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Hi,
Can you re-age accounts that are currently, well, current to remove late payments from over 12 months ago?
I'm trying to get some thing cleaned up on the credit report, and everything is current and up-to-date with no delinquencies or chargeoffs. The only problem is that my score is a bit lower than I would feel comfortable going in to get our mortgage.
This is the only possible thing I can see that would help. Does anyone have any experience doing this? Can it happen?
Thanks,
Stu
If you have late payments, you can re-age the account and make it current. If you can make your creditor agree to re-age your account, your credit score will improve because the late mark will get removed from your credit report. However, you may be required to pay late fees for making your account current.
Mary is right. However, there are certain laws regarding repossession. The main conditions are that the loan account should be at least 9 months old, the debtor should have made at least 3 consecutive payments and the loan has not been reaged within the last 12 months.