I read this in another thread but wanted to get your attention. "Failure to repay your defaulted student loan can be damaging to your credit record. In fact, consumer reporting agencies may continue to report an account for 7 years from the opening date. ^ ^ ^ So does this mean that any loan with an opening date over 7 years should be/can be deleted? Is there a seperate set of rules for SL reporting and the CRA's have to follow the Dept of Educations rules? Please say yes! ~ 3day
Hi 3day, There is a separate set of rules for student loans administered by a governemnt agency. Usually tho, SL's are taken through the private sector with lenders who specialize in lending for school. Those ARE covered by the regular FCRA & FDCPA rules. So the question is who admins' your loan? .
Do you know where the Higher Education Act is? http://www.ed.gov/policy/highered/leg/hea98/index.html
HI, Sallie Mae / California Student Aid commission (the guarantee agency for my state) is reporting my loans along with the Dept of Ed. They are in Consolidation with DOE and current for over a year. All of my loans were federal Stafford loans/Now called something else. Sallie MAe and CSAC are reporting negative info, in triplicate. I will start reading the HEA. Do you know which part of the HEA contains info on reporting student loans to CRA's? Thanks! 3day
