Jump to content

Definition of Reaging


Recommended Posts

Re-aging is when a furnisher of information changes certain reporting fields to keep the tradeline on your report longer than allowed by law. The statute of limitations for reporting is 7 years from date of first delinquency leading to the charge-off. OK I am actually dealing with a perfect example of this with an old, paid Discover charge-off. An Equifax report from early 2004 clearly shows some level of delinquency from 6/1997 all the way through 2002. The account has a date of last activity in 2000 and a closed date in 2001. If you look at my new Equifax report with the same tradeline, random months have disappeared from the Account History, basically making it appear that I was current on and off all the way through 2000 and THEN charged-off and paid. The tradeline's true date of first delinquency is 6/1997 but they have changed the tradeline to make it in 2000, thus keeping it on my reports longer. That is an example of re-aging.

JDBs usually change the "Date Opened" field to re-age your account. It should match the OC but often does not. The SOLR applies to the OC and all subsequent CAs and JDBs. They must all fall off at the same time.

Link to comment
Share on other sites

Thank you so much! I believe that I have 3 of these on my report where the OC and the CA have different dates. I will have to look closer at them to ensure but That gives me great place to start. I was wondering if there is anything I can do about a CA that lists no date opened.

Link to comment
Share on other sites

Send a CMRRR dispute letter to the CRA explaining that you are disputing the tradeline because it does not have a date opened and therefore would never fall off your report, as required by the FCRA. It might be deleted, it might be updated to include a date opened and it might stay as it is (which is a violation of FCRA too).

Link to comment
Share on other sites

explaining that you are disputing the tradeline because it does not have a date opened and therefore would never fall off your report

Not too shabby.

An account is reaged when it is returned to current status without collecting the total amount of principal, interest and fees that are contractually due. :wink:

Link to comment
Share on other sites

Guest
This topic is now closed to further replies.
 Share

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.. For more information, please see our Privacy Policy and Terms of Use.