The status line of an account in our credit report summarises the account history. It shows the current status of the account as well as the most negative information reported for that account if at all. If the account is current and no negative history has been reported on it status line might read something like “ current/no negative information reported”.
If your account is paid and closed but it was played at some point of time the status line might read something like” paid, closed, current/was played by 30 days in the past”.
If the account is speed and closed and was never late the status line might read something like ” paid, closed and current”.
The status line in your credit report of a particular account tells you about the history of that particular account in a quick format. Whenever you are checking your credit report the status line can inform you of the summary of the record that’s the credit bureau has for a particular account. If you find that the summary has incorrect information such as a closed account being displayed as current or a late payment being reported while there was none you can dispute that error with the credit bureau. Once the information has been rectified the status line of the account will reflect the changes made.