Hello, I'm looking for any advice I can get about repairing credit. Any and all advice...from what to expect, to things I may not even think of...anything. I would appreciate any help you good people can give me. Here's a brief run-down of my situation. I have two student loans, one from a previous degree and another for a degree I am currently seeking. During my current stint attaining an MBA degree I took a year off. I didn't realize it but my loan deferments went active and I unknowingly missed two payments, putting me past 60 days delinquent. When I realized the situation the amount to pay was more than my monthly budget at that time would accommodate, so I paid one month's worth for both loans by phone on the 89th day to keep it under 90 days late (this was in Feb. 2002). The following month I paid the full balance due (again on the 89th day by phone) but was told by the operator for one of the creditors that my payment wouldn't be processed for several days even though I called prior to the 90-day milestone. So now my credit report shows delinquency for both student loans, one with 60-days and the other with 90-days for two consecutive months. To make matters worse, one of the loan payments actually paid toward ten separate loans even though it is only one account statement and one payment (the ten loans are for each semester during my first degree). So now my credit score has dropped from 740 in January 2000 to a score of 609 as of today. I fully accept responsibility for being 60 days late for those two months because even though I didnâ??t see any notices I could have misplaced them. What frustrates me is that I get hammered for ten separate negative comments when it was in reality only one payment and one statement (each month). Iâ??m considering buying my first house in the Fall and I would like to see if I can get this either removed or reduced to more accurately reflect my credit worthiness. Here is my basis for disputing my credit report: 1) I didnâ??t see any notices telling me my loans went out of deferment and required payment until after 60-days past due (I know, itâ??s lame butâ?¦) 2) I paid prior to the 90-day mark but because the one creditor took several days to process the payment it was considered past 90-days late. 3) It was only one payment according to the account statement but shows up as ten separate negative reports. I donâ??t feel this is fair or accurate. Please help me in any way you can. Iâ??ve never disputed a credit report and I donâ??t really know what Iâ??m doing. So far I have purchased my 3-in-1 credit report (with score) and I found a sample dispute letter on the Internet. I also have heard that itâ??s good to send the dispute letter certified mail and not to respond to any requests for more information. Thatâ??s the sum total of what I know. I sure would appreciate some advice. Thanks, GetBetter
There is a lot of good information here on how to handle student loans. You might do some searching while you wait for someone with experience. You might try searching on a poster by the name of marci. She posted some info just in the last few days.
If you've stayed current for the past year, I would think the place to start would be a "goodwill letter" to your SL holder, rather than disputing the CRA.
Really? Why is that? I'm not sure I can say I'm "current" because since going back to school my loans have been deferred again. So from their point of view they haven't seen any indication that it was just a fluke. How do goodwill letters work and how often do creditors do something like that? What's the disadvantage of submitting an official dispute? Thank you so much for your response.
