Trying to keep a good credit paying history is becoming harder and harder to do in today's financially challenging and changing environment. With prices constantly rising and the dark cloud of a recession looming over the economy it's no wonder that many credit challenged people (single and with families) are feeling desperate in their attempt to stay afloat in a sea of credit disillusion.
For many people the credit crunch came as a result of trying to maintain a roof over their heads, food on the table for their family, gasoline in their automobiles and the electricity and water running. As a result, payments to financial obligations such as credit cards fell behind and this doesn't even take into consideration if you suffered a downsizing at your job, got sick and missed work, went through a messy divorce or had a mortgage whose payment suddenly went sky high due to the adjustable rate you initially signed up for when you first bought your home.
The sad reality is, if you miss one payment on any of your financial obligations then any company that has previously extended you credit feels that they have the right to bump your current interest rate up significantly regardless if you were making payments on time to them or not. Naturally, this concern has gone all the way up our congressional chain as many people struggle to maintain their credit and wonder aloud if there is a way to legally wipeout late payment history on their credit report.
Fortunately there is a back door policy that allows financial institutions such as credit card companies that provide an open end debt to have the prior paying history removed or erased from a credit report. Although it sounds mysterious and ominous, it is not illegal and it actually works to the benefits of the company. This tactic is called re-aging or curing a credit card history. Naturally, there are some stipulations to this program but basically these are the guidelines or rules to how it works:
1 - You must make a minimum of three payments of your past due balance and you can only perform this action once a year of three times every five years.
2 - You must express some form of communication with your creditor and ask about their re-aging policy or their curing policy. It does help your case if you were a good customer and fell on hard times due to getting laid off from your job, went through a divorce, got sick and missed work or some other form of uncontrollable event or occurrence. If these actions have taken place then in many cases your credit company will remove the late payments from your credit report or history.
More than likely your mortgage company doesn't know about this, in fact very few people actually know or understand this opportunity that exist to get you back on the fast track to financial solvency. Unfortunately if your credit history shows a habit of always making late payments then you can forget about trying to apply and use this program.
In today's current fiscal and financial crisis with so many people falling behind on their payments and with extended credit for most of their major purchases this opportunity on how to legally wipeout late payment history on your credit report truly is a golden ticket to ease your financial crisis. I would recommend that before pursuing this policy you spend some additional time performing research on the Internet. Once you feel comfortable and knowledgeable about the subject then you can contact your credit provider companies and ask for some help.
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