What is the Benefit of Inconsistent Updating by Creditors on Reports??

On the positive side of creditor’s lack of updating current information on credit we find many old inactive accounts that are still listed on credit profiles.   Since positive information can be removed two years after inactivity many good accounts can drop off the credit profile once they are closed.  Old credit is a treasure to the credit score and can add 50-80 point increases.  Due to creditors lack of consistency on updating current information many consumers have accounts that have been closed for twenty years still remaining on their credit reports.  This is a great asset to their score!

For more information on credit restoration, view North Shore Advisories website. North Shore Advisory offers personal and business credit repair and restoration services. We’ve been providing credit education and credit information for more than 20 years. We can help you with your business credit needs or personal FICO scores. For Banks and Realtors we can improve your clients credit score. Call us at 914-524-8300 or email us through our website.

 



2 Responses to “What is the Benefit of Inconsistent Updating by Creditors on Reports??”

1. william kirkendale says:

   May 22, 2011 at 12:10 pm

   call me at 949-981-5400
2. Tracy Becker says:

   May 23, 2011 at 9:47 am

   Hi William,

   It sounds like you have done some studying on your own but if you really are looking for the answer: The creditor’s pay to update our info with the bureaus so it doesn’t always happen promptly. Some creditors don’t update for years so consumers may see accounts with open balances that have been closed and paid for many years. It is important to make sure balances are updated to paid or 10% of the limit prior to applying for a loan. This will insure the scores are at their highest.
   Best Regards,