I was laid off last year, and I got a proactive (or whatchamacallit) forebearance from wells fargo during that time. On my report however, they still listed me as 90 days late. I've tried goodwill letters 3 times to different people there and all said no. Now I just disputed it for the first time. I'm wondering if I should consider loan rehab, which takes a year, or keep disputing it and hope it gets deleted in a few months. It's clear to me now from my last two credit apps that this 90 days late is hurting me *big time* Anyone ever tried this approach.. or any other ideas?
It's called a retroactive forbearance. We did this too, with both the Sallie Mae and Nelnet accounts. Then, we consolidated through Nelnet, which closed out the Sal. Mae. So, I goodwilled both nelnet and sal. mae, and got a big fat NO! I disputed twice on each account, and they got verified. I goodwilled both 2 more times. Eventually, Nelnets baddies just went away on all 3 accounts (I'm not actually sure why) Sallie Mae I started the nutcase series, and after sending 3 letters they were deleted on all 3 reports. The thing that sucks w/ a retroactive forbearance, the account gets brought to current with the student loan company, but the lates stay on your credit report.
Thanks for the reply Tracy. So if I have this right, you first sent them goodwill adjustment letters.. basically admitting they are right in what they are reporting, but to give you another chance, right? So if yoy then sent nutcase letters, what kind of nutcase letters did you send? Were you then telling them the account is not yours? My situation is that, I've pleaded to have the lates removed, and basically admitted they are right in reporting the lates on my report. However, I was asking them to forgive my lates as it was due to a job loss.. blah blah blah. So what kind of nutcase letter would I be able to send now, since the loan is not yet paid off, and I'm still making monthly payments? Thanks again!
First, we disputed as not mine w/ the CRA's. Then disputed as never late. Then the goodwill letters asking them to take pity on our poor soles, because such and such a hardship, yada yada yada. I sent one via PFB, one to their fax # and one to their email address. Then, I started on the nutcase letters of Phychdoc's. They are in the FAQ. They are meant for paid accounts though. The only other thing that I can think of is this--and I tried this too. I called the SL and had them send me a simple letter stating that the account was in forbearance from this date to this date. I told them that's all I needed the letter to say. Then, I sent it over to the CRA's. I did this at the same time as the nutcase, so I'm not sure which worked better. Since you can't really use the nutcase, I'd try this approach next. If goodwill and disputes aren't working, until it's paid off, I don't know what else for you to try, other than this approach.
Thanks for the suggestions. I guess I'll just forget about rehabbing the loan and keep trying to get the late pays deleted
You would only rehab the loan if you have gone into default, right?? Get a copy of the forb. letter and send it in. Check the knockout nutcase letter. It has a part in it about the doctrine of estoppel that really applies to this type of situation I think. When I applied for the retro forb., they said that it would bring the account current. Instead of defaulting and rehabbing, we went this route thinking it was the right way to do it. maybe you can modify it a little so its not particularly offensive to an unpaid loan company. Send it in at the same time you send the other letter to the CRA's. What I did was mail it, and then fax a follow-up when they've had the letter for a few days.
I kept copies of my forbearance letter that shows that 7/01, 8/01, and 9/01 were in forbearance, and the new loan maturity date was 10/01 (which is when I started paying and havent missed a payment since. So I guess what I'll do is that I could perhaps send that to the CRAs if need be. I don't think I should call the CRAs about it while it is in dispute right now to offer them that evidence?
