Pay status

[Anonymous]

In 2010 a foreclosure was started on a agricultural loan,  after selling some farm equipment I was able to catch up on what I owed plus all fees and the company and  I agreed I could start making my annual installment payments again.  The loan was paid off in full in January of 2013.  I look at my credit reports and the pay status is "Account 120 days past due date".   If the account is paid in full shouldn't the pay status reflect that.

Thanks

[myjourney]

Welcome to the forum 

If you were 120 days late what they're reporting would be correct 

It may show on your CR's as 120 days late but paid in full ....something to that effect 

So in reality it would be reporting correctly....

What you can do is start GW's maybe they'll remove the lates which would help you

[AndySoCal]

If the account being reported as 120 days past due after January 2013 that should be corrected. The basic question is how can you be currently 120 dyas late when you do not owe anything. If the 120 day late is before that date you woould need to determine when you brought the payments current and have 120 days lates removed  back to the time when you were actually behind.in your payments

[RobertEG]

It depends upon where the late is being retrieved when reported, and thus what it reflects.

There are different codes for storing both past and current status.

Current status is a snapshot only of the most recent and last reported status.  It does not relate to any prior status.

When a previously delinquent account is brought back ito good-standing or paid, the current status must promptly be reported as such.

Thus, the old 120-late status is over-written by paid or pays as agreed, depending upon whetther the account is still open.

The old delinquency status is shifted over to and retained in a cubby hole called the payment rating, which stores the level of delinqency prior to the currrent status.

If the late is still being shown as the current status, it is inaccurate.

However, if still being reported but not as the current status, it can be correct.