Re: Why Chat, I still am not following this thing. Please explain.

Posted by Why Chat (209.240.222.130) on May 29, 2002 at 22:18:04:

In Reply to: Why Chat, I still am not following this thing. Please explain. posted by Christine on May 29, 2002 at 21:52:50:

For the same reason that Sears waited until your account charged off before crediting your payment,ca's many of which are owned by or affilliated with cra's and financial institutions have certain accounting procedures that "make them look good"on their financial reports. If you go to any of the credit repair sites you will see they tout re-aging as a benefit because it changes a delinquent or charged-off account to a current account. The procedure in the ca's that are looking for financing for themselves, or are listed (public stock) is to transform delinquent and charged off accounts to current accounts so it will enhance the value of their company. So as part of many typical settlement agreements, there is a clause that says. in effect -this account is brought up to date by payment of xxx$ ad wll be reported as current. This effectively re-ages the account.

Follow Ups:

Post a Followup