Does 'Account Status' field matter

Anonymous — Thu, 29 Apr 2010 21:26:23 GMT

to Fico? I have a closed Auto loan showing no lates but has 'Pays 31-60 Days late' in the Account Status field. Is this hurting my score? This is on EQ but it reports this way on the others as well. FWIW, on my official EQ report this account doesn't show up under the negative items.

Re: Does 'Account Status' field matter

Anonymous — Thu, 29 Apr 2010 21:46:48 GMT

I would dispute or GW that one. It may not be hurting, but its certainly NOT helping.

Re: Does 'Account Status' field matter

RobertEG — Fri, 30 Apr 2010 04:25:15 GMT

Yes, status matters. FICO uses account status codes in their scoring. FICO, for example, scores 30-day lates as minor derogs, and 60+ lates as major derogs.

The fact that delinquencies are reported differently with different CRAs is not necessarily grounds for disputing.

Take the example of an account that legitimately reached 60-days late. The creditor reports a 60-day late to one CRA, a 30-day late to a second CRA, and does not report a late to the third CRA. The FCRA does not compel a creditor to report derogs to a CRA. It compels that when a derog is reported, it must be accurate. Lack of reporting is not a reporting that harms your credit score.

Taking the above example to the next level, assume that in the example, the account is then charged off by the OC, and they only report that CO to one CRA. Your credit score with the other two CRAs is not impacted.

Do you want to dispute to have derogs added that will harm your score?

It is the legitimacy of the derog that matters, not uniform reporting to all three CRAs.

topic Does 'Account Status' field matter in Understanding FICO® Scoring

Does 'Account Status' field matter

Re: Does 'Account Status' field matter

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