Speaking from the perspective of a business reporting credit history to one or more national credit bureaus using the Metro 2 Format®, this question needs a little elaboration. Lets say you have reported a clients credit history as Paid In Full. At some point an incorrect date closed or date of last payment is brought to your attention requiring a correction. Now what?
So the question is, can I make a change to an account that has been closed for what ever reason such as paid in full, etc. The answer would be No. You cannot attempt to re activate the account status of a closed account or modify the final terms. The account is considered in a final status.
So maybe you want to report a new loan about the client. You can report a new account in the terms of re-financing but this is to facilitate a new agreement and will not affect the closed / paid account. It will show up as a new tradeline on their credit history.
What if I just want to give my client a new loan or extend credit limits?
There are several ways this is handled through Metro 2® reporting format. The Metro 2® CRRG indicates several ways for businesses to either open a new loan with a new account number to increasing a credit limit for a revolving credit line. So this really depends on what kind of company you are and how you are registered to report with credit bureaus.
Contact your credit reporting agent to make sure your company is using the correct portfolios and account types, from there you can rely on the Metro 2® Credit Reporting Resource Guide available from your credit bureau reps or CDIA Online.
Final Advice: Unless it’s related to an FCRA Dispute, don’t try to update or re-open an account that is closed using your normal Metro 2 Format ® reporting methods. Consult your credit bureau representative and e-OSCAR® for assistance with handling one or more closed or paid accounts.