Hi everyone. I'm new to this fourm and I must say I love this form wish I would have know about it a long time ago. Secondly, I have a question that has been bugging me for years. I had a sutdent loan (originally 1986) for years that went into default with US Dept of Education. Back in late 90s it was consolidated with Direct Student Loans and removed the old default was deleted from my report as I was starting over. I paid a number of payments and then ran into a situation with my health again became delinquint and could not pay this one either until 2002 when it was paid off. Well it still shows up as on Experian and Equifax as US Dept of Education Closed/Collection - Collection as May/2002 and on TransUnion both Direct Student Loans and Us Dept of Eduction shows as Payment After Charge-off/Collection and they have different amounts - but are same loans. I tried disputing with all three but all came back verified no change. What is the best way to get this removed or do the SOL begin with the 2002 pay off date?
I am no expert in these matters but, I thought that once a defaulted student loan account was being paid for two years or had since been paid for two years the data furnisher would delete the derogatory information. My belief my only be applicable to either the former or the latter. I am not sure. You may consider doing some due diligence on the matter. I am sure that it works in one situation or another. I am certain that someone more knowledgable than me will chime in at somepoint.
That was my experience, I made the amount of payments they specified and they removed it from credit, nothing negative
The status cannot show the loan as in default, because it is paid. What was the date of the 2nd default? The reporting period will be 7 years from the 2nd default. http://www.law.cornell.edu/uscode/html/uscode20/usc_sec_20_00001080---a000-.html But, you may want to contact the DoE and see if they might remove it sooner, if the 7 years has not passed. http://www.ombudsman.ed.gov/loandefault.html
Thanks for your response! I took a good look at my credit report and discovered: Equifax is reporting the same loan as two different entires, two different loan amounts and does not report it as ever being paid and the status is Charge-off on one entry and collection on another. This is after re-verification. This loan has been paid since 2002 and the first date of delinquincy had to be in 1998 or 1999. Experian on the other hand report it as a paid closed/collection being reported since 2002. TransUnion - Payment after Charge-off All three have different address for the same creditor. I'm confused. What is the best way to resolve this issue? Its been reported 7 years, however the CRAs are using the 2002 date to calculate the 7 years. Since I tried disputing this with all three CRAs with no change, should I call the creditor? Unsure how to resolve. Please help.
Call the creditor. If that isn't effective, litigation may be your only alternative if you are adamant about getting these removed.
Yes, start with the creditor so you don't get labled as frivolous with the CRA's. Ask the creditors to remove based on account being more than 7 years from last default.
I think I would also try the DoE ombudsman that Pale Rider posted a link to. They may be able to help you or advise you as they oversee the federally-backed loans.
Thanks everyone great information! I really appreciate your input. I'll try with the ombudsman starting on Monday, sounds like a good way to approach this situation. I'll let you know what the outcome was.
Removing Old Student Loan - UPDATE Hi everyone, I gave it a wirl and called them up in hopes of them undersanding and deleting their wrong information. They didn't. I contacted DSLâ??s Default Recovery Dept about my 5 years paid student loan and getting it removed from my credit report. Well their records starts in 2002 when the loan was transferred to them and therefore they donâ??t have the full payment history. I was told that they will continue to report to CRA until 2009. She also said I need to supply her with proof that I defaulted in 1998. What for??? This is not a problem, I have my payment history from 2001 from DSL, but it bugs me as to why she just canâ??t request the information from DSL or have access to it. It doesnâ??t make since. She can transfer my call but canâ??t request loan history and continue to verify wrong information about me to the CRA. Iâ??m really confused here. Itâ??s the same company. Default Recovery Dept transferred me to DSL who confirmed that I started missing payments in 1998 and however, made additional payments but, never enough to recover out of delinquency. She went on to explain that they donâ??tâ?? share information with their Default Recovery Dept. DSL only have payment history from origination 1996 to 2002 when it was transferred to Default Recovery. Which explains what the CRA verified. (So as I understand it, they didnâ??t update their records after the loan transferred, or got paid (no update in 5 years). Further they are using the DOFD as of 2002 and not the DOFD. This is why its still on my report. I was told that this reporting is correct because in 2002 when they transferred my loan to the Default Recovery Department my loan was RESET and the seven year reporting period started all over again. Is this correct with student loans? Its my understanding that they can only report for 7 years starting with DOFD. I just want this off my report. My next move is to contact the ombudsman or should I send them the information I have. Below is my payment history and from what I see my DOFD was in 1997 (10 years ago). All suggestions welcomed. Thanks! DSL Consolidate Loan in 1996 Here is payment history 11/26/96 12/23/96 01/31/97 02/24/97 03/20/97 06/09/97 08/25/97 01/29/98 03/08/00 04/20/01 06/28/01 07/30/01 09/28/01 10/29/01 2002 â?? Paid Off
I haven't dealt with them, so I don't really know. If there's a phone number, you might want to call. E-mail would be quicker. I don't think this is a case where you're building a paper trail.
