Myth: Paying off loans or closing credit cards cause their removal from your credit reports.
Fact: The credit reporting agencies do not remove
accounts once they’ve been closed or paid off. In fact, there is no law
requiring the credit reporting agencies to ever remove accounts that are
in good standing. At this time, however, the credit reporting agencies
choose to remove inactive or closed accounts 10 years after they’ve been
closed. Additionally, while closed or paid off accounts are still on
your credit reports they are still considered by credit scoring systems.