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Re-aging Vs. Settlement?


Strummn1
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A little more info. in your post would probably help people reply to your "question".

I am assuming you are talking about bringing an account current with a creditor versus paying it off via settlement. Which is better, we would really need more information than what you have provided as it depends on many factors. If you bring it current would you be able to keep it current? Do you have access to money to make a settlement on it? How late is the account and how old is it? Do you have other positive tradelines that establish a credit history for you? etc.

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Those links give me plenty of info to chew on. I have a number of CC debts that have been written off and/or transferred to a CA. My Sears ("Account charged off/Past due 180 days. $956 written off. $956 past due as of 2-2003")and Montgomery Ward ("Account charged off/Past due 90 days. $846 written off. $123 past due as of 6-2000") accounts are both under $1,000 and those are the ones I was considering re-aging.

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Those links give me plenty of info to chew on. I have a number of CC debts that have been written off and/or transferred to a CA. My Sears ("Account charged off/Past due 180 days. $956 written off. $956 past due as of 2-2003")and Montgomery Ward ("Account charged off/Past due 90 days. $846 written off. $123 past due as of 6-2000") accounts are both under $1,000 and those are the ones I was considering re-aging.

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I don't think you can reage a charged off account. In most cases it has been sold to a ca. What you will need to do now is settle the accounts. Start low and work your way up. Start at 10 percent, and neg the reporting on your reports to be deleted if possible. Even a settled or paid after co is bad on your report.

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SOL can be reset after charge off if you sign a new agreement with them to pay these accounts.

Re-aging prior to charge off is ok, if you can meet their terms and pay down the outstanding balance - and as a result get the reporting cleaned up.

Re-aging after charge off is not ok, it dose not wipe the slate clean, just means that you entered a new agreement to pay on the debt, but that the reporting is still there (for the most part) collection companies do this re-aging with out your knowledge for the purpose of extending the period of time this account will continue to show on your credit report. Or mess with re-reporting the last activity in effort to extend period of time SOL can be collected.

Re-aging just happens to cover quite a many different things here can be both good or bad, depending on the use.

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