FICO Report "Status" Column

[TNManada]

I have spent the last few months working on getting my credit report in shape to buy a home and have made a lot of progress mostly because of great info I found on this site!  One issue I am totally confused on is the column of 'Status" on the FICO report.  I have 7 accounts that are over 6 years old and set to fall off over the next few months.  All are paid in full, but at the time they were paid in full they were 60 days past due (6 of these are student loan disbursements and the late payments came from thinking I was sin deferment when I wasn't.  One is an old small loan through a finance company.  Even though they are completely paid off the current status on the report is "60 Days Past Due".  These same accounts are reported as delinquent on other reports due to that status.  1 - if the account is paid off should the status really be "60 Days Past Due" if the account was at one time 60 days past due?  2- How much is this effecting my score?  When I do the simulator and go from the now 7 delinquent accounts, to none I see a huge jump.  Do you think that if I got these changed to OK, Pay As Agreed or Current I could expect that kind of jump?  I only need about 15 points to qualify for the mortgage we are after so any jump from these could be substantial in my situation.  The student loans are through Suntrust and I have been in contact with a credit reporting specialist at Suntrust for the past 2 weeks to hopefully get these fixed.  I disputed all of these with the credit companies and all came back verified.  Thanks so much for any insight you can give!

[guiness56]

They should not say currently 60 days past due.  It should say paid, was 60 days past due.

60 days are a minor derogatory and have little impact on your score after about 2 years.  However, if they are still reporting as 60 days past due that is not good.

Does it say anywhere on the TL paid or paying as agreed?

[TNManada]

Yes.  On My EQ FICO it says:

Balance - $0

Current status - "60 days past due"

Date of last activity - 9/2006

Worst Deliquency - 60 days past due

On other reports (Trasunion and Credit Karma) - It has the same information but when I click on Deliquent accounts (which are described as accounts currently deliquent and they way describe that makes me think it has a pretty big impact on score) the same 7 accounts that are paid, but listed as a current status od "60 days past due" are the only deliquents.  When I do score simulator and change deliquent accounts from 7 to 0, my score increase almost 80 points.

I am so confused and appreciate your help

[guiness56]

On your TU report, if you click on delinquent accounts, it shows those?

How long ago did you pay them off?  Do they still update monthly?

As far as I know they can only show 60 days past due if that is what you were for the month they were paid off.

 Account Statuses, is used to report whether the account is current, past due, in collections or charged off within the activity period being reported.

Pull your reports directly from the CRAs to see how those are reporting.  Ones from 3rd parties are formatted differently.

[TNManada]

Yes.  On both my equifax and my transunion it shows those accounts as deliquent and the pay status as "60 days past due".  Those are the only 7 accounts I have that are 'deliquent" when I login to the transunion website.  They started reporting on my credit report in May 2006, went past due June Paid off in full in October 2006.  They have been removed from my Experian.  I never got a notice that they were deleted because of dispute but a few days after I disputed them with Experian and contacted Suntrust they went away.

[guiness56]

Did these accounts ever go to collections or get charged off?

[TNManada]

No.  6 were student loan disbursements that were in deferment until May 2006 when I graduated.  I was told they were being consolidated but suntrust messed up so I had to resubmit the paperwork causing them to go past due.  They were 60 days past due when they were consolidated and paid in full by my current servicer.  They were consolidated at my request not because of any hardship.

The 7th was a persoanl, small unsecured loan.  It was 90 days past due when I paid it off in full.  No collections or charge-offs.  The OC was actually very gracious nd worked with me because I has just given birth and was let go from my job.  The weird one with this one is no late payments are reported.  It says Balance 0, current status 90 days past due and in the notes section it says paid in full.  I had 2 other loans prior to this one and they are both reporting as 0 balance and Pay Status is Pays as agreed or OK depending on which report I am viewing.  I disputed this one and it came back verified.  I called the OC and they faxed me documentation that it was paid in full with no balance and not currently deliquent.  I sent this to CRA's and they said the disputed information was verifeid, but the pay status is still 90 days past due and/or deliquent.

I have found someone at Suntrust to possibly help with the student loans, but they take forever to get back to me.  Do you think the "Current Pay Status" is correct?  All my other paid in full accounts that are paid off she Ok or paid in full even if they had a late payment.

[guiness56]

I don't think it is.  It was but not currently is 60 days late.

[TNManada]

Me neither. I found another topic where a moderator said that the current status is just that, the CURRENT status and if an account is paid off it should reflect so.  They also said it mattered a great deal because any account with a status as currently deliquent has a big impact even with a 0 balance. AHHHHHH!!!!  Now I just have to figure our how to get it fixed.  The CRA's have been no help. BLAH!

[guiness56]

You can send a direct dispute to the creditor.

This is a Notice of Direct Dispute with you, under the provisions of FCRA §623(a)(8)(D), of the accuracy of information you have reported to my credit file.

 In compliance with FCRA §623(a)(8)(D), and enacting regulations published at  16 CFR § 660.4, this Notice of Direct dispute includes:

Identification of the specific information being disputed:

           (specify the account number, and the specific information that is disputed under

             that identifying account)

Basis for the dispute:

            (how the reporting was inaccurate;    was any reporting in violation of any statutory or

             regulatory provisions?  account or express agreements?  CRA reporting gudelines? Account not

              yours? etc.)

Supporting documentation:

            (all documents that support your dispute; it is recommened to also include,

             as part of your documentation, at least a copy of the portion only of your

             recent credit report showing their reporting of the disputed information was

              actually reported to your credit flle.  The implementing rule suggests a  showing

               that it appeared in your credit report)