Account Status Codes

Every account carries a status: current, 30/60/90/120 days late, charged off, in collections, paid as agreed, closed at consumer's request, and more. These short labels carry most of the report's weight.

Why it matters

Scores read the status before anything else. Knowing the difference between a charge-off and a collection, or paid and paid as agreed, tells you what a mark really costs and what can still be done about it.

Key facts

• 30/60/90/120 mark how late the worst reported payment was; later is worse.
• A charge-off means the creditor wrote the debt off as a loss; you still owe it, and it often moves to collections next.
• Paid as agreed is the gold label; closed at consumer request is neutral.
• Settled or paid for less than the full amount is better than unpaid but weaker than paid in full.
• A repossession or foreclosure is its own severe status with a seven-year reporting life.

In practice

1. List every account not marked current or paid as agreed, newest first.
2. For each, write down what it would take to reach the best available status from here (pay in full, settle, dispute).
3. Handle the newest severe statuses first; recency weighs heavily.