Why do credit reports do this?

Why do credit reports show an address I haven’t lived at in more than 30 years, but no record of a paid off mortgage?

They are not supposed to just make up information. My guess is that your mortgage company didn’t send them the report or they did not receive it. In the 10 years I had my last mortgage, I had 3 different mortgage companys. After over 30 years of paying my life insrance policy, the new company decided that the initial (and continuing) charges were all wrong and tried to recover money from me.

Large companys don’t always handle paperwork (or electronic communications) correctly.

You can contact both the mortgage company and credit reporting agency to dispute the open mortgage account that should be closed.

The credit bureaus are ridiculous, but they’re the way we get credit/loans.
I took time 1-2 years ago to go through all of my credit reports and make corrections.
So now it’s “accurate”. (Though when I paid off my mortgage my score dropped by >50 points! How accurate is that?!?)

It takes a little bit of time, but if you submit corrections, they will make them.

On another note – for security, I put a freeze on all 3 credit bureaus. I can lift the freeze if I need to get a loan or credit card – but I don’t see needing those anytime soon.

The mortgage was paid off in 1999. It showed as paid for a few years, then it disappeared entirely.

Closed accounts that were in good standing eventually fall off the report. Based on my experience it seems to be in the 10 year time frame. Closed accounts that were not in good standing fall off based on the debt collection laws.