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Hello board members: Need your assistance on a Paid in full account.

New Contributor

Hello board members: Need your assistance on a Paid in full account.

I would appreciate any feedback you can provide on the following:

This account was paid in full back in 6/2012 however the status remains "Pays 61-90 days"

Is this correct? I thought that the status would changed to Closed/ Paid.

Is there anything else you might find that is reporting incorrectly?

Account Number:xxxxxxxxxxStatus:PAYS 61-90 DAYS 
Account Owner:Individual Account. High Credit:$151,905  
Type of Account A mortgage account is real estate loan.:MortgageCredit Limit: 
Term Duration:30 Years Terms Frequency:Monthly (due every month) 
Date Opened:07/26/2006  Balance:$0  
Date Reported:09/25/2012 Amount Past Due: 
Date of Last Payment:05/2012 Actual Payment Amount:$155,419  
Scheduled Payment Amount:$1,047  Date of Last Activity:N/A
Date Major Delinquency First Reported: Months Reviewed:68 
Creditor Classification: Activity Designator:N/A 
Charge Off Amount: Deferred Payment Start Date: 
Balloon Payment Amount: Balloon Payment Date: 
Date Closed:08/2012 Type of Loan:Conventional RE Mortgage 
Date of First Delinquency:07/2012 

 

 

 

AHMSI Account: Mortgage paid off in June 2012

Message 1 of 4
3 REPLIES
Moderator Emeritus

Re: Hello board members: Need your assistance on a Paid in full account.

I would say that it is accurate assuming you had up to a 90 day late reporting somewhere within the 7-yr. payment history. Once the lates are removed, it should report as paid as agreed or similar.

 

 

Message 2 of 4
Community Leader
Epic Contributor

Re: Hello board members: Need your assistance on a Paid in full account.

Current status is just a snapshot of the last reported account status.

While an account is delinquent, current status will reflect the current level of delinquency.

However, once paid, current status flips to payment status, whiich is currently reporting $0.  That looks corrrect.

 

Current status is but a part of what is in your file.  Each prior delinquency is still retained under its indivicual reporting code, and the highest level of account delinquency prior to its current snapshot status of paid is retained under a code called the Payment Rating.

 

Thus, it is not improper for an account with a current status of paid, closed, $0 balance to continue to report prior delinquencies and the highest level of delinquency prior to being satisfied.

 

The account does not show any charge-off or collection, so DOFD is not relevant.  However, what is relevant is the date of each prior delinquency, That determines the runnning of the 7 year period on each delinquency, which tells you when the delinqency will be excluded from your CR.  Apparently, it had a reported 90-late.

When did that occur?

Message 3 of 4
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Moderator Emeritus

Re: Hello board members: Need your assistance on a Paid in full account.

Unfortunately it is reporting correctly.  The lates would be included in the monthly payment history which isn't available on this report.  They will age off 7 years from their dates respectively and it will turn to a positive account.  Since it includes 90 day lates, which are major derogs it might be worth your efforts for some GWs to be sent.

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