Re-aging an accout is when an OC deletes the negative payment history or a portion of the negative payment history on an established account for a specific reason to the credit bureau. There are some special circumstances for which this is done, but the circumstances are fairly restrictive.
A 're-age' is when your creditor allows you to pay 3x the standard monthly payment on a delinquent account and the creditor 'forces' your account current. Let's say your account is $300.00 past due and 158 days delinquent and your 'regular' monthly payment is $30.00. Your total amount due to bring the account current is $330.00 but by paying 3x the 'regular' monthly payment ($90.00 in this scenario, paid as $30 per month for 3 months or $90.00 in one lump sum) the creditor then forces your account current and you can continue to keep it current by paying $30.00 per month going forward. Don't be fooled that they'll erase any previous late payments already reported to the credit bureaus.....they don't. It's just a quicker way for you to recover and for the creditor to get your account back into their 'current' receivables and reduce their overall delinquency percentage. It's a win-win for both.....most creditors will do this for all their delinquent customers once every 12 months and no more than twice in 5 years. There are federal regulations behind it. Most creditors will also have their billing system 're-age' your account automatically in the event you pay 3x the regular payment either in one lump sum or over 3 months without ever discussing this as an option with you.
