Posts: 812
Registered: ‎03-16-2012
Re: What is the appropriate status for a paid/closed installment account?


RobertEG wrote:

You have two reporting codes/status dates in your file which, taken together,  handle this situation, retaining both pieces of information... highest delinqeucny, and paid.


Current status reflects a snapshot of the accurate status of the account at the time of the last/most current reporting.  It has no historical memory.  Thus, its name "current status."

Current status is a hybrid code, meaning that it can report two different things... delinquency status or current payment status.


When an account is delinquent, the current status reflects its level of current delinquency at the time of reporting.  However, if the account is then paid, either back into good-standing if still open, or paid if it is closed, the current status is updated to now reflect its payment status. 


Thus, a way is needed to still retain the level of account delinquency at the time it was paid and its current status switched over to a payment status.  That is where the separate "Payment Rating" code comes to play.  The prior current status of delinqueuncy level is moved over to the Payment Rating code.


The two codes, taken together, paint the full picture of the level of delinquency at the time of payment, and that the account is now back in good-standing or closed and paid.


Perhaps what you are seeing in your CR is the Payment Rating on the account, which would continue to retain and thus report its highest delinquency level.

The current status should simply read "Paid."

i have a charge off that went to collection but got it PFD.. The collection was deleted but the OC status still says "charge off" you know if they will ever change it to "paid"? 

Starting Score: TU: 481 12/30/2015 EQ:561 12/30/2015 EX:532 12/30/2015 (MYFICOS) BK FILED: 09/2015 DISCHARGED 12/2015 -- 07/04/2016 TU:584 EQ: 604 EX: 582
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