Settled or Closed?

ojosef

Evening,

I know this may have been asked before but I have searched the forum to no avail. My question is simply:

What is the difference between settled and closed markers on an account?

I have 3 accounts marked as settled yet I'm struggling to get credit. I found one document that explains them experian.com/esolutions/pdf/ARF7-Glossary.pdf (Can't seem to post links) settled is defined as "Account legally paid in full
for less than the full balance"?! Can someone clarify that in plain English please. Because I did indeed pay the full amount on the credit card but what's the meaning of "less than the full balance"?

Also should I be pursuing the settled account lenders to mark these accounts as closed?

Thank you!

Thrugelmir

That pdf is a reference to US reporting.

Closed is when the account is closed i.e. made inactive.

forgotmyname

Account in arrears? Interest stopped? Debt plan?

ojosef

Thrugelmir wrote: »

That pdf is a reference to US reporting.

Closed is when the account is closed i.e. made inactive.

Ok, so I had a look on the UK Experian site and I found this quote:

"A settled account is one that you have made all the necessary payments to and has been closed. We keep a record of settled accounts for six years from the date they were settled. The status codes shown on your credit report against a settled account refer to the period before you settled the account."

Source: experian.co.uk/downloads/consumer/experian-YCRE.pdf