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tressa_burns
Joined: 17 Dec 2008
tressa_burns's page
Posts: 3
121 Magic Points
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Subject: what does reage mean
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Wed Dec 17, 2008 11:33 pm
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| reage to current status its on a old loan that i still owe on |
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4285
127 Magic Points
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Wed Dec 17, 2008 11:59 pm
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Reaging an account is when the creditor agrees to make the payments look current if you agree to pay. This is usually a pretty good deal becauese it will make your credit report look better than having the deliquency there.
Now there is also reaging of a debt where the collector changes thew date on a debt to either make it look current or for the purpose of keeping it in away from the SOL time clock. By making it look current they can then sue you for an old debt. This is illegal. Let us know a little mroe so we can answer your question better. |
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sdchargers_63
Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1889
1356 Magic Points
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Subject: credit
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Thu Dec 18, 2008 3:52 am
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| I thought it was ILLEGAL for a collector to change the date, to make the debt look like the SOL is no where near. Is THIS what you mean, FIREYONE?? |
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carol
Joined: 27 Jun 2006
carol's page
Posts: 1307
Location: Los Angeles, California
29555 Magic Points
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Thu Dec 18, 2008 8:24 am
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Reaging your credit account means that if you have some late payments, it would be removed from your credit report by the creditor. If you account is re-aged by the creditor it would be shown as current and you will not be considered delinquent and your credit score may improve. But there are certain conditions under which your account can be re-aged. Firstly the credit account should be atleast 9 months old and you must have made a continuous payment of at least for the last 3 months.
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4285
127 Magic Points
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Thu Dec 18, 2008 11:54 am
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| Thats the first reage I was talking about. If you really think about it this is a very good deal. Making payments on time for three months and then getting it off your record is probaly the best way to go about it. If you do not pay this debt then you will then be looking at 7.5 years on your credit report. |
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Doc
Joined: 02 Dec 2008
Doc's page
Posts: 184
Location: McKinney, TX
1127 Magic Points
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Thu Dec 18, 2008 12:09 pm
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Re-aging (as I am familiar with it) is an ILLEGAL PRACTICE, utilized to make derogatory (negative) collection accounts appear on your credit longer than the FCRA -defined obsolescence period allows for.
Collection agencies regularly change the dates on accounts to make them appear newer than they actually are... That keeps the accounts on your credit faaaar longer than they are supposed to, thus increasing the odds of their collecting something on them...
The ONLY date used to determine the age of any collection account is the date of the first delinquency with the original creditor. It's important to note that that date NEVER CHANGES, no matter who buys or sells the account, or how many times the debt changes hands...
This is one of the single greatest concerns of consumer advocates, and is the basis for a great many law suits AGAINST the collection agencies these days...
For of my other companies, http://www.helpmeccc.com , this is PRECISELY the kind of thing we look for...
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-Doc Compton, Omega Credit Repair
I provide info for free, & all I ask is that you visit my site... I don't wanna sell you anything, I just wanna increase my traffic, and push my site up in the search engine rankings...
http://www.omegacreditrepair.com |
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4285
127 Magic Points
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Thu Dec 18, 2008 3:14 pm
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| I have seen reage as two different things thats why U listed them both when originally posting. The on I have seen the most of is when they change the dates on accounts to make them appear newer than they really are. This si why I always tell everyone to keep a copy of their credit report that list the original len der. How caome though if you look at your credit report one report . for instance we'll say equifax, will say fall off date 7/2010 and then you look at another report , say trans union, and it will say the fall off date is 9/2010? Mine reads like that. I can not see why there is a difference. |
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victoria
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Subject: reage?
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Sun Jan 18, 2009 6:19 pm
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| 2002 last pay dates are breing renewed to look current. |
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4285
127 Magic Points
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Sun Jan 18, 2009 10:26 pm
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| As Doc has said this is illegal if you are speaking of credir card debts. A lot of compnaies will reage debts as they near the statute of limitations. This is why it is extremely important a person keep record of their last payment if they have defaulted on a debt. A copy of an old credit report will sometimes do the trick. |
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Mary
Joined: 06 Jul 2006
Mary's page
Posts: 686
17396 Magic Points
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Mon Jan 19, 2009 10:41 am
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Hi Victoria
If you made the last payment towards your debt in 2002 and the Statute of Limitation has already expired, the creditors cannot take back the money until and unless you make a small payment towards the debt. This is because if you make even a small payment, the SOL will rewind and you may be required to pay off the entire outstanding debt. Now, if you have not made any payment after 2002, you can send a debt validation letter to the creditor who you think has re-aged your account. The creditor need to prove that you have made a payment after 2002 in the court if they sue you in order to recover the debt. |
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goodnatured
Joined: 03 Nov 2007
goodnatured's page
Posts: 3927
10 Magic Points
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Mary
Joined: 06 Jul 2006
Mary's page
Posts: 686
17396 Magic Points
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Tue Jan 20, 2009 9:24 am
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Hi Goodnatured
If is seven years and six months from the date you become delinquent and seven years from the date it got listed in your credit report. The creditors report the debt after 6 months from the date you first miss your payment as the debt is considered a bad debt if there is not payment towards it for a continuous period of six months.
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Where there's a will, there's a way !! |
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Tammy Reynolds
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Subject: counsel for debt solution
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Thu Jan 22, 2009 10:54 am
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| is it safe to have them consolidate my credit cards to pay them off in 3 years or are there hidden thing I need to know about |
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hani
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Subject: reage
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Thu May 14, 2009 4:52 pm
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| is it a law for creditors to reage and update an account.i was late on my mortgage on october of 08 and it showed 30 days late on my credit report. i paid on time since then.what are the terms i need to use with the bank to delete the negative info ? |
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danni b
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Subject: reage
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Thu May 14, 2009 5:06 pm
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| is reaging a federal or state law ? or any law at all ? is there a specific term to use with creditors te reage an account that was 30 days late on my report ? |
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