A backlink only passes value if the page carrying it is in Google's index. “Live” on a vendor dashboard is a hosting status; indexed is the SEO status — and the two get treated as synonyms far too often.
Fresh web 2.0 profiles with one post and no internal links, platforms that noindex user-generated pages by default, tier 2 placements on low-crawl-demand sites, orphaned guest posts no archive links to. None of this is visible in a link report — all of it is visible in an index check.
The full end-to-end process — including what to fix before resubmitting — is in the backlink indexation guide.
Run this loop for a month and reporting changes from “300 links built” to “212 links indexed and counting”. One of those numbers is a cost line; the other is an asset.