How can you do this?

There is NOTHING accurate about UNKNOWN LATE DATES...

 

Is default the equivalent of a collection or a charge off?

I wish I knew more about student loans.

 

Which one?

 

I meant charge off or collection-which is the equivalent of a default? :O)

 

Equifax:

2 read like this

AMS Serving Group XXXX
INDIVIDUAL ACCOUNT 10/1993 05/1996 Installment
120+ DAYS PAST DUE $2000 22 $2000 $2000 07/2002
Prior Paying History
30 days past due 01 times; 60 days past due 01 times; 90 + days past due 23 times;
COLLECTION ACCOUNT
STUDENT LOAN
__________________________________________________

3 read like this

Iowa College Aid Commission XXXXXXXX
INDIVIDUAL ACCOUNT 07/1996 Installment
120+ DAYS PAST DUE $1063 $1679 $1679 08/2002
Prior Paying History
30 days past due 00 times; 60 days past due 00 times; 90 + days past due 20 times;

DEFAULTED LOAN-CLAIM FILED AGAINST GUARANTOR
__________________________________________________

2 read like this

Sallie Mae XXXXXXXXXX
INDIVIDUAL ACCOUNT 04/1995 03/1997 Installment
120+ DAYS PAST DUE $3500 43 $0 08/2002
Prior Paying History
30 days past due 00 times; 60 days past due 00 times; 90 + days past due 01 times;
STUDENT LOAN
ACCOUNT TRANSFERRED OR SOLD

kbanger,

Here are the threads where we discussed this before; however, what is interesting is that these threads are specific to TU. Your accounts are reading the same way, for Equifax!!!!. I wonder if Equifax is now doing the same as TU.

We should start taking bets now whether Equifax will soon be offering a free consumer report and on the same page selling a lender report, LOL. Just $12.95 and you too can have the same score we provide a lender, not to be confused with your consumer score that is supposed to be the same but we can't charge for it so it's not the same (insert thumb on nose and wiggling fingers here).

http://consumers.creditnet.com/stra...1102#post231102

http://consumers.creditnet.com/stra...threadid=29485&perpage=20&pgnum=&pagenumber=3

Either way, without the dates, your report isn't accurate or complete or verifiable.

How can you verify dates that don't exist? And, if you can verify dates that exist somewhere but not on your report, then you weren't provided with ALL the information in your file.

These dates make me nuts, really I want to know if anyone processing disputes even looks at the tradelines.

Pretend to verify if you want but how can they maintain accuracy in reporting when it doesn't even make sense by its own records on their face.

How can you be 90+ days late 20 times without ever having been 30 or 60 days late?

Where's George? The random summary date generator is needing a copyright!

I have to tell you, kbanger, I don't know a thing about student loan tradelines other than what I've read here. I know because you are owing the government there effectively isn't a SOL for reporting if they are upaid, if I am understanding correctly.

The first tradelines that you list under AMX x 2 is the only one having a date of last activity.

The other tradelines don't have a date posted, you could dispute the commencement of the delinquency date.

The first tradelines read like they must still be reporting as open and have never been charged-off or student loan defaulted, if that is comparatively the same thing. They are rolling each month into the 90+ slot.

It looks like you have never paid anything, yes? You owed $2,000 in 1993, never paid a thing, and still owe $2,000 in 2002.

I don't know how you could be continuously late since 1993. Well, actually I do, but they can't be carrying it on their books that way all these years.

Don't they have accounting standards to adhere to, 120 days = default, file for claim against guarantor, transfer or sell to a collection agency?

Once charged-off or defaulted if they are indeed similar, the only thing that should be changing is the last reported date or status.

Greg's point in the other thread was that TU reports ALL the dates to lenders or others but only provides the consumer with the summary of dates. In essence, the CRA's are required to provide consumers with ALL information in their files, no matter how it is stored. They shouldn't be able to provide more information to the lenders than they are to me.

I don't know if that is true for Equifax or not, will have to sic Greg on them, LOL, it sure looks like it though.

You could just dispute the payment histories of each as inaccurate, insert the dates or delete!

I was NOT late 90 days + 23 times; I was NOT late 60 days xx times (you get the idea).

If they say their attorney feels they are reporting in compliance like TU's did, that is bogus, because the tradeline isn't complete or accurate without ALL the dates. Even if they could somehow make the summary of the times late accurate and complete, it is still misleading.

If they say their system isn't capable of retaining all those dates and the program just keeps adding and rolling, the limitations of their system also isn't our problem.

The FCRA doesn't allow for software complications or lack of storage or any other limitations they may come up with. It says what they have to do, if they choose to report information, and no one cares how they have to do it.

I'd sure dispute those dates in whatever manner you feel comfortable. Either I was not late 90 days 23 times, please delete; or just dispute the payment histories altogether as inaccurate and incomplete without disclosure of the dates.

I'd ask Greg if he knows whether Equifax is copying TU with their system limitations and/or just plain not providing all information to consumers.

Also PsychDoc's lawsuits were student loan issues. I believe you said you wanted clean reports, that was Doc's motivation as well. You can piece Doc's case together by searching here, I don't know if he's done a summary or not, but the best summary with all links to his entire process and success, I think, is here: http://www.aimoo.com/forum/postview.cfm?id=332192&CategoryID=24707&startcat=451&ThreadID=152368
and it links you back to this message board, lol, though in a logical and sequential order. How's that for a circle ;-)

I'm thinking if your goal is clean reports you should follow Doc's path and focus on the CRA's.

You'll get there, kbanger, just formulate a plan and work it!

Sassy

 

A student loan default is the same as a charge-off, at least for the OC. They can't follow accounting practices, but are instead held to a strict timeline by law. I think it is 270 days past due, though it has changed at least once since my default.

The part I am not clear on is why the guarantor can report the loan as charged-off, and why the guarantor can reset the date opened and DOLA when they get the loans.

I't one thing for the OC to report I9, even though they get paid the instant it defaults, but for the guarantor to also give it I9 status, even when paid, is crazy and completely unfair.

I am sure there is something that can be done, given that student loans may have to report current status only, but I haven't had time to do any research.

 

kbanger,

You're welcome! It's great to know you've a baby on the way, how exciting is that! They are special blessings indeed.

There's no better reason for any of us to be here than out of love, wanting and devotion for our loved ones and future.

Teach your baby well, kbanger, these are life lessons on this message board, and I for one believe the teaching begins in each of our homes. What an opportunity that is!

Sassy

 

That does not sit well with me. If they expect the govt to pay them, then let the govt pay. I wonder about their honesty if the govt pays and so does the debtor via the CA...