I have 2 defaulted student loans that are now with the US Dept of Ed. The Dept of Ed is now reporting these and the original bank and guarantor have fallen off my reports. I've made 6 of the 12 payments I need to make before I can rehab. My question is: What will eventually show on my reports? Will it look like a brand new loan - paid on time, etc. Or will it look like a 10 year old loan? I'm curious what to expect regarding the average ago of my accounts. Thanks, Tom
Well accrording to a semi-knowledgable rep at the Dept if Ed today, it appears all references to the old loan are gone - replaced by a new loan. Guess my age of accounts will be killed but at least the negs will be gone. On another note - she didn't seem all that sure that they baddies from the guarantor would go away - but I'll see what happens. I guess all in all she didnt know that much - so if someone has been thru this pls chime in. Thanks Tom
PHEAA tells me that any entries they made will go away but entries made by those prior to them will not unless the prior entity wants to (and they usually do not).
YES, this is true. I recently finished rehabing my loan. I received a letter from EDFUND stating that they would remove all negative information from my CR's. EQ & EX deleted the tradelines, but TU just moved them to the "Accounts in Good Standing" portionof my report. The problem IS, now the NEW LENDER is showing up on my CR's. So, on TU, I have a total of 12 loans and it should only be 6. Dealing with TU has been a challenge for me!!! Also, the original lenders still show up on EX and TU. I am currently disputing them for the 2nd time.
