I started paying back my student loans in '92. In Dec. of 95 I was unable to pay on the loans for two months. The 30-60-90 doesn't show up until 96. The loans were never turned over for collection but do show that they were sometimes 120 days late (after my divorce- food for the kids or student loans). Two years ago I refinanced my house and paid off all of my student loans. The two loans (Sallie Mae and Sun Tech) show up 7 times on my credit reports because of the different dates the money was disbursed really hurting my credit. I wrote the 3 credit bureaus asking them to take the loans off because they are now paid off and the first time I was late on them was over 7 years, Dec. 95, the initial missed payment leading to delinquency. Experian just sent me a credit report showing they were still on there. I called and asked why and they told me they go 7 years from the date of the last missed payment. I haven't heard from the others yet. Does anybody know when these should go off and what I can do? I would appreciate any help.
Firstly the time period for derogatory information is 7 years and 6 months after the first delinquency.(i believe) Secondly since these loans are paid off and are due to fall off soon i would just wait the 7 and 6 months. If you are in a hurry you might want to try a goodwill letter to the oc. I personally wouldnt have called the cra's about this matter. My first step would be a goodwill letter to the oc.,Because of the fact that this debt has been paid and not past due or in collections. If that doesnt work i would just dispute online as "not mine" given the age of the acounts you would probably benefit from that route. Hope this helped
I wish they were going off soon but as I said Experian told me 7 years from the last missed payment which would be 2008. I said that that is not what the FCRA policy reads and she said that is their interpretation. I said in other words every time I had money and started paying again on these loans I was just delaying the date they would go off. I said the new law was protecting people from being punished by making payments. She said sorry but we have our own policy and interpretation and yours will not be going off until Oct. 2008.
My understanding is that the 7-year reporting period is from the last reported activity on the account, be it a late payment or even an on-time payment. That's why you don't throw 20 bucks at a CA when the account is at 6 years and 10 months.
no, totally wrong. It is 7 years from the first delinquency. Search for FTC opinion letters on this site.
