since it is obvious that it was a positive.it decreased my auto loan totals from 24000 to 12,000 and significantly decreased my monthly payment amount.

Reply by
beedots

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Thats really weird! 

Reply by
dlaczego1979

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The exact same thing just happened to me! 

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Reply by
sue42970

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Helpful to 76 out of 109 people

Same here!  I had a personal loan for two years and when it closed I lose FOUR points on my score here on Credit Karma because it was a closed account.  It was a PERSONAL LOAN, not a credit card, so whey do I lose points for paying something off????  This credit score business is asoooooooooooooo hard to get to work in your direction!  I'm getting sick of even thinking about it.  I have $4000 left in credit card debt and I don't use the cards anymore, so I BETTER see an increase when I am done paying them or I'm going to be MAD AS EVER!

Reply by
fran309

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Helpful to 22 out of 34 people

mine is the same bought car ,june 2013, never missed a payment, and payed it off aug 22,   2014 , has not helped ,at all , did not help credit score.

Reply by
Cash1sk1ng

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Helpful to 1 out of 1 people

Your credit score is a direct reflection of debt.  It doesnt take into account how much money you have, make, or worth.  The more debt you have and pay on the better your score will be. When you stop paying on debt your score will suffer. "The borrower is a slave to the lender"

Reply by
WKD253

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0 People Helped

I feel your pain, the same thing just happened to me!

Reply by
creditspecialist

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11 People Helped

It's because you stopped payment history on an open loan that is now closed.  This change helps you achieve your DTI ratio, but will hurt your score a little.  Those who trade in a vehicle and take out a new loan right away, will see an even bigger drop in score.  It's actually a triple negative. 1) the inquiry. 2) closing an open loan (stopping a current payment history). 3) taking out a new loan (assuming a new risk with no payment history).

Hope this helps!

There's always a reason for a score change, it's just a matter of reading the report to see what changed.  Knowing how to read the report is helpful too.  But there are people that you can hire to help you with that.

Reply by
ddf1995

1 Contribution
0 People Helped

I am in the same situation as you. I had an auto loan for 3 months form capital one bank and I got on an accident and for the result my car was totaled by my insurance and paid in full to my Leander. It was on my credit till my insurance paid in full. Once my insurance pied in full they removed it from my credit and there is no history at all in my credit that shows  pied in full. I don’t understand why they do that. If any one knows why, please explain to me so I know what happed.   

Thank you

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Reply by
fmtransmitter

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52 People Helped
Helpful to 22 out of 32 people

I opened a First Premier card to rebuild, been paying on it faithfully and all of sudden they stopped reporting to the credit bureau and my score dropped! Card is still open! What a friggin scam!

Reply by
Recamundo

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Helpful to 41 out of 56 people

That just goes to show that the credit bureau "ratings" are basically BS. The problem is that all merchants assume this is the Bible and just go with it.  My understanding is that there are some new lending avenues starting to develop that will exploit this, so if successful, that will put pressure on these credit bureaus to change. In the mean time, you have zero recourse.

Reply by
JMor1218

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Helpful to 1 out of 1 people

When you have an open loan,  its viewed as having credit.   The more available credit to you, the more "trustworthy" you appear.   Using a low % of your available credit also increases your score because it shows good financial responsibiltiy. 

When a line of credit closes, ie a paid off loan,   your available credit drops, and your % of credit used rises, thus lowering the overall score.

Backwards as it might be, this is the simplistic reason for a credit score going down when your loans is paid off.

Reply by
turbochick86

1 Contribution
0 People Helped

Same thing happened to me but my credit score didnt change? 

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Reply by
Dnelson594

35 Contributions
131 People Helped

Think about it; your CREDIT report is a history of your CREDIT. The only way information goes into your credit report is for companies you borrow money from to report to the credit bureau. As you pay off and close credit accounts, you lose the future on-time payments reported for that account. 

As that decreases, it affects your number of "open lines", which in turn lowers your credit score. Your credit score only represents how likely you are to pay your debt obligations, and it punishes those that either don't carry credit or like to pay off their debt. 

Reply by
jean55

1 Contribution
0 People Helped

I just paid off my car loan and my credit score went down.  The bank removed it rather then saying paid in full.  This is bull.  What a racket!!  Why do we bother paying off our debt????

Reply by
mbaez1977

1 Contribution
0 People Helped

The payment don't have to be "on time" it has to be at the day the Bank put as deadline. If you have to pay from day 1 to day 15, you need to make the payment the 15 so it will help on your score to increase. 

Reply by
Jerbear4631

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0 People Helped

Usually a payment over an extended period of time will show little improvement, however i did the samething and learned the hard way. Paying the payments over time will help you in the long run even if you have the money continue to pay the payemnts on time! That loan is usually for that amount of time so paying off more faster doesnt actually help due to that preivous agrreement ie if i buy a Nissan GTR at 105,475. and i take out a loan for it and my payments per month are 325, i would pay that per month even if i came upon an extra amount of money say the next few months i make 75,000 in sales and i decide i want to just put that towards it, although it would lower the payments that loan was for the agreed upon time frame therefore they estimate what credit will look like after that time. it is weird but if you check your credit the on time payments usually give you a little increase in credit as time passes. 

Reply by
fairwood1

2 Contributions
7 People Helped

Screw this credit score thing. The banks want you to be like a hamster running on a wheel. Just forget about borrowing money for insignificant things. set up a budget and live by it. Now I can say i am getting ready to buy another house and can PAY CASH. Guess what IT FEELS GOOD!

Reply by
anotherspook2go

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16 People Helped

  "thetune",  Sometimes it is not what you owe, but whom you know, and I should know! In the past I had worked with the government but ended that as time progressed and I saw what they were doing to innocent people across this country.  This could be simply another case of..."Your tax dollars at work,(though against you)!  Then many times it is not just government agents but the cronies thereof doing these things, as once I was.  But don't blame this administration this was and continues since Bush and beyond.  

  If people really knew what is at play behind the sceens without anyone's knowledge, consent or awareness they would be furious.  But all one can do is struggle on and continue as it surely isn't gonna stop anytime son and why should it?  

Reply by
cccthornton

1 Contribution
0 People Helped

I just paid off our car from Ford after just over 5 years and my credit score went from 800 to 776 on the first reporting after payoff and they reported the account as closed. I was a cosigner on my wifes car and hers went down as well.

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Helpful to 76 out of 85 people

Let's face the truth here-it's simply big business at work-again.  Lowering your credit score justifies increasing your interest rates on any future loans, including credit cards, auto and home loans.  I would say it is a "makeup tactic" to counteract fee-reducing regulations (much needed regulations) on how credit companies, banks and other lenders hold a gun to their customers' heads.  I see it as a method of control to limit the number of credit-worthy individuals entitled to those banging rates that only an honored few (probably wealthy individuals) enjoy. I think after our economic fiasco, the everyday person has learned from his or her mistake. AND now that we are entitled to a free credit report (at least once a year), credit bureaus need to make up those lost revenues somehow-team with businesses. I would say they are doing a great job at it. Not only the government is known for conspiracies. By the way, I did not read not one post of anyone seeing a boost in their credit score due to these new tactics and yes, I lost points too.

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Reply by
fmtransmitter

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Helpful to 22 out of 32 people

wealthy individuals) enjoy THEY DONT NEED THE FRIGGIN CREDIT!

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Reply by
BSFfaithful

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All of the above are helpful!  The bottom line is the 3rd party vendors who keep Credit Kharma on the web must be getting a kick-back for playing around with the credit score to influence members to accept their consolidation of debt offers.  I am more concerned with becoming debt-free than the numbers play gimmicks with credit card utilizations and recommendations by Kharma.  I have a six-month plan to pay off small balances on certain individual certain cards when Credit Kharma appears to be paid to get me to accept the numbers by a consolidation of credit that will take years. I have found cards with 0% APR and lower APR's after the promotion period. While CK appears not to be in partnership with these cards, they work for me and will eventually give me more cash-flow, but perhaps lower credit score.  I have friends who want to get to the point of paying for things with cah versus credit and have gained an enormorous cash flow while the credit card system is giving them and me a lower credit score.

Reply by
dofaust

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Please note, the "credit bureaus" (CBTs) are actually a large network of databases, of varying quality and accessibility. The most accurate and timely cost the most, and deliver the best information. Those are the databases used by very large banks, our wonderful government agencies, Law Enforcement, Utiilities, and whooever can pay the stiff fees. (wealthy hi-tech companies...FB, Google, etc..) - and those who can pass their costs along easily to their customers. It is in the CBTs best interests to sell or disseminate lower-quality database "mirrors", since they contain the most errors, and generate the most traffic, and fees by those who send the updates in (the local agency, creditor, collection bureau, small bank, auto lot, etc...). Basically, the CBTs are a PROFIT-MAKING enterprise (surprise!) - completely without any altrusm, and desperate to create and keep a captive audience, and stifle competition (another surprise!!).

Reply by
Marx69

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0 People Helped

Welcome to capitalism, which economic system is the root cause of the great masses of working people having to deal with credit bureaus! Credit bureaus are the Mob in drag, and this Mob has very close ties to large corporations and banks. The capitalist economic system, as JLEEHICKS notes, is rigged to benefit the wealthy while dragging the working class further and further down! Also, the government of the Good Ole' USA is also a part of this Mob and supports its activities and machinations. Again, the unltimate culprit in all these registers is capitalism itself!

Reply by
catlyons

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Enter Your Reply

Yep paid my house off to the tune of $131K and thought my score would go up...NAH.  This is truly a scam.  Don't blame anything on the rich. That's what our problem is everyone is blaming the rich. but hey we had every opportunity to become rich just like them. Without the rich you and I would have no jobs.  You can work for the man or make yourself the man....everyone has that opportunity.  EVERYONE!

1 Contribution
88 People Helped

Helpful to 88 out of 112 people

I paid off my house last month - nine years early, and now the mortgage doesn't show as paid, it's removed. I would have thought my assets would have shown an increase , but instead, it's just gone and my score dropped 30 points!

Reply by
10nitlters

5 Contributions
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Helpful to 14 out of 18 people

This is crazy when someone pay off something early an d your score drop I do me get it the same thing happen to me and it same like your score should go up not drop , some is not right with that. Help me to understand  that as well.

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Reply by
sue42970

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Helpful to 28 out of 30 people

That's awful AND wrong!  Did it drop from here on Credit Karma or was it dropped from your actual credit reports?  After things that have happened to me I'm wondering how accurrate Credit Karma is.  I went to get a car a couple of years ago and my score was much higher than what it read here on Credit Karma.

Reply by
niniss

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40 People Helped
Helpful to 40 out of 56 people

Same here, i paid off my mortgage last month and today i just got a notice that my credit score has changed.  What the heck? i checked the credit karma and there is, the mortage account was removed and my score dropped 5 pts.  And i was actually expecting my score to increase as i just had amex to remove an inaccurate hard inquiry.  This credit report sucks. 

Reply by
marielavoy

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39 People Helped
Helpful to 39 out of 52 people

Same thing happened to me..I paid off my car loan and my score dropped 26 pts! Why can't it be reported as paid off and not removed!!! 

Reply by
nellieacres

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I have not paid off my mortgage yet (4yrs left) and got a Credit Karma need to update email, went to update and my score dropped 6 points, finally found my mortgage company had closed the account - GMAC went bankrupt almost 2 years ago and OCWEN bought them out, seems they just now got there s&$t changed over.  I was able to add it back by connect accounts button, we'll see if this makes a difference.  Ocwen also is a pain as now I'm getting statements in the mail (had paperless) and when I have called them (twice now) I get somebody that doesn't understand me... very frustrating.  Can't wait to pay them off even if it means a lower score.

Reply by
plzzz

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what the fu::":;"''

Reply by
spi600

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0 People Helped

Mine is even worse.....I had 6 old accounts removed at once (student loan accounts that were consolidated) and my score dropped 100 points!!! Talk about the CB really giving me the shaft.....it's going to tke forever to make that back up.

1 Contribution
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Helpful to 54 out of 60 people

Another reason for the removal of credit card account is cancellation due to fraud charges.  This happened with my visa card, wherein frauduent charges  in excess of $600 were made.  The card account was closed.  I was issued another card with a different account number.

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Reply by
CKCharmaine

512 Contributions
1138 People Helped
Helpful to 8 out of 16 people

Thanks for your input, 8Sparkling01.

Reply by
mdcollier

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Helpful to 13 out of 17 people

I applied for and was granted a new credit card. It never showed up in the mail and now it is showing as closed. I'm hoping things will balance out when the replacement card arrives.

Reply by
lucicluj

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Helpful to 8 out of 12 people

happend the same to me.my credit card was compromise and they issued me a new card and account was closed on my credit report from there side so it can be that they will start a new credit line point .fresh one 

7 Contributions
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Helpful to 7 out of 7 people

I am completely baffled !

An Account has been removed from my Credit History yet, my Score went from 617 (April 2016) down to 569 as of (May 2016).

That is a 48 point DECREASE in my Score due to an account being REMOVED.

What good is it to work with companies & make resitiution, working to remove the account. Only to be penalized for the effort ?

4 Contributions
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Helpful to 43 out of 52 people

I paid off a three year 0% interest loan from Toyota Motors for a new car.  When the account was fully paid off last month Toyota closed the account which was proper.  However, my credit score took a small reduction.  What the heck goes on with that?  There is NO WAY to keep an account like that open after it is paid.  All payments were made on time per the contract and my score goes DOWN??  That does not make any sense at all.

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68 Contributions
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Helpful to 7 out of 7 people

So much sneaky tactics by collection agencys, they change the name to another name, change the date it was reported and sometimes the amount so it looks different to keep it on your report longer..this is illegal  of them to do so!  also they lie if you call to settle with them and ask for a complete deletion and say they dont do that, they only mark it as paid, but dont delete it...their liars!  dont pay them unless you get a full deletion..thats only right thing of them to have to do !

after transunion ane equifax removes accounts that were disputed the collection agency still tries to repost it under new name, price, date...con artist..

Reply by
mjbrown810

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This is so true!

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Helpful to 28 out of 32 people

Well! Seems like we need to keep all or accounts, even if it have only $100 in debit and pay a $1.00 per month, to avoid them to be removed. My credit score just dropped 4 points, because I had one bank loan of $237. Removed from my credit history.

It's very hard to understand, why they remove what's paid off, since that's the only way to prove, that we are paying off our debts.

That's so wrong! Who can we complain to?

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