Understanding Account Status

[mcampbell1014]

If an account (mortgage) was once 120+ days past due and ended up being a short sale but the account is now closed due to the short sale, should the account status still say 120+ days past due since the account is closed?  I am fresh out of a bankruptcy and am at the stage of going through my accounts to be sure they reflect accurately what they should be, but the problem is, I'm not entirely sure what is correct and what isn't when it comes to what they say vs. what they should.  Any direction would be greatly appreciated. 

Thanks in advance

[guiness56]

The account should show the current status of the loan.  And I believe a short sale is still reported as a foreclosure.  I could be wrong.

[gettingagrip]

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@mcampbell1014 wrote:

If an account (mortgage) was once 120+ days past due and ended up being a short sale but the account is now closed due to the short sale, should the account status still say 120+ days past due since the account is closed?  I am fresh out of a bankruptcy and am at the stage of going through my accounts to be sure they reflect accurately what they should be, but the problem is, I'm not entirely sure what is correct and what isn't when it comes to what they say vs. what they should.  Any direction would be greatly appreciated. 

Thanks in advance

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My short sale was included in my bankruptcy (Ch 7) and didn't show at all as a result - did you file Ch 7 or 13?

[RobertEG]

Your credit file can have multiple status codes for an account.  That occurs when a prior derogatory status is updated to a new status.

Current status is simply a snapshot of the status as of their last reporting.  It reflects no historical prior status information.

When an account that was formerly delinquent has a change of status, be it paid, discharged, etc. the status prior to its new, current status is retained under a code called the Payment History Rating, which informs those reviewing your report any prior derog status.

What is or is not correct in your credit reporting of status depends upon the type of status it is referencing.

[mcampbell1014]

I filed Ch. 7 but the house was sold in a short sale a couple of years beore I finally got the guts to file.  Unfortunately I was one of those people they warn you about when they say if you're going to file, don't wait too long while you bury  your head in the sand and let things get worse.  I buried my head for almost 2 years trying to keep things above water thinking if I could just pay this off it'll get better and when you're as young as I am making as little as I do with as much debt as I walked from my marriage with, it's never going to get better without some help.  

The house shows as Paid, Closed on Experian but on TransUnion and Equifax it is showing as 120+ days past due with a 0 balance.  Should this say paid, closed as well since it was paid and closed upon the completion of the short sale even though it was paid for less then was owed?  I'm very confused when it comes to the Equifax report because it says 120+ days past due in the status but then when you scroll down to the payment history it has been reporting as current since May 2011 and seems to report monthly because there's a little green box with a star in it for May 2013 and says the last date of reporting is June 03, 2013.  Should they continue to report? 

At this point it has been long enough that it falls off of me in the beginning of 2015 so it may not be worth it to me to fight this too much since by the time that I am ready to try again it will have fallen off of view on my reports...