How Should Prepaid Credit Cards and Gift Cards Be Reported?
Prepaid credit cards and gift cards are not considered traditional lines of credit and, in most cases, should not be reported to consumer…
Category: Payment Behaviors
How Long Should Paid Accounts (Account Status Codes 13, 61–65) Continue to Be Reported?
Paid accounts are closed trade lines that have been fully settled and no longer carry an outstanding balance. While the financial obligation has…
How Should a Closed Account Be Reported That Has an Outstanding Balance?
An account that is closed but still carries a balance is considered an active financial obligation, even though no further transactions (like new…
What Happens When an Account Is Reported as “Closed by Credit Grantor”?
When an account is reported as “Closed by Credit Grantor,” it means that the lender, not the consumer, initiated the closure of the…
How Should Late Payments Be Reported, and How Long Do They Stay on a Credit Report?
Late payments are one of the most common negative items on credit reports, and they can significantly impact a consumer’s credit score and…
How Should a Credit Line Increase or Decrease Be Reported?
A credit line increase or decrease occurs when a lender adjusts the total available credit on a revolving account, such as a credit…
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