"Current Status" Reporting Incorrectly?

[RobertEG]

+1

"Current Account Status" (field 17A) only reflects the status of the account as of the last reporting by the OC.  It is one simple two-digit code.  When the account status changes, the old account status is overwritten, and gone.  It is not a historical field for storage of prior account status.  If the account is now paid, current account status should ONLY read "paid, zero balance."

The record of prior delinquencies, as has been stated, is stored in the "Payment History Profile" field code (18), which, unlike the current status field, provides for data on multiple prior months of reporting.  Each prior month has its own separate code, in a long string of numbers.  Each subsequent month of reportng just tags onto the end of this field code.  FICO gets prior derog info from payment history profile, not from current status.

If current status shows delinquent, but the debt is paid or current, the reporting of that code has not been properly updated.

[gamegrrl]

Beautifully and clearly stated. Thanks!

[MBOhio2]

Agreed, perfectly stated - thank you RobertEG!

So now for the next step... if the current status is being reported incorrrectly, how should I fix it? Should I just simply write a letter to the OC and ask them to correct the "current status" fiedl to reflect that it is "paid, zero balance"?

[Anonymous]

I'm having the exact same issue as you are. I disputed a collection account with EQ and EX that I did not recognize around December of last year. It came back as verified, and when they updated the description I recognized it as an old school loan that I eventually paid off. However, they updated the status and payment history so that it shows that the delinquency ocurred in December 2010 rather than 3 years ago when it actually happened. When this was then reported in January, I experienced a 20-point drop.

I tried disputing the account with the CRA again because I knew it had to be an error in their field reporting, but it just came back incorrect again. I'm not sure what to do at this point because I don't want them to think it's a frivolous dispute. I figured I could dispute directly with the CA and provide a copy of the payoff letter (which I thankfully still have).

This is a snapshot of my current Equifax TL for this account:

[gamegrrl]

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@RobertEG wrote:

+1

"Current Account Status" (field 17A) only reflects the status of the account as of the last reporting by the OC.  It is one simple two-digit code.  When the account status changes, the old account status is overwritten, and gone.  It is not a historical field for storage of prior account status.  If the account is now paid, current account status should ONLY read "paid, zero balance."

The record of prior delinquencies, as has been stated, is stored in the "Payment History Profile" field code (18), which, unlike the current status field, provides for data on multiple prior months of reporting.  Each prior month has its own separate code, in a long string of numbers.  Each subsequent month of reportng just tags onto the end of this field code.  FICO gets prior derog info from payment history profile, not from current status.

If current status shows delinquent, but the debt is paid or current, the reporting of that code has not been properly updated.

---

Robert, can you tell me the source of this info? I spent over an hour on the phone with Nelnet today trying to explain to them what is wrong. I felt like I was speaking Martian or something - I simply could NOT get through to them.

I'm now sending, on their request, a FAX to their credit dispute department. I want to word this carefully and clearly so that they will understand it. 

I may be asking too much.

D.

[ScoreBooster]

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@RobertEG wrote:

+1

"Current Account Status" (field 17A) only reflects the status of the account as of the last reporting by the OC.  It is one simple two-digit code.  When the account status changes, the old account status is overwritten, and gone.  It is not a historical field for storage of prior account status.  If the account is now paid, current account status should ONLY read "paid, zero balance."

The record of prior delinquencies, as has been stated, is stored in the "Payment History Profile" field code (18), which, unlike the current status field, provides for data on multiple prior months of reporting.  Each prior month has its own separate code, in a long string of numbers.  Each subsequent month of reportng just tags onto the end of this field code.  FICO gets prior derog info from payment history profile, not from current status.

If current status shows delinquent, but the debt is paid or current, the reporting of that code has not been properly updated.

---

I guess I have a similar issue. Look at the red part:

Status as of Date opened  Date of last activity  Account number  Largest past balance  Account Type  Account holder  Industry

Jan, 2011

Nov, 2005

Dec, 2006

XXXXXXXXXX

$XXXXXX

Installment

Individual

All Banks

 

Descriptions 

• Account transferred or sold
• Second mortgage

No contact information provided by Equifax

Balance  Current Status

 

$0	120+ days past due

Seven year payment history  30 days late 60 days late 90+ days late

1 time

1 time

4 times(Jun 2007, May 2007, Apr 2007)

Worst Delinquency 

120+ days past due

The Worst Delinquency reports the worst missed payment status that has been documented on this account. Your FICO® score evaluates how recently that missed payment occurred and in general, the more recent, the more impact it has on your score. However, the fact that it occurred is still predictive of future payment risk and could be considered by your FICO® score.

[ScoreBooster]

Oh, BTW, if you have access to your myfico-report, just click on the [?] symbol next to the payment-status. It explains itself and is basically what Robert EG said.

So a $0-balance and a current "120+ days past due"-status don't go along too well...

[gamegrrl]

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@ScoreBooster wrote:

Oh, BTW, if you have access to your myfico-report, just click on the [?] symbol next to the payment-status. It explains itself and is basically what Robert EG said.

So a $0-balance and a current "120+ days past due"-status don't go along too well...

---

Well I have tried every avenue possible, and I can't get ANYONE to understand this. I'm truly at the end of my rope. I have talked to everyone: The CRAs, the DOE Ombudsman office, the OCs. It's like I'm saying, "Lovely weather today. Want to go to the beach?" and their reply is "Platypus."

[Anonymous]

Sorry to revive an old thread but I am going through the exact same thing. I consolidated with direct loans, and the balance shows at $0 on my report but with a 120 day late. I have other loans I consolidated at the same time with another lender that show $0 balance and paid as agreed.

I have disputed it with equifax. But after doing some reading I am worried that I might end up with more lates showing. How did this get resolved for those you who disputed? I am thinking I should have just left it alone....

[gamegrrl]

I sure hope someone has a helpful answer for us. In October, I unsuccessfully attempted yet again to get the current status on a paid off loan with a zero balance with one 30 day late (that I don't believe ever occurred) changed to Paid or Paying as Agreed instead of 30 days late (or whatever it's showing). Meh.