38. Question: How should accounts that are paid in full for less than the full balance (i.e., settled) be reported?
Answer:
For Revolving and Line of Credit accounts (Portfolio Types R and C), report the date the account was closed to further charges.
For Open accounts (Portfolio Type O), report the date the account was closed to further charges or paid in full, as applicable.
- Scheduled Monthly Payment Amount = zero
- Account Status Code = 13 or 61-65, as applicable
- Payment Rating = required when the Account Status Code is 13 or 65. Blank fill for Account Status Codes 61-64.
- Special Comment = AU (Account paid in full for less than the full balance)
- Current Balance and Amount Past Due = zero
- Date of Account Information = the date the account was paid in full for less than the full balance
- Date Closed =
For Revolving and Line of Credit accounts (Portfolio Types R and C), report the date the account was closed to further charges.
For Open accounts (Portfolio Type O), report the date the account was closed to further charges or paid in full, as applicable.