Equifax status of 05

Discussion in 'Credit Talk' started by geekpipe, Apr 6, 2001.

  1. geekpipe

    geekpipe Well-Known Member

    On my equifax report the status of two accounts say 05. Not R5, but 05. Any idea what this status means and how it may affect me or my FICO score.

  2. sam

    sam Well-Known Member

    That sounds like what many collection accounts do to re-age debt. Specifically Midland Credit Management (for associates).

    They keep updating your report as O5 even though its a collection,.
  3. geekpipe

    geekpipe Well-Known Member

    it is from our friends at Arrow financial, the collection company. It is an O5, not zero 5. It is weird since they came back from disputes with the status changed from open to now paid in full. Weird because one has not been paid in full. The other has. Now my questions are:

    1. How bad does it look on credit report for a paid in full account from a collection agency with that O5 status.

    2. Is this it? Can they ever come back after me again on this if it says paid in full?

    3. Should I try to delete/dispute this again for full deletion? On what grounds should I dispute it?

  4. Austin

    Austin Guest

    From an old Equifax report:

    O = Open (entire balance due each month)
    R = Revolving (payment amount variable)
    I = Installment (fixed number of payments)

    0 = Approved not used; too new to rate
    1 = Paid as agreed
    2 = 30+ days past due
    3 = 60+ days past due
    4 = 90+ days past due
    5 = Pays or paid 120+ days past the due date; or collection account
    7 = Making regular payments under wage earner plan or similar arrangement
    8 = Repossession
    9 = Charged off as bad debt

    So that's why it's a 5--applies to collection accounts

    hmmmm it's interesting that there is no code "6"
  5. geekpipe

    geekpipe Well-Known Member

    So how could this acount be listed as paid in full but be an open collection account? shouldnt it be closed?
  6. sam

    sam Well-Known Member

    It's called collection companies are dirty.
  7. marci

    marci Well-Known Member


    Equifax refuses to update the 120+ day lates to currents and ignores
    paid off accounts as closed. Several of my paid "I" accounts are still open with
    0 balance. It has to do with how Equifax reports and I think
    Steve Anderson, who is suing re student loan reporting, names
    this issue in his lawsuit. It's also a problem for me on one of my
    accounts and I think Momof3.

  8. Jugnoo

    Jugnoo Well-Known Member

    'O' just means that it is an "open" account as opposed to revolving or installment account. It's a type of account rather than the status of an account such as open or closed. It just means that you can't revolve a balance on the account. For instance, all amex charge cards are reported as "O".
  9. roni

    roni Well-Known Member

    Arrow Financial

    Did you read my posts about Arrow Financial. They are scum. Sam is right. That is exactly what they are doing.

    When I disputed their account, it was deleted from equifax and transunion with no problem. Experian gave me grief claiming they verified it.Why would they JUST verify with them.

    Now they are sending me letters about a very old debt from '90 when i was in college. I would pay the original creditor but not them b/c of my history with them in the past.

    My best suggestion is to dispute the item and see if this problem disappears


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