Understanding Status of Accounts on a Credit Report

The status of accounts section of a credit report includes information on each account that’s reported to the credit agency. It states whether the account is currently open, and provides a comment on the account’s payment history.1

Why is Status of Accounts Section Important?

The status of accounts section details whether account payments are or have been made in full and on time. Lenders may view this section to assess credit risk and determine interest rates on new credit applications.

Your closed accounts will also be listed, with a comment regarding how each account operated while it was open.1

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Common Credit Card Account Statuses

Some common statuses on credit reports include:

Pays As Agreed: Account is paid in full monthly as per the terms of the credit agreement.2

Paid/Closed Never Late: This account was paid in full with no late payments, but is now closed.3

Account Paid In Full for Less Than Full Balance or Settled: This means that the account was not paid in full, or was settled for an amount less than owed. It may have a negative impact on your credit score.4

60 Days/120 Days Past Due: This account is open but payments are late. This account status may have a negative impact on your credit score.2

You can find a list of more common statuses here.

Resources:

  1. http://www.federalreserve.gov/pubs/bulletin/2003/0203lead.pdf (page 7 out of 27, bottom of page – section on Account Status
  2. http://www.creditcards.com/credit-card-news/help/interactive-sample-credit-report-6000.php
  3. http://www.experian.com/blogs/ask-experian/2012/08/15/foreclosure-worse-than-paid-for-less-than-full-balance/4:http://www.experian.com/blogs/ask-experian/2009/07/08/paid-closednever-late-account-status-helps-your-credit-standing/

Legal Disclaimer: The articles and information provided herein are for informational purposes only and are not intended as a substitute for professional advice. 

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