If positive accounts that are paid stay on your credit report forever then what if:?

Question

you completely paid off a car loan , will it also say that you did completely pay it off, but that you were 30 days late at one point in doing that? How will they word it ?

Answer 1

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Answer 2

some payments that  are 30 days late do not appear on your report, that's up to the grantor to make that call. my prior car, i had a few late payments and even had 2 payments put on at the end of the loan period but nothing negative was report. However, each case is different, get a copy of your credit report, we get one free one a year.  in fact, you can get a company that will give u all 3 for free.

Answer 3

Accounts don't stay on your account forever. Both positive and negative accounts that are closed/inactive will stay on your credit report for a maximum of 7.5 years (10 yrs for bankcruptcy).

Once the car loan has been completely satisfied it will say 'paid' and under the 30 days late column will say (1) meaning one time 30 days late.

Answer 4

Open, active accounts in good standing stay on your file forever.  Closed, paid off accounts in good standing stay on your credit file about 10 years after being closed.

If you had a 30 day late payment, the monthly detail under that account would show "30" under the month that you were late.  The monthly detail only shows the last 24 months worth.  If the late payment were older than that, it would show at all.

Answer 5

It would show a zero balance, but reflect the late payment in the 12 month payment history.

Answer 6

"Positive" acccounts don't stay there forever.  They also drop off after seven to ten years.