The current status, as defined in the common credit reporting manual used by the big-3 CRAs, is reported to and stored as Field Code 24, and contains the status code that properly identifies the current delinquency or non-delinquency condition of the account as of the date of reporting.
If an account is delinquent as of the date of the reporting, then the current status will be reported either as the number of days past the billing due date (e.g., 150-late), or if the delinquent account has additionally been subject to a charge-off, simply as CO.
If an account has been paid or settled, then the status of any subsequent reporting is no longer one of any continued delinquency, so no, the current status would not remain as CO. It would be updated to the non-delinquency status of Paid.
However, CRA reporting codes provide for the special comment of "was a charge-off" to be appended to the Paid status in order to provide others with more complete account information. Thus, the current status will no longer be a delinquency status of CO, but reference to the prior CO can remain.
Finally, any prior reporting of CO for any prior month under the payment history profile will remain, recording any prior CO delinquency status by months in which it had that status.
