Rebuilding Your Credit

[Bigdaddy69]

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?

‎12-09-2012 07:08 AM - edited ‎12-09-2012 07:18 AM

Account Number:	xxxxxxxxxx	Status:	PAYS 61-90 DAYS
Account Owner:	Individual Account.	High Credit:	$151,905
Type of Account :	Mortgage	Credit 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

[Bigdaddy69]

Account Number:	xxxxxxxxxx	Status:	PAYS 61-90 DAYS
Account Owner:	Individual Account.	High Credit:	$151,905
Type of Account :	Mortgage	Credit 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

[llecs]

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.

[RobertEG]

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?

[Shogun]

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.