What is the reason a creditor stops reporting on a specific account ?

Credit and mortgage advice Forums Consumer Credit What is the reason a creditor stops reporting on a specific account ?

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    • #241771
      Anonymous
      Inactive

      I had an Auto Loan account with HouseHold Automotive Bank.
      – Account opened 06/1998
      – Account was paid off & closed in May 2005.
      – Few months before that, it had couple late payments.
      – Last time it was updated : on my credit report: 2009
      *
      Starting December 2011, I noticed that the entry for this account disappeared on my Equifax credit report, (but it still shows on Experian). This was my oldest account ( second oldest opened in 1999).
      I also noticed that the score drpped from 728 to below 700. *My first suspicion is that not reporting this account has affected my credit “Average Age” & ” Age of Oldest account”
      *
      Questions:
      1) Can creditors decide at any time they want to stop reporting on the account ?*
      *
      2) In June 2012 it would be over 7 years since last late payment occured. If HSBC aggrees to continue to report on the account, should the “Status” field on Equifax report still say “30 *days late ” even though it occured over 7 years ago ?
      *
      Thanks




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