elyse449 Posted January 28, 2007 Report Share Posted January 28, 2007 If you have an item on your CR that is beyond the 7 yr reporting, but the CA/creditor "re-aged" what can you do about it? Should I call the credit bureau's reporting this info? I do have some proof...than again, how can I prove I didn't call/promise to pay/etc? Gosh. I really need to refi and I need to improve my dh's scores! This debt occurred 10 yrs ago!!Elyse Link to comment Share on other sites More sharing options...
Ahntara Posted January 28, 2007 Report Share Posted January 28, 2007 "...beyond the 7 yr reporting...how can I prove that I didn't call/promise to pay..."Those two things may extend SOL, depending on your state's laws; but they have no bearing on Reporting Time Period, as established by the FCRA. Link to comment Share on other sites More sharing options...
Methuss Posted January 30, 2007 Report Share Posted January 30, 2007 "Re-aging" is when you make 3 or more scheduled payments under a workout agreement with an original creditor. The OC then returns the account to open, current status. An OC can do this only 2 times in a five year period on an account under Federal regulations.Re-aged accounts begin reporting as if they were never charged off and stay on your credit report. Prior lates are not deleted, but over time (about a year) you have a positive effect on your credit rating. The FICO model sees only lates, the chargeoff is gone and good payment history thereafter.CAs can never reage accounts because they have no authority to reopen the account and return it to current status. This is especially true of credit card accounts (CA can't give you a card). That is solely an ability of the original creditor. Link to comment Share on other sites More sharing options...
direred Posted January 30, 2007 Report Share Posted January 30, 2007 CAs can never reage accounts because they have no authority to reopen the account and return it to current status. This is especially true of credit card accounts (CA can't give you a card). That is solely an ability of the original creditor.Right, but CAs and JDBs do sometimes fudge the dates. Asset in particular is famous for this.Also, a Regulation Z re-aging requires a renewed willingness to repay. Link to comment Share on other sites More sharing options...
elyse449 Posted February 13, 2007 Author Report Share Posted February 13, 2007 I'm consulting w/ an attorney via NACA. GEMB/JC Penney's is reporting a debt that is 10+ yrs from last payment, delinquency times and they've re-aged the account to boot even though NO agreement was made, even though the phone call that occurred (they called) included a dispute of the debt.I've reported w/ BBB, FTC and AG for Wa. State and none of them has helped. Granted, it's only been 40+ days since my reporting.Elyse Link to comment Share on other sites More sharing options...
Recommended Posts