September - Wine Stoppers
Aging an Account - Unlike Wine it Only Gets Worse?
The term aging an an account can be understood by remembering this: Your credit history can be reported for seven (7) years from the first time you missed a payment and never got caught up. In a previous article, we touched on the term "initial delinquency". Both go hand in hand when we discuss the term "AGING AN ACCOUNT".
Remember, the Federal Law is emphatic. Someone can report a delinquent account for seven years from the intial delinquency. Many times, an original creditior will turn over or assign an account to a third party collection agency. Because the collection agency received the account much later then when it was first opened, they will very often report a new date of opening. In this manner, they think that they can report the information for seven years from the date of which the account was first placed for collection. This is very confusing for the average person and has caused many unsuspecting consumers to fail when qualifying for a mortgage.
It gets really confusing when the average consumer notices three or four different collection companies with different account numbers, different opening dates and no one reporting the intial delinquency date. Remember, the delinquency date of the original account. No one can change that date. Later on we'll discuss the "Statute of Limitations" and how it pertains to consumer debt.
Remember, when a creditor "charges off" an account he is merely writing it off for tax purposes. THIS DOES NOT MEAN YOU DO NOT OWE THE DEBT. You still owe on this bill. Keep that in mind. How often have we heard the statement "write it off for taxes"? What this means is that the IRS allows a company to recover a portion of bad debt by lowering the tax liability on corporate profit.
Occasionally, a credit report will show a charge off and still report the account as having a past due balance on the date the report was generated. This has been construed as "deceptive collection activity". The rationale from the debtor (you) is "how can I be past due on a charged off account"? Quite often, a violation of Section 623(a)(5) of FCRA occurs when the original creditor fails to report the intial date of delinquency.
Next article we'll discuss just how to negotiate debts.
Chuck Lunsford is the owner and developer of EasyFLoridaHomeLoans.com. He offers advice on how to get your credit in order and working for you. Visit his website and learn more about how to obtain bad credit loan mortgage |
Wine Stoppers and More
Aging an Account - Unlike Wine it Only Gets Worse?
The term aging an an account can be understood by remembering this: Your credit history can be reported for seven (7) years from the first time you mi...
Click Here to Read More About Wine ...
Wine Stoppers Products we recommend
Wine Glass Drying Mat - Large
The only way to dry fine crystal the Stem Mat is ideal for a wet bar. Created of commercial-grade polypropeline it holds stems securely as the water drains into the container beneath. 12 3/4'W x 16 1/4'L
Price: 11.95 USD
Current Wine Stoppers News
I Love Touring Italy - Small Town Piedmont
Sun, 21 Sep 2008 23:50:57 PDT
If you are looking for a European tourist destination, consider the Piedmont region of northern Italy. Depending on your interests, this beautiful area might be an ideal vacation spot. You can get classic Italian food, and wash it down with fine local wine.
Orvieto Con Gusto, Wine and Food Festival
Thu, 18 Sep 2008 05:57:27 PDT
"Orvieto Con Gusto" is at its XII edition. Seven days within September and October 2008 to celebrate the wine and food tradition of "Made in Italy". From 26th September to 5th October.
ex-US Military and love for photography. Stunning images
Tue, 16 Sep 2008 14:52:27 PDT
From US Military to Freelance Writing about wine and food. After spending 20 years in US Army Donald finally turns to his true calling, a taste for fine wine and photography. Have a look at his wonderful photos taken in Italy.
Wine Production
Wine Supplies
Wine Facts | Wine Fermentation
Labels: Petite Syrah | Pinot Grigio
