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Previous Mortgage Still Appearing on Credit Report

Dear Experian,

We refinanced our home with a different lender and my credit report is showing I have two mortgages. How long will it take for the lender that was paid off to drop off my credit report?

– TKD

Dear TKD,

Because your credit report serves as a history of all your accounts, refinancing your loan with a new lender doesn’t mean the old loan and its history will be removed immediately from the report. The previous account will remain as a record of activity. However,  the account should be updated to show it is now  paid in full through the refinance. The status of the account should say “paid,” or “paid as agreed.”

If the previous account is a positive account, meaning there were no late payments, it will remain on your credit report for up to 10 years from the date it was paid and closed. If there are late payments on the account, it will be removed seven years from the original delinquency date. The original delinquency date is the date of the initial missed payment.

Positive accounts remain on file longer as a way to help you build a strong credit history by giving you credit for making all of your payments on time.

Thanks for asking.
The “Ask Experian” team

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