Bad Loan reported more than 7YRS?

Discussion in 'Credit Talk' started by EdG, Aug 28, 2001.

  1. EdG

    EdG Well-Known Member

    I have a student loan that was charged off in 1996 by Fleet/AFSA. Paid in full by the guarantee agency(ASA). I paid ASA in full through consolidation 2001.

    The original loans were opened in 4/1994 and reported bad since. Can they keep these on my report more than 7yrs? The lady at AFSA says they can keep them on up to ten years because they are federally guaranteed loans. She also said it is up to the CRA to choose how long they stay on your report. Is this crap true? Everything I've heard is that 7yrs is the limit.

    Thanks in advance for any advice.
  2. Erica

    Erica Well-Known Member

    7 years from the DLA if they are paid. Not paid, they can remain forever.
  3. EdG

    EdG Well-Known Member

    Thanks Erica. Just checked with the FTC. They say it is 7years from when it was paid by the guranteor 8/96. That doesn't quite seem fair since the delinquescy on the loan started in 4/1994. I'm getting shafted twice. The guranteor is reporting it as a paid collection. So the same debt is reporting twich that's gotta look good on my CR.
    This is so frustrating.


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