How long a closed loan and/or closed credit cards accounts remain on credit reports (all 4 bureaus)?

[Credit Karma]

Does anyone here have any idea of how long closed loan accounts and closed credit card account remains on one's credit report?
Is there any criteria for removing closed accounts that were in good standing that is all payments are made on time and those closed accounts whose payments were not made on time?

Has anyone had any experience regarding this?

I have searched this on Google but only USA's laws comes up. As I understand in USA good standing account (on time payments) remains on account for 10 years even after closing them and for accounts with any derogatory marks they will remain on report for 7 years.

Is there any such rule in India?

 

[Credit Karma]

@StanRoute66 @007 @Batman @Batmanbaba @TechnoFino @Anirban
@dav33
@Dr. Drake
Please clear this doubt if you have some info regarding this...

 

[bbiswas]

after 3 years of Closed it's not seen in your cibil

 

[Digvijay]

Does anyone here have any idea of how long closed loan accounts and closed credit card account remains on one's credit report?
Is there any criteria for removing closed accounts that were in good standing that is all payments are made on time and those closed accounts whose payments were not made on time?

Has anyone had any experience regarding this?

I have searched this on Google but only USA's laws comes up. As I understand in USA good standing account (on time payments) remains on account for 10 years even after closing them and for accounts with any derogatory marks they will remain on report for 7 years.

Is there any such rule in India?

Contact the concerned bank and share the details. If account is closed, bank will check their database and proceed for removal of that account after confirming. I had contacted HDFC bank for closed credit card and Kotak bank for closed personal loan account. And they accepted the request to report these closed accounts to be removed from CIBIL report.

 

[Credit Karma]

after 3 years of Closed it's not seen in your cibil

Contact the concerned bank and share the details. If account is closed, bank will check their database and proceed for removal of that account after confirming. I had contacted HDFC bank for closed credit card and Kotak bank for closed personal loan account. And they accepted the request to report these closed accounts to be removed from CIBIL report.

I had a Kotak credit card which was closed in 2016 itself, still it was in my credit report. I had to requested them to get it removed.
Kotak called it as "data suppression in credit bureaus"
Generally speaking, if account has all correct data, no late payments and it closes eventually eg fully paid education loan, personal loan, this kind of account should remain there indefinitely, shouldn't they?
Upon searching this on internet I came to know that in USA there is a specific law for how much long a certain account that is closed can remain on individuals credit report.
So I was wondering whether we, Indians have any such law?

 

[Digvijay]

I had a Kotak credit card which was closed in 2016 itself, still it was in my credit report. I had to requested them to get it removed.
Kotak called it as "data suppression in credit bureaus"
Generally speaking, if account has all correct data, no late payments and it closes eventually eg fully paid education loan, personal loan, this kind of account should remain there indefinitely, shouldn't they?
Upon searching this on internet I came to know that in USA there is a specific law for how much long a certain account that is closed can remain on individuals credit report.
So I was wondering whether we, Indians have any such law?

Closed accounts in good standing remain on your credit report for 10 years. They do not contribute much to your score the way open, active accounts do. As far as I know, there is no law in India for keeping such accounts in report permanently.

 

[Credit Karma]

Closed accounts in good standing remain on your credit report for 10 years. They do not contribute much to your score the way open, active accounts do. As far as I know, there is no law in India for keeping such accounts in report permanently.

Yes, I even read the whole "Credit Information Act 2005", but didn't find any such thing there.

May be Credit Bureaus are given a free hand to determine this given the fact that they own their proprietary formula. Or may be they simply follow international norm.

Sadly there is no way to confirm this hypothesis!

 

[Digvijay]

Yes, I even read the whole "Credit Information Act 2005", but didn't find any such thing there.

May be Credit Bureaus are given a free hand to determine this given the fact that they own their proprietary formula. Or may be they simply follow international norm.

Sadly there is no way to confirm this hypothesis!

Only they know how they do it. Hope, at some point of time there will be definite scheme of things if not the law itself to address such discrepancies in credit report.

 

[Credit Karma]

Only they know how they do it. Hope, at some point of time there will be definite scheme of things if not the law itself to address such discrepancies in credit report.

Hope our regulators finally come to their senses!

 

[dav33]

In my case closed loan account is stopped reporting from the month it is closed . For hdfc credit card it is still getting reported every month even though i closed it 1 yr back.

 

[sarainfo12]

Does anyone here have any idea of how long closed loan accounts and closed credit card account remains on one's credit report?
Is there any criteria for removing closed accounts that were in good standing that is all payments are made on time and those closed accounts whose payments were not made on time?

Has anyone had any experience regarding this?

I have searched this on Google but only USA's laws comes up. As I understand in USA good standing account (on time payments) remains on account for 10 years even after closing them and for accounts with any derogatory marks they will remain on report for 7 years.

Is there any such rule in India?

Is there any luck on removing it ?

 

[aceventura]

AFAIK and tested, CIBIL does not remove any account from its report - active or closed regardless of time frame. However it only shows last 3 years of payment history for each loan. I have education loans that are more than a decade old and still showing in my report as closed.

In Experian, closed accounts fall off after 7 years from closing date. For any accounts shown in the report, it shows the entire repayment history.