How does a consolidation show on a Credit Report. The Dept. of Ed says it will show as settled. Does the DOLA change? I have a loan that is scheduled to drop off my report in a little over a year, so I'm going to consolidate, rather than rehab. (I've just rehabbed another set and want to roll them all together, which I can do through the Dept. of Ed if I choose the income contingent plan). What I really want to know is how long it will stay on my report.
First, negative info stays seven years. If the account has negative info, the info could fall off but the account can remain. There is no limit for postive information. Like a late pay has to fall off, but the acc't doesn't. If the acc't is a collection, the whole thing falls off after seven years from date of delinquency (first delinq provided it is supplied by the data furnisher). If you consolidate, the old account(s) should show as transferred or possibly consolidated - essentially closed....and it'll still be deleted after seven years from the date of delinquncy that led to collection...or any late pays, etc will fall off and the acc't will hang around as closed/conso. The new account will just show as that - a new account and won't carry over a new date, so you won't be extending any time frames.
First of all negative info doesn't HAVE to stay 7 years. And you can dispute this info and have the negative AND account removed from your reports. You should be very careful about the info you get from people here - especially people with only 7 posts. I suggest you continue to bump up your thread so someone else can respond. Positive info can stay on your report for 10 years.
