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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.

A Short Cheap Wines Summary

All About French Wines


Although France is not the world's biggest producer of wine, it produces the most amount of wine by value. Many connoisseurs consider French wines to ...


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Cheap Wines Products we recommend

Moro Cuvee Barrique


Wow!!! I have never tasted a wine like this. "Moro" is a rare red coral from the Caribbean. Rudolf Geil has selected this beautiful creation of nature to describe his own specialty. This is a blend of Dornfelder, Dunkelfelder (rare variety), and Spatburgunder (P. noir). Tons of dark, ripe fruit, which has then been aged in new French oak barriques. The wine was bottled with a reasonably high amount of residual fruit. This reminds me of a fine Italian 'Recioto di Amarone', with its sensual texture and aromas of ginger, cloves, and other exotic spices. This wine is destined to become another Rudolf Geil "legend"! MOH02 MOH00


Price: 39.99 USD



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Posted by Larry Smithson | 8 comments