If a collection is paid...

[SLR72689]

should the account status be open?? It has a balance of $0 listed.

[RobertEG]

Collections have an Open status until either the collection authority of the debt collector is terminated, they sell the debt, or the debt is satisfied.

Closed means no active collection on the debt.

If they indicated that payment satisfied the debt, they are required to report both Closed and $0 balance.

Not a huge deal, as anyone reading the CR would associate $0 under collection as a closed collection, but it should read closed.

[ilzhoefer]

So which collection is worse:

A closed account with a $0 balance?

or

a closed account with a balance?

[SLR72689]

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@RobertEG wrote:

Collections have an Open status until either the collection authority of the debt collector is terminated, they sell the debt, or the debt is satisfied.

Closed means no active collection on the debt.

If they indicated that payment satisfied the debt, they are required to report both Closed and $0 balance.

Not a huge deal, as anyone reading the CR would associate $0 under collection as a closed collection, but it should read closed.

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Okay should I dispute that with the CA or the CRA? It is marked as paid with a $0 but open. 

[RobertEG]

It depends upon the specific type of closed code reported.  Collections are closed for differrent reasons.

Closed and paid, or closed based on termination of collection or sale of the debt.

Collections can be closed based only on termination of their collection without additionally signifying satisfaction of the debt.

Sure, you can dispute, but if shown as paid, it is not of real significance.