Transunion - Do they know what they are talking about???

[Anonymous]

I have an installment account that was paid off earlier this year.  When I looked at my credit report in September for TU for "Pay Status"  it showed >30 Days Past Due<.   The last time it was past due was in 2003.  I had it investigated and they continue to report the same thing.   I thought Pay Status was the CURRENT pay status.   I called TU and spoke to a manager who told me that creditors could make the pay status say late if you were late in the past.   Is this true??

[Anonymous]

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twt11 wrote:

I have an installment account that was paid off earlier this year.  When I looked at my credit report in September for TU for "Pay Status"  it showed >30 Days Past Due<.   The last time it was past due was in 2003.  I had it investigated and they continue to report the same thing.   I thought Pay Status was the CURRENT pay status.   I called TU and spoke to a manager who told me that creditors could make the pay status say late if you were late in the past.   Is this true??

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what do you mean pay status????     If you are talking about the green little boxes.......I ignore them unless I see an orange one

[haulingthescoreup]

OP, can you copy/ paste this part of your report? Be sure to xxx out any names or account numbers, and don't let any links (blue + underlined) show. I have something similar on an old, closed account, but it was the last payment. It displays 30 days late, grrr.

I would think that a previous late followed by on-times would show something like "Closed, paid as agreed, one 30-day late," but all the CRA's seem to phrase things differently.

[haulingthescoreup]

PS--just checked my TU report (pulled from annualcreditreport.com), and in the Pay Status section, my current accounts with previous lates show as Paid or Paying as Agreed. I don't have time right now to try to figure how to pull it up on line again and do my own copy/ paste, but there are two columns for each account. One has Balance / Date Updated / High Balance / Credit Limit / Past Due, and the other column has Pay Status / Account Type / Responsibility / Date Opened / Date Paid. I'm looking at the top of this second column.

I've never had a late on an installment account, so MAYBE? it would display differently, but I don't see why.

[Anonymous]

While this creditor could have easily coded this with a code 13 Paid or closed account/zero balance they chose to
also include a compliance code.

I have successfully gotten accounts with adverse compliance codes changed.

The biggest difference is an account with one of these codes will be removed 7 years after DOFD instead of becoming a positive account w/ no lates.


Account Status Codes

Enter the Account Status Code which best describes whether the account is current or past due. If you have a status which is not described here, please contact your credit reporting agencies.?XML:NAMESPACE PREFIX = O />

Code Description

05* Account transferred to another office.

11 Current account.

For Installment and Mortgage loans, the account should be current and have a non-zero Balance Amount. For Credit Line, Open, and Revolving portfolio types, the account should be current and available for use. If the account is closed, but there is a balance due, Special Comment M or Compliance Condition Code XA should also be reported to indicate the account is no longer available for use.

13* Paid or closed account/zero balance.

For Installment and Mortgage loans, the account should be paid with a zero Balance Amount. For Credit Line, Open, and Revolving portfolio types, the account should no longer be available for use, and the Balance Amount should be zero. A Special Comment M or Compliance Condition Code XA should also be reported to indicate the account is closed.

61* Account paid in full was a voluntary surrender.

62 Account paid in full was a collection account, insurance claim or government claim.

63 Account paid in full was a repossession.

64 Account paid in full was a charge-off.

65* Account paid in full. A foreclosure was started.

71 Account 30 days past the due date.

78 Account 60 days past the due date.

80 Account 90 days past the due date.

82 Account 120 days past the due date.

83 Account 150 days past the due date.

84 Account 180 days or more past the due date.

88* Claim filed with government for insured portion of balance on a defaulted loan.

89* Deed received in lieu of foreclosure on a defaulted mortgage.

93 Account seriously past due and/or assigned to internal or external collections.

94* Foreclosure/credit grantor sold collateral to settle defaulted mortgage.

95* Voluntary surrender.

96 Merchandise was repossessed by credit grantor; there may be a balance due.

97 Unpaid balance reported as a loss by credit grantor (charge-off).

DA Deletes entire account.

Note: In order to maintain the integrity of credit information, it is important that credit grantors not ask for a subsequent deletion of account history unless an actual error was reported. Paid derogatory accounts, such as collections, should be reported as paid; they should not be deleted.



* Payment Rating is also required when reporting these Status Codes

[Anonymous]

        Condition:         Closed              Closed (Paid)       Closed (Paid) 

        Balance:                   $0                                                  $0

        Type:                 Auto Loan                Auto Loan          Auto Loan

        Pay Status:         Late 30 Days          Current             Late 30 Days

The pay status is what I'm referring to.    From the left:  TU, EX, EQ.

[Anonymous]

Yes-

Easiest way to fix this is to ask the lender to change the status to Paid/Current.

A 30 day late from years ago - This is a lousy way to treat a customer.