It is possible to remove late payments from your credit report, one process is called re-aging. The re-aging process can remove late payments from your credit report which will help raise your credit score.
Yes, you can erase bad debt.
So what is re-aging? Most people, even a self-proclaimed “Credit Expert”, is unaware of the positive aspects of re-aging an account. You will find hundreds of articles on negative re-aging. The FCRA is clear that a charge-off can only be reported in a credit history for 7 ½ years from the date of the first delinquency. As accounts are transferred from one collection agency to another they may report a more recent delinquency date. This illegally extends the time period in which the charge-off or collection is included in a credit history. This is a violation of the FCRA and is illegal.
Positive re-aging helps you. Re-aging your account means the creditor will clear all late payments from a debt once there is an agreement between all parties. If a creditor approves, they will begin to report the account as being current rather than delinquent. Any late payments will be removed from the credit report, and your credit history will appear to be positive again.
This will only happen at your request. If you have an account with an isolated late payment, it might be worth asking the creditor to consider re-aging the account. You do not necessarily have to be late at the time of the agreement.
If you are delinquent and want to re-age your account there are some requirements the creditor will have. First, you have to prove the means to make regular repayments, as well as what you are behind (arrearage). The law requires an account to be 9 months old but we have seen accounts that are only five months old receive courtesy removals. If your account is currently delinquent you will have to make three consecutive timely payments.
The creditor is not obligated to re-age your debt, so you may want to consider hiring a Credit Expert to help you with this. There is a down side to re-aging, if you have a “limited” credit file and the account you are re-aging is older, you could wind up lowering your score by removing some of the older history from your credit file. Re-aging your credit can reduce the length of credit history and that is a key component in your credit score.
Most people are not aware of their rights when it comes to credit and credit reporting. As a Credit Expert we want to help empower people. When used legally and proactively, Credit Repair process can help make late payments disappear and help consumers raise their credit scores legally and ethically.