What is the meaning of an exclamation mark on settled/closed accounts?

Dear James,

What is the meaning of an exclamation mark on settled/closed accounts?

Jacqueline, Bathgate

Dear Jacqueline,

The credit accounts on your credit report include a payment history going back up to six years. Each month the providers register a ‘status code’ to show how you are managing your open accounts. These are usually numbers between 0-8. If you are managing your account well and all payments are up to date, then the monthly code should display as a ‘0’. This basically means 0 payments behind. However, if an account is in arrears then this will be reflected too. For example, one missed payment will display as a 1, two missed payments will display as a 2.

If the account has moved to a default status – often following a period or serious arrears – then this will usually be displayed as an 8 in the payment history on an Experian report. Now, on some of our services we represent these codes with symbols. The exclamation mark you mention is actually part of a hazard symbol, which means the same as an 8, ie a default.

Once a defaulted account is repaid it is marked as ‘satisfied’, as opposed to non-defaulted accounts which are marked as ‘settled’. (January 2018)

James
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