Re-aging Accounts Will Help Your Credit Score

You may have heard of the term, "re-aging accounts." What does this mean for your credit score?


Re-aging your credit accounts can help your credit report and credit score. Re-aging describes when a creditor removes negative information surrounding late payments from your credit report. Basically the credit bureaus will be told by your lender, to remove any indication of late payments and make your account current. This will change a delinquent status to good standing. This will automatically change your credit score for the better.


It is not guaranteed that a lender will agree to remove the negative items. If you entered into an agreement with a lender and made late payments, you did not meet your agreement. The reality is, a lender is not obligated to be courteous, but you are obligated to pay. The truth is money is difficult to come by in this economy. Just because a person has debt and is responsible for a payment doesn't mean bad luck or life challenges won't ever interfere. A person may end up in a situation where they had a car accident, medical emergency, job loss, death in the family, or anything else extreme that may interrupt their progress with making payments. While lenders are real people who also experience these emergencies, they still want their money!


So how can you approach your creditor and get them to re-age your account?


First communicate to them the reason you fell behind and make sure it is a good one. Then explain that everything is back to normal and you are able to resume making payments. In order for this to work you must have money in your hand and be able to make a payment while communicating all of this. You may also negotiate the fees and penalties you incurred being late. Perhaps the fees will be lifted. You may also be able to pay them off with partial payments added to the monthly payment you will start to make again. If you have an actual believable excuse for being late but can start making payments and will be on time, your lender will probably help you.


Take the time to prepare a statement before you call your lender. Create a payment schedule you can follow and explain to them you are committed to the agreement and will abide by it from now on.


While re-aging your accounts is a process to be handled between you and your lender, there are many ways to boost the other areas of your credit report. To learn about what your current credit score is and why, contact ICC today. We will explain to you what your score could be after credit repair. Innovative Credit Consultants will tell you everything you need to know for free-no obligation necessary. Get in touch with us today and make your credit count! www.icreditinc.com