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Question regarding Lates

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Kmz Jr.



Joined: 24 Feb 2008
KmzJr's page
Posts: 2



162 Magic Points
Subject: Question regarding Lates
 
 Posted on Sun Feb 24, 2008 6:13 pm  
I am a little confused about something. Let's say I have a delinquent credit card where the account is past due and the months of reporting looks like the following:
Amount
October November December January high credit amount Past Due
30 60 90 120 $2100 $ 460


If I was to call the creditor and tell them my situation that I was laid off in May and my wife was seriuosly ill at the same time. I tell them I want to pay the bill off in total. I was never late in the previous three years I had the debt. What would the best I could hope for?

My guess is that the company bring the account back to current and that would be it. I would not be able to get them to get rid of the delinquency's would I? I was am the impression that by law a credit card company could not erase those lates. Is that correct?

What does reaging actually mean? That too would not mean they would erase the delinquencies correct?


A second unrelated question I have is what if the account was charged off and sent to colletions? I would obviously have to call the collector and negotiate, but I would also have to talk to the creditor as well in order to have them update their account, correct?
 
diem



Joined: 20 Feb 2008
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Posts: 97



222 Magic Points
 
 Posted on Sun Feb 24, 2008 7:56 pm  
Your best bet would be a goodwill letter. They techincally are not suppose to remove lates but alot of times they will depending on the creditor. You don't have much to hope for to tell you the truth.

Reaging is basically resetting the Date of First Deliquency, which is an awful thing on a collection years old.

If they sold the debt you can only deal with the collection agency. The CA will send any needbe information to the OC. NEVER CALL A COLLECTION AGENCY! 100% of bill collectors will lie 100% of the time. Remember that. Get ANYTHING and EVERYTHING in writing. You should start by making sure they can properly validate. If they can't, you can get it removed from your credit reports.
 
Morningstar

Morningstar

Joined: 17 Apr 2007
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Posts: 609



40 Magic Points
 
 Posted on Mon Feb 25, 2008 8:41 am  
Quote:
If I was to call the creditor and tell them my situation that I was laid off in May and my wife was seriuosly ill at the same time. I tell them I want to pay the bill off in total. I was never late in the previous three years I had the debt. What would the best I could hope for?

My guess is that the company bring the account back to current and that would be it. I would not be able to get them to get rid of the delinquency's would I? I was am the impression that by law a credit card company could not erase those lates. Is that correct?


Creditors are permitted to report accurate information...if you reach an agreement with the OC, who is anyone to say that what you've agreed to is not accurate?
Get it paid before 180 days, or it will be charged off.
I would PIF the account, then write a goodwill letter to a senior executive. I sincerely doubt that you would be able to reach a settlement agreement, since the debt is 120 days late (if I am reading that correctly).
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I don't dream since I quit sleeping
 
coffeebean



Joined: 03 Jan 2008
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Posts: 34



0 Magic Points
 
 Posted on Tue Feb 26, 2008 12:31 am  
I believe deim and morningstar's point if true that if you are late past three months then chances are it would be a hard one to adjust your credit history as good standing. It is an awful thing that has happened to you and has happened to many people out there including myself. However, if you have other accounts that have been paid on time and in full then there is a good chance that one delinquent account will tarnish your credit score too greatly. Take Care
 
James Williams
Guest
Subject: Credit Card Debt
 
 Posted on Sat Mar 01, 2008 4:17 am  
I want to know how long can credit card debt remain on one's credit report. I have some credit card debt that has been on my credit report for more than 10 years now. At the same time, none of them have been paid out in full! What do you suggest that I do to get them removed, if they can be?
 
Morningstar

Morningstar

Joined: 17 Apr 2007
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Posts: 609



40 Magic Points
 
 Posted on Sat Mar 01, 2008 5:47 am  
If the account is still open and current, it can stay on indefinitely.

If the account is a charge off, the entry can only stay for 7 years from date of charge off. Assuming that the debt falls into this category, file a dispute (as obsolete) with Experian, TransUnion, and Equifax.

If a judgment, it remains for the life of the judgment (which can also be renewed).
_________________
I don't dream since I quit sleeping

Last edited by Morningstar on Sat Mar 01, 2008 11:09 pm
 
fireyone



Joined: 26 Feb 2008
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Posts: 2979



4409 Magic Points
 
 Posted on Sat Mar 01, 2008 10:33 pm  
No expert when it comes to this stuff but know alot of people including myself who have found themselves victims of credit card debt especially during illness. I have been reading through some of the posts and seen that creit card debt usually gets reported for 7 years. If you pull your report it should give you the date that it is expected to no longer be reported. Good Luck and keep us posted.
 
carol

carol

Joined: 27 Jun 2006
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Posts: 401



10920 Magic Points
 
 Posted on Thu Mar 06, 2008 5:51 am  
Credit Cards are tricky. I am assuming that these credit cards are open and you are still making payments. If the accounts are not reporting negative then let them stay. They can build your credit history.

The status of the credit card might help us to give precise suggestions.
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Carol
 
fireyone



Joined: 26 Feb 2008
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Posts: 2979



4409 Magic Points
 
 Posted on Thu Mar 06, 2008 11:17 am  
Your credit definately is very important so if you can clear them do so. You never know when you need the credit on your report. Once the negative activity starts it stays there for years affecting everything you do.
 
carol

carol

Joined: 27 Jun 2006
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Posts: 401



10920 Magic Points
 
 Posted on Fri Mar 07, 2008 10:31 am  
So basically it is your credit health that is at stake. Clean your report and make sure you do not remove old tradelines.
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Carol
 
fireyone



Joined: 26 Feb 2008
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Posts: 2979



4409 Magic Points
 
 Posted on Fri Mar 07, 2008 4:24 pm  
Sounds like some sound advice to me. Credit and your score go along hand in hand.
 
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