Question about open vs closed accounts on EQ

[Gotons]

On my Scorewatch, it shows that I have an Open Acct with a finance company that is no longer Open.  It last reported in 2005, however, there was a problem with the last payment that was my fault and it didn't get paid until March of this year.  There is a 60 day late on there from Jan 05 on there, but since the last payment was just paid this year, I'm wondering what, if any action I should take.  Since equifax reports it as still open (it's no longer open, but PIF and also shows that on the CR), how is this affecting my FICO score, if at all?

[llecs]

Is this a loan? If so, as soon as the balance shows $0, then FICO automatically reads it as "closed", even if the report says open. If $0, then the balance is removed from scoring. Per FICO scoring, installment util is such a small part, so much so, that it isn't even worth thinking about. If an installment, then it will continue to report as scheduled for the next 7-10 yrs.

If this is a CC and $0, then absolutely do nothing. I have a CC CO from 1997 that still reports. It reports now as a good account and still "open". It is adding much needed history and hope it continues to report for years to come.

Open or closed, it really doesn't matter for you. I personally would stay away from this account. I wouldn't even GW the late. Technically, they can mark you late every month from Jan 05 until the month you paid it.

[Gotons]

Thanks for the information.  Yes, it's a loan.  I was just curious as to why it was still reading as an open account on my EQ report. 

Also, the problems I had with this company were ridiculous, so I'm going to take your advice (was leaning that way anyway) and not GW.  They would probably do as you said and nail me for those lates.  

Thanks again!

Gotons