- It stops late fees and over limit fees and allows more of your monthly payment to go towards the principal. This shortens the time it takes to pay off your debt.
- The creditor reports your account as current with the credit bureaus.
- Although you still owe the debt you are no longer delinquent on the account.
If a creditor agrees to re-age an account, ask them to confirm the details in writing. If the company refuses put the details of your re-aging program in writing. Send a copy to your creditor by certified mail with a return receipt.