Community Leader
Epic Contributor
Posts: 26,024
Registered: ‎03-19-2007
Re: What is the appropriate status for a paid/closed installment account?

The creditor misreported the current status.  It should read paid.  That supercedes its prior delinquency status.

Again, current status is just a snapshot of its status as of last reporting.

If the account was paid, it is no longer delinquent, mandating an update of its current status.  They failed to do so.

Closed status is not sufficient to inform FICO that it is no longer delinquent, as delinquencies can continue to accrue and be reported on closed accounts.


The creditor is required to update so as to reflect accurate current status.


You can, if time is not of the essence, call them and remind them of their responsibility under FCRA 623(a)(2) to timely update their reporting so as to maintain its accuracy.

Or, you can file a formal direct dispute, citing the inaccuracy and their section 623(a)(2) responsibility to timely update, thus forcing resolution within 30'ish days.