On a page titled “Credit Myths and Misconceptions,” Transunion, a consumer reporting agency, questionably states
It helps to close old accounts.
This credit myth advocates closing old and inactive accounts to hike up your score. However, this might inadvertently have the opposite affect[SIC] and lower your credit score because now the credit history appears shorter. If you don’t trust yourself to put a card away in a safe place and not use it, then consider canceling newer accounts.
That passage contains, at least, if not one of fact, a grammatical error. #myth8
— Greg Fisher (@creditscoring) November 20, 2014
FROM: Greg Fisher, creditscoring.com
TO: Donna Hoppenjan, president & CEO, Mound City Bank (#n259442)
SUBJECT: credit score, closing; Mound City Bank, president; Transunion #1411s
See this message and your response at http://blog.creditscoring.com/?p=5570 [this page].
I am with the media, am on a deadline (I set it; it is today) and I am writing about you. #1411s
This is the second item in a listicle titled “President’s Message” that you wrote for Mound City Bank:
Don’t Avoid All Debt
One common misconception among consumers is that any debt on your credit report is bad, which is not entirely true. Good debt – debt that you handled well by making on-time payments – is good for your credit score because it shows that you are a reliable borrower. This is especially true if it’s old debt, because it extends your credit history. So don’t call the reporting agency to remove that car loan from your credit report as soon as you pay off the vehicle. Leave old debt and good accounts on your credit history for as long as possible. This is also why you should keep your oldest credit cards active, even if you don’t use them very often. Cancelling a credit card that you’ve had for a long time will shorten your credit history, which could negatively impact your overall credit score.
You are wrong. See Credit Score Myth 8. http://www.creditscoring.com/myths/#myth8
Who told you that a person can have an account removed from his credit report once the account is paid off?