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      • FAQ 39 - How should a paid in full, closed account be reported?
      • FAQ 40 - How should a closed account be reported that has an outstanding balance?
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40. Question: How should a closed account be reported that has an outstanding balance?

Answer:
For Revolving, Open and Line of Credit accounts only, report the following
  1. Portfolio Type = R (Revolving), O (Open) or C (Line of Credit) depending on the terms
  2. Credit Limit = report last assigned credit limit
  3. Account Status Code = 11, 71, 78, 80, 82-84, 93 or 97, as applicable
  4. Special Comment Code = M, if account closed by credit grantor
  5. OR Compliance Condition Code = if account closed at consumer’s request, report the appropriate code XA, XD, XE or XJ Important Note: Do not report an account as closed by credit grantor and closed at consumer’s request. Only one closed code can apply.
  6. Current Balance = the outstanding balance amount as of the Date of Account Information
  7. Amount Past Due = required when the Account Status Code is 71, 78, 80, 82-84
  8. Date Closed = the date the account was closed
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