62Closed/Paid Accounts
Status Code 62: Paid - Collection Account
Account paid in full, was a collection account
Overview
- Used when a collection account has been paid in full
- Indicates successful resolution of a previously delinquent account
- Collection agencies should report this when debt is satisfied
- Remains on credit report but shows account resolved
Common Use Cases
- 1Consumer paid collection agency in full
- 2Settlement for full balance accepted and completed
- 3Original creditor received full payment on charged-off account
Reporting Guidelines
- Report zero balance
- Maintain original Date of First Delinquency
- Update status from 93 to 62 when paid
Other Closed/Paid Accounts
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