Credit accounts fetched from your Credit Report will show current status as reported by your lenders or banks. Following are brief explanations of each status
‘Active’: This status means your account (Credit Card or Loan) is currently operational and transactions are happening in it.
‘Closed’: It implies your account is not operational, no more payment is due on you and no further transactions can be done.
‘Settled’: It indicates that a certain settlement was reached between you and your lender, whereby your lender accepted a payoff amount lesser than the amount originally owed by you. Accounts with this status will not be operational and no further transactions can be done.
‘Wilful Default’: This status reflects that you have not paid back to your lender the amount due to you when you can do so. Accounts with this status may not be operational and you may not be able to do any further transactions.
‘Written Off’: This status means your lender has booked losses against the amount, which was due and unpaid by you. Accounts with this status will not be operational and no further transactions can be done.
‘Suit Filed’: This status means you haven’t paid back the due amount to your lender and the lender has filed a legal case against you. Account with this status may not be operational and you may not be able to do any further transactions.
