I had student loans default (falsely) and am being reported as 120 days past due but with a zero balance 5 years after reconsolidating. I've found 5 other people with paid student loans being reported as currently 120 days past due as well by Equifax. Surely Equifax thinks they must be able to defend this practice. Excluding "tricky words" such as I5 status meaning "paid or pays" as defined in the legend, does anyone have an explanation as to how Equifax can justify this refusal to update status even in response to numerous reinvestigations. Also, am I the only one that knows about the requirement in the Higher Education Act that forbids reporting further derogatory information on student loan accounts once the formerly defaulted borrower enters into a repayment plan or satisfies the debt in some other way?
RE: Equifax reports 120 days p One more question. Is anyone being reported as 120 days past due by equifax but with a zero balance on any other type of account than a student loan?
RE: Equifax reports 120 days p Welcome to my Student loan world. Prepare yourself for a fight, With no help from the Department of Education. They say they can't enforce the removal of neg. from your report.
RE: Equifax reports 120 days p Hey Steve - Lorrie again - guess what same problem - except I paid off all 3 of my loans - I was late "once" with exception - I called to tell them I was going into the hospital for surgery & would be laid up for awhile. I can't get anything off my records - I have written until I'm blue in the face. PLEASE let me know if you have any break throughs. I got an email from a email address "Approval_Department_4001@hotcom" I tried to return the email - but I can't get through - it was in reference to your above ? of new credit. LJS
RE: Equifax reports 120 days p I am in the same situation with my student loans. Although I do have a balance, I am not 120 days late on any payments. This is not reflected on any of my other Credit Reports. I think Equifax has a problem in there system. I have contested mine with them, but I dont know what else to do. let me know how it turns out.
RE: Equifax reports 120 days p What is your whole story? Did you have loans default and then reconsolidate? If you have open balances on your credit report, it may indicate the creditor is trying to collect a collection fee. This is what happened to me. I paid an original 25% collection fee when my loans consolidated, then they came after me for another 33% commission later. However, usually they just let it sit out on your credit report until you pay it rather than actively going after assets. So, you might have a claim for fraud. Also, you should be aware that once you make the first payment in a repayment plan that leads to consolidation, your account is considered current by law. After that, according the the Higher Education Act, the student loans servicers are prohibitted from reporting further derogatory information to credit bureaus (i.e. 120+ days past due). So, under this scenario your contract is breached. You may be able to argue the debt is no longer legally enforceable. You should review your loan file. Find it and copy the whole thing. All documents are important. Make sure you are not being overcharged interest, commissions, etc. Who is the guarantor of your loans? Actually, I have been swapping credit reports with other people in the same situation. The idea is that we can demonstrate a pattern of conduct. The pattern indicates a willfulness or intent. If intent can be proved, then we qualify for punitive damages. We can go as a group or individually and demand some sort of settlement. I suggest blacking out sensitive information like account numbers and social security numbers. If you are interested in this, my fax number is 1-800-886-7485. I am more than happy to provide you a copy of my credit report. Good luck.
RE: Equifax reports 120 days p What is your whole story? Did you have loans default and then reconsolidate? If you have open balances on your credit report, it may indicate the creditor is trying to collect a collection fee. This is what happened to me. I paid an original 25% collection fee when my loans consolidated, then they came after me for another 33% commission later. However, usually they just let it sit out on your credit report until you pay it rather than actively going after assets. So, you might have a claim for fraud. Also, you should be aware that once you make the first payment in a repayment plan that leads to consolidation, your account is considered current by law. After that, according the the Higher Education Act, the student loans servicers are prohibitted from reporting further derogatory information to credit bureaus (i.e. 120+ days past due). So, under this scenario your contract is breached. You may be able to argue the debt is no longer legally enforceable. You should review your loan file. Find it and copy the whole thing. All documents are important. Make sure you are not being overcharged interest, commissions, etc. Who is the guarantor of your loans? Actually, I have been swapping credit reports with other people in the same situation. The idea is that we can demonstrate a pattern of conduct. The pattern indicates a willfulness or intent. If intent can be proved, then we qualify for punitive damages. We can go as a group or individually and demand some sort of settlement. I suggest blacking out sensitive information like account numbers and social security numbers. If you are interested in this, my fax number is 1-800-886-7485. I am more than happy to provide you a copy of my credit report. Good luck.
