Explain reaging for me, please!

Being a recent victim of this illegal tactic...

Re-aging is typically the CA reporting the "date major delinquency first reported" or "last payment" fields to the credit reporting agencies as a more recent date than the actual date of the event. This is the date the credit reporting agencies look at when determining if it is time for something to come off of your credit report. It is illegal for CAs to make any inaccurate report to the credit reporting firms! It can be a violation of the Fair Credit Reporting Act, Fair Debt Collections Act, and some state laws (depending if your state has laws in the areas of debt collection and credit reporting).

Re-aging has always confused me, as well.

here is a stupid question then..

how can you tell if something was" reaged" . For example, what is the SOL in NC ? I thought it was 5 or 7 years on notes. I had a truck that was financed in 1998. After numerous problems and the company not wanting to budge on extending payments or anything, I just drove it to the dealership I bought it from and told them and left it with them.

It was auctioned off and I got a balance a big one. here it is almost 2008 and it is still on my credit report, both from the original creditor and the collection agency.

I still get a letter every so many months maybe, and I just toss it. Shouldnt that drop off soon?

Thanks! It can be confusing at times...

Lorim, have you looked at your credit report? What is the dates on that? If the last time you made any payments on it was 1998 and it is still on your report, then those companies have violated a few laws.

The reporting time of the credit reporting agencies are different from the SOL...two completely seperate things.

The SOL is Statue of Limitations and determines how much time a debt can be legally sued on. Some people think if it is past the SOL and they get sued they can just ignore it, but this is what a CA hopes for! Even if the debt is time barred, they can still sue...and win. It is up to the one being sued to use the SOL as a defense.

Everything except judgements and liens drop off a credit report at the 7 year mark. It is calculated from the date of first delinquency OR date of last payment. This is where reaging comes in. CAs use the CRAs to hurt your credit so you are more inclined to pay them. This is why they often reage, so it illegally stays on your report longer then it should. It is also why they will report as a 'factoring company' r why they will put terms and such that do not apply...anything to hurt your credit more.

no actually that is when I got the note. the last payments made were like in end of 2001 I believe. So the SOL would actually start at the beginning of the last activity I would think then. So maybe I have another year or so?
I told them upfront, they had a piece of junk that they could deal with since they refused to work with me and take care of the vehicle's problems.

Alot has happened since then, I had checked my credit report back around Feb of this year, and I did notice that it was listed 2 times, once with a collection agency and with the original creditor, and funny the original creditor still showed it as a open account, not charge off. I have over the years disputed quite a bit on my credit report, and put a statement on it regarding a capitol one card on their 2 times, but they refuse to take that off too. I just can't seem to get but one thing off on one CRA, and then another off another CRA. But what is taken off one CRA another CRA keeps on. go figure.

My credit is a mess. So , I was just denied credit so I am going to pull it again. and Dispute more again.

An article on ihatedebt.com tells of dirty debt collectors making payments to themselves in your name on accounts to reset the SOL.