Re-Aging a debt

Date: Fri, 03/30/2007 - 08:01

Submitted by anonymous
on Fri, 03/30/2007 - 08:01

Posts: 202330 Credits: [Donate]

Total Replies: 5

Someone told me today that by making a payment on or even contacting a creditor about a debt that I was actually re-aging the debt from falling off of my credit report. Is this the case? So what should I do? If I make payment on a debt then and I actually extending the time it will be on my credit report. I am new to this site and finding out a lot of interesting information while trying to improve my credit.

Thanks in advance for any felp you can provide.

Contacting, no. Making a payment, yes. Making promise to pay

Contacting, no.

Making a payment, yes.
Making promise to pay, can restart the SOL clock for a lawsuit.

The trick to your situation would probably be in the negotiations. You might be able to get them to agree to a PIF notation, or even to delete the entry. Whatever you do, get it in writing before you make a payment.

lrhall41

Submitted by Morningstar on Fri, 03/30/2007 - 08:10

( Posts: 1633 | Credits: )

collection agencies are actually fond of re-aging the accounts.

collection agencies are actually fond of re-aging the accounts. They renew the dates when they got the file from the creditors and try to keep the negative item for longer period.

SOL is calculated from the date of last activity on your account. Depending upon your state laws, you will find out whether your debts are within the SOL time frame or not. If the statutes are already expired, they might take you to the court but they can't sue you.

The negative item will stay on the file for seven years. This begins from the date when your account first turned delinquent.