I’m sure you’re familiar with it. If you aren’t, you’re not only lucky but very smart. It’s that pre-heart attack feeling when you pull the mail from the mailbox and you find an envelope one page of paper thin, with a return address that says something like “Cardmember Service”.
You know it isn’t a statement because it isn’t thick with ads and miscellaneous sheets of paper. You suspect it’s notifying you of change that is most likely unfavorable (to you). In the last year, I have received many of these from Chase Bank, beginning with the jacked up interest rate and continuing to the decrease in limit to the “Congratulations! We’re now closing your account loser!”
Well, even though Chase Bank and I have made up, I was still afraid that somehow the mail had brought me bad news. Like maybe another credit card was going to rape me. Or maybe Chase Bank changed their mind about the hardship plan I had set up with them.
Fortunately, the letter began with “We have good news for you!” So I have to thank Chase Bank for reversing the heart attack that the envelope had initially inspired. In their words:
…Your recent payments have qualified your credit card account for our Reage Program and it’s no longer past due. As long as you pay the minimum due each month on your current balance, you will enjoy these benefits:
- no late fees;
- updated credit record to reflect your account is in good standing; and
- no collection calls…
First of all, whoever wrote that form letter was pretty much a genius. The way that it is worded kind of made me wonder if I had actually won something.
So What is the Reage Program?
Since I was pretty sure I hadn’t won anything, (they love me and we made up, but we didn’t actually get married) I decided to go forth and figure out what exactly the good news is about Chase Bank’s Reage Program.
First of all there is a difference between a reaged program like the one with Chase Bank, and the other, which is when people refer to collection agencies “reaging” an account to change the initial delinquency date so the statute of limitations on collection doesn’t run out. If a collection agency does this, it is a violation of the Fair Credit Reporting Act and should be handled completely differently (for starters, congratulations wouldn’t be nearly as appropriate a greeting).
The Reage Program with Chase Bank (or any other credit card company) however, simply means that they will remove the negative history and give you a clean entry on the credit report. In most instances, the account will be removed from the “adverse account” list and noted as “closed by consumer” which of course is better than “closed by credit grantor”. Unfortunately, it will not wipe off any previous late payments, but who can expect that? If your payment was late it was late.
So, it may actually seem like a minor change to an account that I’ve been tussling with for the last year, but it’s good to know it’s being resolved, and in not such a negative manner.
I will check my credit reports next month and let you know exactly how everything turned out.
On another note, regarding the dental bill I was bracing myself for, I did find out that my daughter’s medical insurance includes dental which will cover a lot of the expenses. I use the term “a lot” even though I have no clue, but going from anticipating full payment from my pocket, to whatever the insurance pays, to me is a lot. I couldn’t be more grateful.
“Around here, however, we don’t look backwards for very long. We keep moving forward, opening up new doors and doing new things… and curiosity keeps leading us down new paths.”
Have a great weekend, everyone!