hello guys, So, after reading threads and more threads about repairing my credit, I have built the nerve to actually try and fix it. One of the issues I am currently having is my student loan payments are being reported as late. The problem with that is, Im still in school and they should have been deferred. I recently contacted my student loan lenders to ask that they correct the error and they did, so they are now in good standing. I've sent them a "Goodwill" letter asking that they remove any negative marks that were placed on my CR. My question is, once the marks are removed, how much of a change will I see as far as my credit score? And how quickly will it change?
If the late pays are the only negative marks on your credit reports, you should see a huge increase in your scores once they're removed. Exactly how much is tough to say since there are so many other variables at play in your FICO scores, but expect a significant boost as soon as they're removed.
By removing the late payments on your credit report your score will definitely increase. You should send dispute letters to which ever credit bureaus reported this information. They in turn will contact your student loan folks and confirm what you've mentioned, then it will be removed. You also will receive an updated report or statement from the credit bureaus showing how that entry now reads.
Thanks for the information. I haven't heard anything back yet from the student loan companies. But just to clarify, I should contact the credit bureaus on this issue? I haven't done that yet, I've only spoken with the companies to place the loans on deferment, and I have sent out Goodwill letters.
Yes, I would recommend disputing the inaccurate info. directly through the CRAs. I doesn't hurt that you've already contacted your student loan providers as well regarding their mistake.
