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Re-Aging of account

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Subject: Re-Aging of account
 
 Posted on Sat Jul 12, 2008 8:35 am  
Can anybody tell me what is exactly re-aging of credit accounts.
 
anthony

anthony

Joined: 31 Jul 2006
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Posts: 493



12319 Magic Points
 
 Posted on Sat Jul 12, 2008 9:23 am  
Hi guest

Re-aging is basically an instrument by which you can clean up your bad credit history of the past if any. Whenever an account is re-aged, it is no longer considered as due and you are no longer considered as delinquent, as if you have no missed payments.
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Anthony Marx

A positive attitude is not achieved by turning a blind eye to the negative, but rather by responding to every situation in the most positive way possible.
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scott

scott

Joined: 28 Jun 2006
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Posts: 180



4868 Magic Points
 
 Posted on Sat Jul 12, 2008 11:04 am  
I agree with Anthony. Actually what happens is that in re-aging you need not pay your late fees and you are no longer considered delinquent and your account is considered current. Thus it is good for your credit score. But the fact is that it is very difficult to convince your creditor to agree to re-aging.
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SCOTT

Social security, bank account, and credit card numbers aren't just data. In the wrong hands they can wipe out someone's life savings, wreck their credit and cause financial ruin.
 
CMBV22

CMBV22

Joined: 08 May 2008
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Posts: 378



4034 Magic Points
 
 Posted on Sun Jul 13, 2008 1:35 am  
some CA also may try to illegally reage your account. They do this in order to try and change the SOL date
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goodnatured



Joined: 03 Nov 2007
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Posts: 3133



5260 Magic Points
 
 Posted on Sun Jul 13, 2008 2:32 am  
You can always dispute the age of the debt with the collection agency and the credit reporting agency if they attempt re-aging the debt.
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Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!
 
fireyone



Joined: 26 Feb 2008
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Posts: 2847



1688 Magic Points
 
 Posted on Sat Jul 19, 2008 6:16 pm  
Another reason getting a copy of your credit report is important. I had a creitor try this with me and thank goodness a few months before I had got a report (my first ever). I told them that it was not a new account but actually an old one that was past SOL and charged off. Told them I had the report and could prove they purchased an old debt and was trying to renew it. They haven't put anything else on my report. Glad I seen the warning signs. The new amount they sais I owed was an exact amount I owed on another old debt. They listed it as a debt purchased from anothner company but made the date 2008. They never mentioned the debt was charged off in early 2001.
 
goodnatured



Joined: 03 Nov 2007
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Posts: 3133



5260 Magic Points
 
 Posted on Sat Jul 19, 2008 6:21 pm  
great, fireyone, it pays to keep up on your credit report and activity, these collection agencies will pull all kinds of crap to screw with you.
_________________
Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!
 
fireyone



Joined: 26 Feb 2008
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Posts: 2847



1688 Magic Points
 
 Posted on Sat Jul 19, 2008 6:38 pm  
I am slowly figuring this out. I have enough on my plate with m y job and this accident. Plus my emorional crap over my arm and fingers. I do not need anymore.I swear I am about ready to give up and join all the social security people.
 
goodnatured



Joined: 03 Nov 2007
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Posts: 3133



5260 Magic Points
 
 Posted on Sat Jul 19, 2008 9:46 pm  
If your injury is bad enough that you will not be able to work and make a descent living then that may be an option for you.
_________________
Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!
 
fireyone



Joined: 26 Feb 2008
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Posts: 2847



1688 Magic Points
 
 Posted on Mon Jul 21, 2008 12:26 am  
Its a very hard option to consider. I am not sure if I am willing to admit defeat at this point.
 
goodnatured



Joined: 03 Nov 2007
goodnatured's page
Posts: 3133



5260 Magic Points
 
 Posted on Mon Jul 21, 2008 3:11 am  
You should be able to get some type of retraining, maybe you need to bring this up to your attorney, if you can not do what you were doing, tell them you want the cost of tuition to be retrained into an occupation that you can do with your injury. They may be able to get that out of the other persons insurance company.
_________________
Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!
 
fireyone



Joined: 26 Feb 2008
fireyone's page
Posts: 2847



1688 Magic Points
 
 Posted on Tue Jul 22, 2008 12:31 am  
I thought of that but according to my atty if they out in for that and She carried a low policy amount it would come off my pain and suffering amount. Example ; $15,000 policy - atty $5,000, $2,000 med payback- $3,000 retraining that would leave open to me cash wise $5,000. the only way I could access the $3,000 is if I decided to retrain. So why not take it in cash instead of it being tied up? I can then decide when and how much I want to spend on retraining.
 
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