Credit Repair by Loftsgordon Amy

Author:Loftsgordon, Amy [Robin Leonard, J.D.]
Language: eng
Format: epub
ISBN: 978-1-4133-2429-7
Publisher: Nolo
Published: 2017-04-11T04:00:00+00:00

CAUTION

Think carefully before asking a creditor to re-age the account, especially if it’s been reported as delinquent for some time or if your financial situation is not secure, so you may fall behind again. If you later fail to keep your payments current, your debt can be reported to credit reporting agencies as delinquent, based on the later missed payment date rather than on the original missed payment date. This means the delinquent account is on your credit report longer—seven years from the later missed date, rather than the earlier one. Some consumer advocates argue that re-aging an account is a bad idea for this reason. On the other hand, the advantage is your account appears current on your credit report, rather than delinquent.

Re-aging is something you might seek from a creditor, but not a debt collector. By the time your debt has reached a debt collector, it probably is already listed as charged off or sent to collection by the original creditor, so re-aging it with the debt collector is unlikely to help your credit history anyway. In any event, debt collectors are prohibited from listing a delinquent date for your payment that is later than the date supplied by the creditor. This law prevents debt collectors from changing the delinquency date so as to keep the debt on your credit history longer than seven years.

Getting a creditor or debt collector to remove the entire account tradeline from your credit report. In exchange for a full or partial payment, or for your agreement not to pursue a claim against the collector for its legal violations, you may want a creditor or debt collector to remove the tradeline (that is, remove all information about an account from that creditor or debt collector) from your credit report. This will remove only information from the particular creditor or debt collector with which you reach agreement. Negative information on the same account from a different creditor or debt collector will remain (for example, if your agreement is with a debt collector, the tradeline submitted by the original creditor showing the account was sent for collection will remain), unless you also reach a separate agreement with that creditor or debt collector. If the creditor or debt collector agrees to delete the tradeline, all information in the tradeline about the account should be removed. So, if you had several years of positive payment history before you defaulted on the account, that positive information will also be deleted.

Getting a creditor or debt collector to remove negative information about the tradeline from your credit report. In exchange for a full or partial payment, or for your agreement not to pursue a claim against it for violation of its legal duties, you may want a creditor or debt collector to remove some or all negative information from the tradeline in your credit report or change it to a more favorable statement. For example, you may want a settlement for less than the full amount reported as having been paid in full, rather than as a partial payment in settlement.

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