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Discussion in 'Credit Talk' started by Cyprigirl, Jul 31, 2001.
Just a heads up!
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I thought re-aging was an illegal procedure?
It is and when I brought this matter to Sallie MAE's attention they immediately requested a copy of the relevant of my credit reports to make the necessary adjustments. I advise others who have a loan with Sallie Mae to double check those dates.
That's not exactly the same I don't think. A transfer of an account to another creditor (say one company taking another's accounts) could have the date of the transfer as the initial date. Another instance, if you consolidate two student loan debts into one, then the initial date is the date that the consolidation is done, not necessarily the date of the prior individual accounts.
This would be different than a creditor sending a deliquent account to a collection agency.
However, if you have like a deliquent record on that prior account, they cannot "reage" the date of that deliquency (anymore) and add to the new account.
They may very well change the date to the initial creditor's date if you complain, but I don't think they have to.
Correct me if I am looking at that wrong.
I don't know Mike.
Whether an item is negative or positive, if the lender changed the dates from the original open date it will negatively impact you, because fico will read that you have all those accounts opened recently, whereas if they date it from when the loan originally took place. I should not affect your fico.
Consolidation I believe is different, because it is one lender buying out all your other loans and making one new loan, whereas what they did here is buy out another company and they transferred the old accounts with the old company into new ones and re-aged the accounts.
Look at it this way, you have a credit card for 10 years then another company buys out your old CC company and gives you a new account number and changes your open date to when they took over your account and then have the old account deleted from the credit report or even if it still remains, it is sure to negatively impact your score, and all that happened was that your old bank was bought out.
I asked them to change it because that is the last thing I need right now with my fico score.
The nice thing is that any USA funds (now sallie mae) account will be unverifiable due to the merge. I had multiple USA funds tradelines on all 3 reports, all deleted after disputing..
When I called the FTC and asked them WHY student loans that defaulted were allowed to be reported in duplicates and other debts were not, they said....STUDENT LOANS ARE JUST DIFFERENT. I know that I am just speaking about defaulted loans and your loans were in good standing but just transfered...but I am wondering if there is any similarity in the case and if you will be hit with that argument. I agree with the poster who said that you have to read the dates carefully as far as "reporting since" dates.
I will keep the board posted of my results from Salliemae.