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Balance Transfer to Discover More(SM) Card Discover® More(SM) Card


Discover More(SM) Card
Intro APR: 0%

 Issuer: Discover®
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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.


  • Transfer your balance to Discover® More(SM) Card

  • Do you have several credit cards that have reached their limits and you find that paying the minimum monthly requirement is getting difficult? If you add the expenses of car payments, insurance, and mortgages on top of your mounting debt this can lead to a feeling of being financially overwhelmed. The way a debt reduction service operates is when you owe a particular balance to a creditor and negotiate to pay a lower balance. This differs from debt consolidation in that when you consolidate you pay a lump sum to an agency that then disperses the monies to the creditors that you owe. Creditors will agree to debt reduction if they believe that it is in their best interest.

    Typically, those who request debt reduction services are individuals who are considering the option of bankruptcy as a form of clearing out their debt. Certain situations affect the pay off amount that creditors will offer. They will look at your credit report to see how you are paying your other debts. If it appears, you are paying everyone else in a timely fashion and neglecting them, they will most likely offer a high settlement based on the fact you appear to have the finances to be faithful to your other obligations. On the other hand, if they notice that your credit report shows you are not paying anyone they may offer a lower settlement. If their offer is in your opinion to high, then you can gather your financial information, including all incomes received and outgoing expenses to negotiate for a lower settlement offer.

    When you have received a settlement offer either through a company you have hired or through negotiating yourself the creditor expects you to pay off the settlement with a one-time lump sum payment. There are exceptions to this rule such as if your debt is significantly high the creditor may consider payment arrangements over a short period. Usually they will offer up to six months. Another option is in using a debt reduction service that can negotiate for the settlement payments to stretch over a period up to four years.

    The idea of using debt reduction services as a form of reducing your debt in and of itself sounds like a great idea. There are some points to consider if you are an individual who has good credit and has found himself or herself in a difficult spot financially, consider carefully before engaging in a debt reduction service. Once you do use this method, it will significantly lower your credit score, making obtaining credit more difficult. If you, on the other hand, are someone who has had a history of poor credit actually using a debt reduction service can change your bad credit rating from poor to good thus enhancing your credit status.


  • Raise your credit score with a help of Credit-Rocket! Read the Chase credit card reviews
  • Tired of high charges? Find the best database for credit cards! Read the fine print and find the Annual Percentage Rate (APR). This is the interest rate the companies charge you if you carry a balance. You want the lowest rate possible; as each percentage point drop will save you money on the months you have an outstanding balance.