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Should TU Report My Student Loan as "Paid and Closed"?


kaboom
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I just pulled my TransUnion report and noticed that a student loan that I paid off last month reports the following information:

Pay Status: Paid or paying as agreed

Remark: Closed

Shouldn't the "Remark" category say something like "Paid" or "Paid in Full" or "Paid and Closed" instead of just "Closed"? I paid the loan off several years early and there are a bunch of late payments from 3 years ago reporting on this account. I'm worried that a "Closed" notation will make it look like I negotiated a settlement or something.

Could this be hurting my FICO score? It's 17 points lower than when I last pulled it back in August, but I can't rule out the fact that I may have been switched to a different scorecard because a judgment (paid) also dropped off last month. These are the only major differences between the August report and the current report.

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It's my understanding that student loans typically remove the late pays and what not when you become current, so that may be worth investigating (than again, I may be wrong), maybe it depends on what type of loan/who with, etc. If it were me, I'd go ahead and dispute the reporting if it's been paid off at least 30 days and they've failed to update their reporting.

Good luck! :)

Elyse

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Many thanks for the input! :)

At this point, I guess I'm most concerned that TU is reporting the status of this loan correctly. Do they report all paid loans as "Closed" or should I demand that the remark be changed to something like the "Paid and Closed" notation that EX uses?

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