Do you have a question about consumer credit? You may find an immediate answer by using the search engine. If you can't find what you're looking for, please fill out the form, being as specific as possible.
Please note: The Ask Experian team cannot respond to each question individually. However, if your question is of interest to a wide audience of consumers, the Experian team will include it in a future column.
The information contained in this column if for educational purposes only and is not legal advice. You should consult your own attorney or seek specific advice from a legal professional regarding your particular situation.
Please understand that Experian policies change over time. Column responses reflect Experian policy at the time of writing. While maintained for your information, archived responses may not reflect current Experian policy.
Topics addressed on December 22, 2010:
Defining “potentially negative, closed”
Does "potentially negative, closed" mean the account was paid?
The statement appears to be from the account summaries provided on the first page or two of your personal credit report. It indicates that the account is closed but that it has negative history of some sort associated with it, probably late payments.
The term “closed” usually applies to revolving accounts, which is the technical term for credit cards. It means that the account can no longer be used to make charges. You should be able to see full details about the account in the main body of your credit report.
Details will include the current account status, which should be “closed,” along with a description of the payment history, for example “was 60 days late.”
The term “paid” is usually reported for the status of closed installment loans. It indicates that you have made the last payment and that no balance remains on the loan, so it is effectively closed.
Thanks for asking.
- The "Ask Experian" team