New to myfico, collection agency reporting

[perfect100]

Hello Everyone! I hope this is in the right place for this topic? Anyway, I have a question....

I have settled old credit accounts that were chargeoffs from the original creditor and have been place with

  LVNV

First, there are 2 accounts with LVNV funding that have been settled over 6 months ago.

They are reporting as:

Account Type: Open

Current status: 120 days past due

BOTH of these have been settled, and it says settled for less than amount under "descriptions".

The original creditors report the account as 

Account Type: Revolving

Current Status: Pays as agreed

and under description, it says charged off.

Finally, LVNV says both accounts were opened on 08/2011.  

So, is LVNV reporting correctly?

My biggest questions are:

Is the "account type" as Open proper? Is this hurting my score? is there anything I can do?

Is the status of 120 days past due proper? Is there anything I can do to get a better status?

Is the open date of 8/11 proper? Is this hurting my account? The original accounts were opened in 4/2007.

Any help is greately appreciated! I am apply for a priveate student loan in May. 

[llecs]

IMO It's reporting OK. FICO and lenders view it as a collection. Regardless of the status, it's viewed as a CA. The acct type is normal.

Score damage? Just like any other paid or unpaid CA. Aim for a GW.

There is nothing you can do to make it report any better other than a full deletion. It can report as $0 and paid as agreed and FICO and lenders will ding you just as heavily. You can never get a CA or a PR to report more favorably.

The date opened is when the CA took over the debt and started collecting on it. It doesn't really mean anything. The date that is most important is the DOFD.

[RobertEG]

The collection should have been updated to report a Closed status upon satisfaction of the debt, so that is incorrect.

However, while you can get it updated, it wont alter the impact of the collection.  It might possibly lead to some confusion by one reading the credit report, but if the collection reported $0 remaining under collection, that informs them that the debt is satisfied.  It's housekeeping.

As for the 120 late, that is similarly incorrect in that the current status of the collection is closed, paid. 

However, it is most likely simply the prior reporting of the OC that is listed incorrectly under the collection.  Debt collectors dont report delinquencies.

If they reported a delinquency as having occured with them, that is clearly incorrect.  If it was a delinquency reported by the OC, it will remain in your CR, but as a prior delinquency, and not the current status.