@RobertEG wrote:There are numerous different status codes that apply to an account, such as Current Status, status as open or closed, or Payment Rating status.
The Current Status references whether or not the account is delinquent as of the date of reporting. The last date of reporting overwrites any prior Current Status, and will report either the current level of delinquency, or paid if closed, or pays as agreed if still open.
The status of the account as open or closed has nothing to do with its current delinquency status. It only references whether the account remains open to consumer use.
A paid installment loan will thus report BOTH as closed and as paid.
As for removal from one CRA, the most likely reason is that the creditor chose to simplify their reporting by removal of the account with one or more CRAs.
They thus only thereafter need be concerned with updating their reporting with one CRA, and they avoid any possiblity of dealing with any disputes that the consumer might file with the other CRAs.
Closed status only triggers consideration for deletion by the CRA at approximately ten years after date of closure.
The CRA would not delete at less than a year from closure, as any reported derogs would still be well within their exclusion dates, and thus still of interest to others.
Deletion is only done as standard CRA policy for older accounts that have lost most or all of their reportable derogs.
Thanks for the reply. Here is a snapshot of the reporting on CK, by what you are saying the mistake is in the Payment Status showing "Current" instead of "Paid Off".
This also means that the creditor has chosen to only report to TU, so the next question would be, can I and should I pursue adding this account with the other 2 CRAs, and in this specific case, does the benefit of having a paid off installment account outweigh the 2 lates that come with it?
@Anonymous wrote:
@RobertEG wrote:There are numerous different status codes that apply to an account, such as Current Status, status as open or closed, or Payment Rating status.
The Current Status references whether or not the account is delinquent as of the date of reporting. The last date of reporting overwrites any prior Current Status, and will report either the current level of delinquency, or paid if closed, or pays as agreed if still open.
The status of the account as open or closed has nothing to do with its current delinquency status. It only references whether the account remains open to consumer use.
A paid installment loan will thus report BOTH as closed and as paid.
As for removal from one CRA, the most likely reason is that the creditor chose to simplify their reporting by removal of the account with one or more CRAs.
They thus only thereafter need be concerned with updating their reporting with one CRA, and they avoid any possiblity of dealing with any disputes that the consumer might file with the other CRAs.
Closed status only triggers consideration for deletion by the CRA at approximately ten years after date of closure.
The CRA would not delete at less than a year from closure, as any reported derogs would still be well within their exclusion dates, and thus still of interest to others.
Deletion is only done as standard CRA policy for older accounts that have lost most or all of their reportable derogs.
Thanks for the reply. Here is a snapshot of the reporting on CK, by what you are saying the mistake is in the Payment Status showing "Current" instead of "Paid Off".
This also means that the creditor has chosen to only report to TU, so the next question would be, can I and should I pursue adding this account with the other 2 CRAs, and in this specific case, does the benefit of having a paid off installment account outweigh the 2 lates that come with it?
My closed and paid loans all say the exact same thing. Payment status - Current; Account status - Closed.
I highly doubt that is a mistake. I checked CK and here and on direct pulls, they all say the same thing.
What was it you were disputing?
What website is that screen shot from?
I would check with TransUnion direct to see how its listed on their report with TransUnion.
Different credit bureaus have different ways of how everything is coded into their system. On their reports they can interpet what the codes mean when you view them at their website.
For anexample, Experian pcisk up Experian and Transunion reports, experian may use 01 for Closed where TransUnion may use 01 for Paid/Closed. When Experian reads that 01 code, its going to display what their interpetation of code 01 is, where in my example it would show Closed.
The same could go for Payment Status. Experian could use 01 for Current but Transunion could use 01 for Paid As Agreed.
When I viewed my Experian 3 bureau report it listed one of my paid charged off accounts as "Bad debt & placed for collection & skip" for Equifax.
