Should Your Credit Be "Re-Aged"?

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Here's a little known credit secret. Let's say that you or someone you know got into a bit of a bind some months ago and you have some credit accounts with late fees and over the limit charges. These "lates" affect your credit score.

The good news is that you can improve your credit score and get rid of the history of late payments by asking your creditor to "re-age" your account.

What is re-aging you ask? It's when your overdue credit card account gets zapped back to current. It's like starting the clock over. Say you're three months late on your credit card payments. If the creditor agrees to re-age your account, those three months are wiped out. Missed payments are forgiven. Late fees stopped.

You still owe the same amount of money, but you are no longer delinquent. You get a fresh start and your lender has one less delinquency to report.

There is a little catch though. You see, the length of your credit history is one of the five factors that affect your credit score. When an account is re-aged, it is reset in your credit report back to "zero" years. So, if you've had a credit card for 4 years, you lose those 4 years of credit history. This means that re-aging your oldest account may actually take away points on your credit score, but getting rid of several late payments that were made in the last 12 months or so should more than off-set that.

To be considered for re-aging:
- You must demonstrate a renewed willingness and ability to pay.

- The credit card account should be at least nine months old.

- You should have made at least three consecutive minimum monthly payments or the equivalent sum.

There are also limits on the number of times an account can be re-aged. A creditor may re-age an account only once in a 12-month period and twice in a five-year period for open-ended accounts such as credit cards.

Here are some tips for getting the ball rolling. First, be sure you ask nicely. Re-aging is not a requirement, it's a favor.

Next, if they haven't agreed yet, use this phrase: "The specifics of re-aging are set up by the Federal Financial Institutions Examinations Council, outlined in its Uniform retail Credit Classification and Management Policy. Could you please check the guidelines to see if I qualify?" Quite a mouthful isn't it?

I also want you to know that when you are buying or selling your home, you could be missing out on a great opportunity. Please, if you haven't already; call me to get accurate information before making a decision.

Don't wait; call me soon to get informed, educated and empowered to do what is best for you and your family. Don't you owe that to yourself?

Thanks for allowing me in your life every week, I look forward to hearing from you soon!


Sincerely,

Ken
951-760-3833

CA DRE License #01418440

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New Changes for Credit Scores & Credit Reports

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There is an excellent Associated Press article in the Californian newspaper on Sunday.

Check it out by clicking here:

http://www.nctimes.com/business/article_eddaeb23-718d-5fde-bfc5-ea57bb2fef58.html

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Credit Repair Success Story

My client, ‘Tim,’ came to me with four collection accounts on his credit report and one collection account on his wife’s.  I’ve only sent the first of my four letter process that encompasses ninety days.

I just received this email from Tim:

Ken,

As you instructed, I’m monitoring our credit reports with Truecredit.com.  I just checked and the Receivables Performance collection account was removed from my Equifax report but remains on my Experian and Transunion report.  My Equifax score is now 708!  Plus, NCO Financial was removed from all 3 of my wife’s reports. 

That’s awesome!  Excuse me, I mean you’re awesome!  Just 22 days after you sent your first letter!  My wife and I are so glad we found you.

Thanks,

Tim

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Also, I ran across the following article in today's Californian newspaper.  The Minnesota Attorney General is suing the San Diego based collection company, Midland Funding, LLC, for illegal practices that are absolutely astonishing.  You can check it out by clicking on the following link:

http://www.nctimes.com/business/article_6e2efdab-8ec2-552b-890b-392fd8698b80.html

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Only 30 Days!! Another Credit Repair / Debt Elimination Success Story!!

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This collection account was removed in only 30 days.  Note the date of the first letter my client received from the collection agency.  It's dated February 3, 2011.  My client's name and home address have been whited-out for the obvious reason of maintaining his privacy.

Also, note the amount of the collection, $3,289.84 (You can single-click on the letter images to enlarge them so they're easier to read). 

I mailed my first (and only) letter to the collection agency on February 14th.  The collection agency sent their 'we surrender' letter on March 3rd.  I then forwarded the letter to the credit bureaus instructing them to remove the collection account from my client's credit report.  By law (Fair Credit Reporting Act), they have to remove it within thirty days.

Are you or anyone you know in need of credit repair?  Call me or send them my way today!

Ken Hall
951-760-3833
KenAHall@gmail.com
http://www.fromdebttoprosperity.com/

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Credit Repair Success Story - Mark

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March 3, 2011

In early 2008 I got laid off from my job.  My wife and I were just beginning to get excited about the prospect of buying a home for the first time.  We thought we would never be able to afford to buy but home prices fell by so much we were in a position to afford to buy one.

I found another job 4 months later but in the meantime had 2 collection accounts go on my credit report.  I found about Ken from a coworker and he got both of them removed.  Our fico scores went back up and we got qualified for our fha loan and bought a bank-owned house from Ken less than 3 months later.

Mark, Temecula

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Credit Repair Success Story - Linda

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February 27, 2011

My accountant recommended I call Ken Hall to help get my credit score up.  I was skeptical because I heard the credit repair websites on the internet were all scams.

Since Ken was in Temecula and someone I trusted referred me, I decided to take a chance because I desperately wanted to buy a house since prices have fallen so much.

I had two old collection accounts on my credit report from the early 2000s.

Ken got them both removed in just under three months and my score jumped up to 661 which allowed me to qualify for a FHA loan program.

Ken guaranteed he could raise my credit score and he did.

Linda, Murrieta

http://www.fromdebttoprosperity.com/

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