39. Question: How should a paid in full, closed account be reported?

Answer:

1. Scheduled Monthly Payment Amount = zero
2. Actual Payment Amount = the amount actually received for this reporting period
3. Credit Limit = For Revolving, Open and Line of Credit accounts, report the last assigned credit limit.
4. Account Status Code = 13 or 61-65, as applicable
   
5. Payment Rating = required when the Account Status Code is 13 or 65. Blank fill for Account Status Codes 61-64.
6. Special Comment Code = M or CI may be reported if applicable for Revolving, Open and Line of Credit accounts
7. OR Compliance Condition Code = XA may be reported if applicable for Revolving, Open and Line of Credit accounts. Important Note: Do not report an account as closed by credit grantor and closed at consumer’s request. Only one closed code can apply.
8. Current Balance and Amount Past Due = zero
9. Date of Account Information = Report the date the account was paid in full. For inactive accounts, report a date within the current reporting period when the account was closed to further use. Important Note: Payoffs should not be backdated for credit reporting purposes. For example:

                  Account reported as Account Status 11 (current) with Date of Account Information = 03/31/2019
                  Account marked as paid on 04/08/2019, but the paid effective date is 03/22/2019
                  Report account as Account Status 13 (paid) with Date of Account Information = 04/08/2019

1. Date Closed =

                 For Installment and Mortgage accounts (Portfolio Types I and M), report the date the account was paid in full.
                 For Revolving and Line of Credit accounts (Portfolio Types R and C), report the date the account was closed to further charges.
                 Open accounts (Portfolio Type O), report the date the account was closed to further charges or paid in full, as applicable.