07-18-2012 07:40 AM
07-18-2012 11:53 AM
If it is reported as current status, it is incorrect and should be corrected, as it indicates a closed account with a current delinquency status. Since the current balance is reporting as $0, the two are contradictory.
Current status is a snapshot of status as of last (current) reporting, and has no historical memory. When a delinquent account is brought current, the current status is updated, and the prior delinquency status is retained in a separate code called your Payment Rating. If closed, the current status should simply read "Paid."
It is possible that your CR is improperly using the Payment Rating as current status, and your credit file itself might be correct.
:However, that is not what your CR states, so yes, I would insist on the current status being updated to Paid.
You could handle it by informal request to the creditor, or you can compel correction within approx 30 days by filing a direct dispute.
The path of direct dispute has the obvious advantage of compelling an investigation and correction within a set period, however may also result in a dispute flag being placed in your CR, skewing your score. If you plan on needing your score within the next couple of months, it may be best to first try the informal approach.
But informal requests often get informal attention.....
07-19-2012 11:04 PM