I need some advice guys and gals... I am trying to figure out which is my best course of action for getting 8 studen loan charge-offs from from all 3 CRs and they all have different Charge-off dates and DOLA. Here is the info: Experian: Loan#1 - #8 Date of Status: 6/1998 Claim Filed w/Gov. 6/1998, 9/1998 Scheduled to stay on report until 2/2005 (they are going by 90 days late 2/1998... WTF??) TransUnion: Loan#1 - #8 Charge-off date 11/1997 Date of status: 9/1998 Equifax: Loan #1-#3 Date of last activity: 6/1996 (these three were automatically removed already.) Last reported: 6/1998 Loan #4-7 Date of last activity: 6/1997 Last reported: 6/1998 Loan #8 Date of last activity: 11/1997 Last reported: 6/1998 Actual info obtained form Sallie Mae's website regarding my payment history and loan status and all of that stuff... mind you this these were charged-ff/sold... and have $0 balances!!!: Payment history shows: Last payment received on 6/1996 and applied to loans #1 - #3. No other payments ever made. Loans #4 - #8 came due 6/1996 but first payments due on 11/1997 (Don't know how this happened either). No payments made at all. Charge-off/Sold date 9/1998 I do have a transaction history that just shows the last 12 transaction to the account (as a whole) with last payment made on 6/1996 and interest added to account 11/1997. Does this mean DOLA is 6/1996 since that was last payment made? Or could they possibly be using 11/97 as DOLA? Anyway... the dilemas... Equifax... #1 - do i provide them with the Transaction History from Sallie Mae showing last payment (DOLA also happens to be the date of first delinquency since no other payments made) as 6/96 on the account as a whole and tell them to remove from report due to obsolete info. (NY 5 year law)?? #2 - Or do I show them the Payment History which shows the 6/96 payment applied to the first 3 laons then the other 5 laons not due untill 11/97 (but no payments ever made)?? I figuered I'd try the first way because if they add on the 180 days from first delinquecy it will still be 12/96 that they count from which will still bring them off now (12/2001). Anyone have any advice on this one?? Not really a big deal but I just want to try to get it off the first time...without them changing too many dates and not removing... Trans Union Date of charge off according to CR is 11/97, actual is 9/98. If i try the above route with them and they verify the charge-off date as 9/98 then they have to go by the date of first delinquency (+180 = 12/96)and if they don't verify and use the 11/97 date then they should use the DOLA right (6/96)? Equifax I am not even worried about because they seem to have the dates just fine (even if wrong.. hahaha ) and 4 more will come off in 6/02 and last one in 11/02 which is just fine by me. Not even going to dispute (maybe the last one i will.. hahaha) Anyway any advice on which route I should take, what documentation I should use as proof..anything i would creatly appreciate!!! Sorry for the long confusing post but decisions, decisions, decisions.... THANKS!!! Chris Struggling to see over 600 mark!!!!!!!!!!
As I have read it on the board previously, the 5 year rule applies to paid charge-offs- are these paid?? I could be wrong about this.
These are paid as they have been "sold or transferred", balances are $0. I am not anticipating too much problem with getting it removed but I just want to get it off the quickest way. I probably could just wait till 11/02 at which time there is not too much for them to dispute as the Payment History I have from Sallie Mae shows last payment 6/96 applied to 3 of the loans and the other 5 came due on 11/97 but no payments were ever made (so that is the date of first deliquency), hence they should come off by 11/02 the latest... I want to try now though just in case I run into problems getting them removed if i wait till 11/02. This is why instead of sending them the Payment History as proof, I just want to send the Transaction History which shows date of last payment as 6/96 but not what it was applied to or when the loans came due. I will hopefully be looking to apply for a mortgage at the end of this year, but still working on getting a few more things removed. The student loans though are my biggest obstacle. I also have one paid judgement from 2/99 on each CR and 1 CA on each scheduled to come off 11/02. Will update with results. Thanks.
I may be mistaken, BUT --I believe Federally funded student loans are exempted from all the FDCPA and FCRA rules.
This is all I could find in regards to reporting of student loans. If there is an amendment to this i don't know about it. These 8 loans (Sallie Mae) are $0 balances because they were sold/transferred/charged-off. (The bank holding the loans now are also reporting the 8 loans, but with positive statuses). So, these loans are not in default and have $0 balances as far as Sallie Mae is concerned, so I don't know if this applies.... Higher Education Act of 1965 463(c)(3) Notwithstanding paragraphs (4) and (6) of subsection (a) of section 605 of the Fair Credit Reporting Act (15 U.S.C. 1681c (a)(4), (a)(6)), a consumer reporting agency may make a report containing information received from the Secretary or an institution regarding the status of a borrowerâ??s account on a loan made under this part until the loan is paid in full. 430A(f) DURATION OF AUTHORITY.â??Notwithstanding paragraphs (4) and (6) of subsection (a) of section 605 of the Fair Credit Reporting Act (15 U.S.C. 1681c (a)(4), (a)(6)), a consumer reporting agency may make a report containing information received from the Secretary or a guaranty agency, eligible lender, or subsequent holder regarding the status of a borrowerâ??s defaulted account on a loan guaranteed under this part untilâ?? (1) 7 years from the date on which the Secretary or the agency paid a claim to the holder on the guaranty; (2) 7 years from the date the Secretary, guaranty agency, eligible lender, or subsequent holder first reported the account to the consumer reporting agency; or (3) in the case of a borrower who reenters repayment after defaulting on a loan and subsequently goes into default on such loan, 7 years from the date the loan entered default such subsequent time. Anyone have any more details on student loans coming off CR's??
they are covered under the FCRA. they must verify and or update your report to reflect correct reporting. They are able to verify obviously, since you got the info from Sallie Mae. I would gather all documentation and prepare to dispute with CRA again and creditor... after that, lawsuit time
I figured that as long as they were "paid" ($0 balance) that they would come off in 5 years (NY) like anything else... We shall see! Thanks!!
