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I just received my semi-annual credit report from Experian and noticed they are not only reporting monthly average balances, but also for each month, the date payment was received, the amount scheduled to be paid and the amount actually paid. I don't remember seeing this before. So far, it seems Amex isn't reporting this, but my credit union has apparently provided data at least back to 2011 on my mortgage and credit card. The scheduled payment amount appears to be the minimum required payment.

Upon further review, only American Express did not report this level of detail on my two cards under their brand.

I also noticed that my auto loan for the old FuskieGuzzler™, paid off in 2005, is scheduled to come off my credit report in 2015. First, I would have expected it to fall off after 7 years. Second, I had not noticed this additional information on my report before, but I like it. The paid-in-full loan for the current FuskieMobile™ closed in 2010 but has a note that it will remain on record until 2020, so it appears that 10 years is standard.

Here's a cautionary tale: I agreed to open a credit line with an appliance store in order to get financing on a new refrigerator/freezer after my old one suddenly passed away. Hours after I signed the papers, I got a call that their inventory system lied and they didn't have the purchased unit and could not deliver it for another month. Needless to say, I canceled the sale but the instantly approved credit can't so quickly be terminated. I had to wait for the purchase to post then a credit be applied before I could request the account be closed. Damage done to my credit score, this account, open officially for no more than a month, won't fall off my credit history until 2023.

Side Note: CreditKarma.com has revamped their web site, now offering to track credit account transactions like Mint, as well as dropping the Vantage Score but adding a Home Insurance score to go along with the Auto Insurance score. I'll need more time to go through the new site to offer an opinion on the changes, but one thing I did notice was that my scores were automatically updated when I logged in instead of my having to click for an update.

Fuskie
Who for some reason has to request his Experian reports by mail since the annualcreditreport.com site won't approve him for electronic delivery...
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I also noticed that my auto loan for the old FuskieGuzzler™, paid off in 2005, is scheduled to come off my credit report in 2015. First, I would have expected it to fall off after 7 years.

Your expectation was incorrect. Accounts with deragatory information are required to be dropped no more than 7 years + 180 days after the first appearance of the most recent derogatory event. (The extra 180 days gives a missed payment time to be written off.) However, accounts with no derogatory information are allowed to stay on your credit report for up to 10 years after the account is closed.

AJ
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It's a good thing they put the roll-off date on now then.

Fuskie
Who encourages everyone to review each of their reports in depth and in detail as often as state (I get 2 per year) or federal (1 per year) allows...
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Fuskie,

This is the first I've heard of Credit Karma. Do they inundate your e-mail with offers, can you unsubscribe to the credit card offers? I usually pull my free reports, but CreditKarma is intriguing for me because I could get as many free ones as I want instead of just a few per year.
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I never get email from them. I get weekly emails from Quizzle, which I also use, and weekly emails from Mint.com. You have ads for credit instruments on the web site but you don't have to take them. You also don't get added to any snail mail lists either.

Fuskie
Who notes you can obtain your TransUnion simulated credit score once a week at Credit Karma but not obtain a copy of your credit report, though you do get a list of recent significant events that affected your score...
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CreditKarma is actually kind of interesting...or at least the information is interesting.

DH has a 791 TransUnion Credit Score. Mine on the other hand is 754. The thing that is "negative" on mine is that I get a C for credit utilization. This is because with my only credit card debt last month being $110 on American Express that showed as 0% utilization which is a C. If it was 1% then I would get an A for credit utilization. I typically pay my Amex charges a couple of times a month before the bill gets here so I never have a very high balance.

My Vantage score was 987 but I was surprised to see my Auto insurance score was 844 (fair) and my home insurance score was 800 (poor). This apparently reflects the likelihood that I'll file an insurance claim. I'm really curious as to what is causing those results. I've never filed a homeowner's insurance claim. So I am really curious what this is based upon.
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aj485,

You wrote, Your expectation was incorrect. Accounts with deragatory information are required to be dropped no more than 7 years + 180 days after the first appearance of the most recent derogatory event. (The extra 180 days gives a missed payment time to be written off.) However, accounts with no derogatory information are allowed to stay on your credit report for up to 10 years after the account is closed.

I'm fairly certain (haven't read through the FCRA in a few years now) that the Fair Credit Reporting Act does not require positive trade lines be removed EVER. The 10 year purge of stale data is by convention with the Big 3.

Also since you're being precise, there is some derogatory information that can remain for 10 years. Most notably bankruptcy - as stated in the Act, Section § 605.(a)(1) Cases under title 11 [United States Code] or under the Bankruptcy Act that, from the date of entry of the order for relief or the date of adjudication, as the case may be, antedate the report by more than 10 years.

In addition a report with derogatory information older than 7 year + 180 days may be pull for the following reasons: Section § 605.(b) Exempted cases. The provisions of paragraphs (1) through (5) of subsection (a) of this section are not applicable in the case of any consumer credit report to be used in connection with
(1) a credit transaction involving, or which may reasonably be expected to involve, a principal amount of $150,000 or more;
(2) the underwriting of life insurance involving, or which may reasonably be expected to involve, a face amount of $150,000 or more; or
(3) the employment of any individual at an annual salary which equals, or which may reasonably be expected to equal $75,000, or more.


BTW, the changes that fixed these numbers in law should be of concern to most people, even if they don't apply to you today. In most markets, this section probably already applies to you when applying for a mortgage. And if it doesn't today, it will in the near future. Similar concerns apply to life insurance and employment, though perhaps not yet to a majority of the population.

- Joel
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my home insurance score was 800 (poor). This apparently reflects the likelihood that I'll file an insurance claim. I'm really curious as to what is causing those results. I've never filed a homeowner's insurance claim.

Don't you have dogs? Dogs are the cause for a significant number of homeowner insurance claims.
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Yes, but my understanding is that underwriting stuff like that has nothing to do with your credit score and insurance. That is, the insurance credit score is - I think - based upon things that are in the credit report so that is why I think that is strange since we have a really good credit report. So, having dogs might increase our cost of insurance but it shouldn't reduce our insurance credit score.
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