Re: Re-aged Accounts

Posted by Linda on February 23, 2002 at 11:15:56:

In Reply to: Re: Re-aged Accounts posted by Why Chat on February 22, 2002 at 23:48:21:

I think he is referring to what Capital One and The Credit Store are doing. They will issue a new card, and place the debt on it. Once the debt is paid, the debtor has a positive account reporting and they delete the old negative tradeline. I think it's good for some people, if they only have one bad account, and they are capable of living up to the agreement. The terms of the new account are about the same as any other subprime credit card. I don't know about The Credit Store, but CapOne has made good on the deal for a few people that I know of. However, they are being investigated for the practice of purchasing old, charged off debts, some past the SOL, and telemarketing the offer as a new credit card.

Linda

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