Account Status, Payment Rating, Special Comment

Question: How do Account Statuses, Payment Ratings and Special  Comments interact?

Answer:

1. The Account Status is used to report the current condition of the accounts, such as current or 30 days past the due date.
2. The Payment Rating , which is required for certain Account Statuses, is used to report whether the account is current, past due, in collections or charged off within the activity period being reported.
3. The Special Comment is used to provide additional information about the account. These codes are used together to provide a complete picture of the account.

Examples:  

• An account is reported with Account Status Code 80 (90 days past the due date) AND Special Comment Code M (Account closed at credit grantor's request). Since both codes are reported, credit grantors know the current condition of the account, and that the account is closed to further charges, at the credit  grantor's request.

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• An account is reported with Account Status Code 13 (Paid), Payment Rating 3(90 days past the due date) and Special Comment Code AU (Account paid in full  for less than the full balance). This combination of codes provides complete information for credit grantors: the account is paid, the consumer was 90 days past the due date during the final month and the account was settled for less than the full balance.