In detail
Account status is a data field on each tradeline within a consumer credit report. It indicates the current condition of that specific account as reported by the lender or creditor, known as the data furnisher. Common account statuses include open, closed, current, paid as agreed, 30 days past due, 60 days past due, 90 days past due, 120 or more days past due, charge-off, collection account, repossession, and foreclosure. The status reflects the most recent information supplied to the credit reporting company. It can change from month to month as new data is reported. Account status is separate from payment history, which is a chronological record of whether payments were made on time. While payment history shows the pattern of past payments, account status shows the present state of the account. Credit reporting companies (often called credit bureaus) include account status in the credit file they maintain. The federal Fair Credit Reporting Act (FCRA) requires these companies to follow reasonable procedures to assure maximum possible accuracy of the information they report. Lenders, landlords, insurers, and employers may review account status when making eligibility decisions, subject to applicable law. If a consumer believes an account status is inaccurate, the FCRA gives them the right to dispute it with the credit reporting company and with the furnisher. Account statuses are typically reported using standardized codes, such as the Metro 2 format, though the exact labels may vary. A status of current on an open account does not by itself predict any particular credit decision. Account status is one of many data points in a credit report, and its effect depends on the scoring model or underwriting criteria used.