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Aging an Account - Unlike Wine it Only Gets Worse?

The term aging an an account can be understood by remembering this: Your credit history can be reported for seven (7) years from the first time you missed a payment and never got caught up. In a previous article, we touched on the term "initial delinquency". Both go hand in hand when we discuss the term "AGING AN ACCOUNT".

Remember, the Federal Law is emphatic. Someone can report a delinquent account for seven years from the intial delinquency. Many times, an original creditior will turn over or assign an account to a third party collection agency. Because the collection agency received the account much later then when it was first opened, they will very often report a new date of opening. In this manner, they think that they can report the information for seven years from the date of which the account was first placed for collection. This is very confusing for the average person and has caused many unsuspecting consumers to fail when qualifying for a mortgage.

It gets really confusing when the average consumer notices three or four different collection companies with different account numbers, different opening dates and no one reporting the intial delinquency date. Remember, the delinquency date of the original account. No one can change that date. Later on we'll discuss the "Statute of Limitations" and how it pertains to consumer debt.

Remember, when a creditor "charges off" an account he is merely writing it off for tax purposes. THIS DOES NOT MEAN YOU DO NOT OWE THE DEBT. You still owe on this bill. Keep that in mind. How often have we heard the statement "write it off for taxes"? What this means is that the IRS allows a company to recover a portion of bad debt by lowering the tax liability on corporate profit.

Occasionally, a credit report will show a charge off and still report the account as having a past due balance on the date the report was generated. This has been construed as "deceptive collection activity". The rationale from the debtor (you) is "how can I be past due on a charged off account"? Quite often, a violation of Section 623(a)(5) of FCRA occurs when the original creditor fails to report the intial date of delinquency.

Next article we'll discuss just how to negotiate debts.

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Aging an Account - Unlike Wine it Only Gets Worse?


The term aging an an account can be understood by remembering this: Your credit history can be reported for seven (7) years from the first time you mi...


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Featured Barefoot Wine Items

Alain Gautheron - Chablis - "Vielles Vignes" Bronze Medal


The Gautheron family has been cultivating vines in Chablis for 5 generations. The current head of the Domaine Alain Gautheron, is working with his wife and son Cyril in an effort to carry on the family's traditions. Produced entirely from Chardonnay grapes, this "old vine" wine is vinified in accordance with the strict Burgundian laws. The result is Chablis with a yellowish color, green highlights and perfect clarity. Well balanced with lively acidity, the mouth presents notes of hazelnut and biscuits which add a certain charm and length to the finish. Enjoy with fish in light sauces and shellfish. The 2002 Chablis "Vielles Vignes" won a Bronze Medal at the Concours National des Vignerons Indépendants, a prestigious annual tasting exhibition. This dry white French wine is an elegant gift to buy online. AGCV02 AGCV02


Price: 44.99 USD



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Labels: Chardonnay Wine

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