61Closed/Paid Accounts
Status Code 61: Paid - Voluntary Surrender
Account paid in full after voluntary surrender of collateral
Overview
- Used when consumer voluntarily surrendered collateral before repossession
- Indicates account was satisfied after surrender and sale of collateral
- Less negative than involuntary repossession
- Shows consumer cooperation in resolving the debt
Common Use Cases
- 1Consumer returned vehicle voluntarily before repossession
- 2Collateral surrendered to avoid foreclosure
- 3Equipment returned under secured loan agreement
Reporting Guidelines
- Report zero balance after account is satisfied
- Include date of voluntary surrender
- Use appropriate ECOA code if applicable
Other Closed/Paid Accounts
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