Re-Aging of Credit Card Accounts
Author: Kirsten
Posted: Wed Jun 23, 2004 7:33 am
Post subject: Re-Aging of Credit Card Accounts
How do you know if an acct is re-aged. My cr (experian) about a year ago reports something different than it does today (for a capital one acct). It shows that it was co in 2001....however, today it shows co as of 2004. Help!
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Author: NightStar
Posted: Wed Jun 23, 2004 8:12 am
Post subject: Re-Aging of Credit Card Accounts
To know for certain (if you have a credit report directly from the CRAs) then you can call them up and ask when this account is suppose to expire off of the credit report,
They should tell you 2008 and then you know the account is ok because 2008 - 7 years = 2001
If they tell you 2011 then you know your account has been reaged 2011 - 7 = 2004
The data they are providing on the credit reports any more is not enough to figure up the reporting periods and when in doubt it is just best to call them and ask.
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Author: parrothead86
Posted: Fri Jun 25, 2004 7:22 am
Post subject: Re-Aging of Credit Card Accounts
THat is a great answer nightstar... very easy! Remember those midland Credit management accounts that I have been telling you about? Not licenced in MI, and they dont show a date opened ( it says NA) and the date reported is always the month before the date of the credit report..
Well yesteday I found an old Credit report from 2002, and they have a date reported as 3/2002 and the date opened as 3/2002. And the month before that, they pulled an inquiry.. (3 to be exact).. so I think that they are from 2002... yet they arent putting an opening date, just an updated date..
But it some info for when DH makes that call to Equifax today...Some more questions to ask... The man that he talked to at Experian yesterday said that it sounds suspicious... and so did several people on the boards...
The mortgage guy said that that might explain why our scores are lower or the same as people that have filed bankruptcy.. when we never have... if we have some collections that keep renewing every month...
They are sneaky too.. dont just put themselves in the collection section.. they are in there,, then again in the "other " section ...
Author: NightStar
Posted: Fri Jun 25, 2004 7:39 am
Post subject: Re-Aging of Credit Card Accounts
By LAW the collection agency is suppose to give the CRA the commencement date as they call it, also known as the assign date, or open date... but not all the time is the open date correct.
Could of been that the OC sat on the account over a year before actually giving it over to a CA - so then the OPEN date would not properly reflect the commencement date as it is suppose to when the assign date is incorrect.
Hope that made sense...
In other words OC's CHARGE OFF DATE is suppose to be the CA's date used for when the account is suppose to report 7 more years.
Because if the OC charged off 5-1998 then but they did not assign the collection until 2000... then that means the collection agency is only allowed to report for 5 years and no more! They are obligated to remove the account listing in 2005 when the OC expires. They can not out live the OC reporting - that is illegal.
Getting to be more problematic these days, this kind of abuse.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Wed Jun 23, 2004 7:33 am
Post subject: Re-Aging of Credit Card Accounts
How do you know if an acct is re-aged. My cr (experian) about a year ago reports something different than it does today (for a capital one acct). It shows that it was co in 2001....however, today it shows co as of 2004. Help!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: NightStar
Posted: Wed Jun 23, 2004 8:12 am
Post subject: Re-Aging of Credit Card Accounts
To know for certain (if you have a credit report directly from the CRAs) then you can call them up and ask when this account is suppose to expire off of the credit report,
They should tell you 2008 and then you know the account is ok because 2008 - 7 years = 2001
If they tell you 2011 then you know your account has been reaged 2011 - 7 = 2004
The data they are providing on the credit reports any more is not enough to figure up the reporting periods and when in doubt it is just best to call them and ask.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: parrothead86
Posted: Fri Jun 25, 2004 7:22 am
Post subject: Re-Aging of Credit Card Accounts
THat is a great answer nightstar... very easy! Remember those midland Credit management accounts that I have been telling you about? Not licenced in MI, and they dont show a date opened ( it says NA) and the date reported is always the month before the date of the credit report..
Well yesteday I found an old Credit report from 2002, and they have a date reported as 3/2002 and the date opened as 3/2002. And the month before that, they pulled an inquiry.. (3 to be exact).. so I think that they are from 2002... yet they arent putting an opening date, just an updated date..
But it some info for when DH makes that call to Equifax today...Some more questions to ask... The man that he talked to at Experian yesterday said that it sounds suspicious... and so did several people on the boards...
The mortgage guy said that that might explain why our scores are lower or the same as people that have filed bankruptcy.. when we never have... if we have some collections that keep renewing every month...
They are sneaky too.. dont just put themselves in the collection section.. they are in there,, then again in the "other " section ...
Author: NightStar
Posted: Fri Jun 25, 2004 7:39 am
Post subject: Re-Aging of Credit Card Accounts
By LAW the collection agency is suppose to give the CRA the commencement date as they call it, also known as the assign date, or open date... but not all the time is the open date correct.
Could of been that the OC sat on the account over a year before actually giving it over to a CA - so then the OPEN date would not properly reflect the commencement date as it is suppose to when the assign date is incorrect.
Hope that made sense...
In other words OC's CHARGE OFF DATE is suppose to be the CA's date used for when the account is suppose to report 7 more years.
Because if the OC charged off 5-1998 then but they did not assign the collection until 2000... then that means the collection agency is only allowed to report for 5 years and no more! They are obligated to remove the account listing in 2005 when the OC expires. They can not out live the OC reporting - that is illegal.
Getting to be more problematic these days, this kind of abuse.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 10:52 AM
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