PROBLEMS: 1. I have an account from a school I attended 1988- December of 1989. Loan from them defaulted. Government has it and I m paying. How can they still report and 7 years has elapsed? What can I do? 2. They keep reporting an account that their results say they deleted. What do I do? 3. They are not budging on the inquiries. 4. They took a CA off and put it back on. They make me sick with this. 5. I am helping my mother & stepdad also, they took off their mtg completely and all I asked for was an update of pymnt history. I said never late. 6. For collections, should I pay Original creditor or go into a settlement with the CA or what? Somebody help me please. Thank you all...I would like to be half-way there by this time next month.
I don't have an answer for this one...sorry. Hopefully our student loan experts will step up. Call them and tell them what's up. Same thing happened to me. They did an investigation and the agency never responded. Then they contacted them to get some code so that they could delete from my file and they never responded to that either. So the lady stated that she would send my file to a special department to have it manually removed or something. Whatever....I think someone on this board posted that they had the same problem and called Equifax and they said to fax them their letter stating the item was deleted. I don't know what happened after that. I know one person on this board that has gotten inquiries deleted from Equifax and that's Reshod. I know he wrote them a letter and I sent them the same letter along w/ disputing some other stuff and they ignored my request to remove inquires completely. Sorry! :-( I don't know. I think I would rather have a trade not reporting than to report with lates. Just my opinion but it also depends on how many times it was late, etc. I would contact the original creditor and see what you can negotiate. Ask for payment in exchange for deletion. If they don't go for that, then pay them and then dispute the collection as *never done business with XZY collection* etc. If the original creditor won't accept payment then deal w/ the collection ageny and either negotiate payment for deletion OR send them a validation letter and try to force them to validate the debt.
Brad - if you looked earlier. I did say that I was paying. Bill - Student loan is I1. GOOD! I will pay the CA activity via settlement, but was just wondering about the right way to go on this. Thanx ALL!
1. You told us when you went to school, not when it defaulted. If it was prior to 10/94 they can report it. If before then, it's a violation of FCRA . Difference with student loans is that their is no statue of limitations on collections. If they sell it to another company, the seven years starts again. Only the original account#/creditor would fall off in 7 years. 2. Send a copy of the "results" back... I would fax it. Have them delete it. 3. Spin your wheels as much as you like on this one... It's not going anywhere unless you sue them. Sorry, sucks I know! 4. Is it the same account number? Again, send copies of the results and insist account be blocked from being added back or ask for "certification" process that allows the CA to add tradeline back repeatedly. 5. Wait a couple of months.... this will probably show back up in an update. 6. I always recommend a C&D letter to the CA (cc'ed to creditor) and work all payments with the original creditor for a % of original balance. GOOD LUCK!
BTW, Student Loans are governed by the HIGHER EDUCATION ACT. Pull a search on this website, I've posted details about it in the past.
BKBev, Thanks. The loan defaulted prior to 1994. I misunderstood what you were saying on this. So, am I correct that they are in violation of FCRA? I thought that it was 1681 c(a)(6). The loan is now consolidated/rehabilitated and I am paying on it now.
Rehabbed? Good that is the key. According to HEA any student loan may be made available for rehab once. To be considered rehabbed, 12 on time payments must be made at which time ALL NEGATIVE INFORMATION must be deleted by the creditor. That is in the HEA of 1964 [Publc Law 105-244, Section 674.39 and amended in 1998 [after your situation, keep with the '64]. That is the first violation. The second violation would be the seven year limit which falls under the FCRA USC 1681 Section 605 (a) (5). But you also have a violation of Section 607 for Complaince for reporting any negative information for a rehabbed student loan and Section 616 Civil Liabilty of Willful Noncomplaince because you reported the error. Not withstanding the Billing Act.... Interesting thing is if you sued the company, you could agrue that every report since it was rehabbed is a violation of 616 for liability, just like if a supermarket tabloid printed a known lie about a celebrity in each issue. Each violation carries a penalty of actual costs or $1000. Basically, the nice basis of lawsuit.... Hope this helps.......
