63Closed/Paid Accounts
Status Code 63: Paid - Repossession
Account paid in full after repossession of collateral
Overview
- Used when account is satisfied after involuntary repossession
- Indicates deficiency balance was paid after collateral sale
- More negative than voluntary surrender status
- Shows account ultimately resolved despite repossession
Common Use Cases
- 1Vehicle repossessed and sold, consumer paid remaining balance
- 2Equipment reclaimed, deficiency balance paid by consumer
- 3Secured loan resolved after collateral liquidation
Reporting Guidelines
- Report zero balance after full satisfaction
- Maintain accurate Date of First Delinquency
- Include repossession date in account history
Other Closed/Paid Accounts
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