Hi all I am helping my brother who is shopping for a house and a good rate on a mortgage so I had him pull his reports. They donâ??t need much work little thing like addresses and paying down some debt on his part. But he does have two student loans that I have some questions on, as I donâ??t know much about them. Loan # 1 Opened 8/90 paid with two lates 1 X 60 1 X 90 last reported 1/97 the terms were 52 months. The lates are reported on all three reports. Here are my questions: How long to paid student loans report for? Seven years? And is that from the paid off date or the open date. Do we just dispute the lates on a13 year old loan hoping that they will just delete? Loan # 2 Opened 7/91 paid no lates but itâ??s only reporting to TU and EQ. The terms on this one was 14 months and was last reported 1/94. Should we try to get EXP to report it? Does it really matter? Do they (the mortgage company) look at student loans heavily? Thanks to anyone who can help.
A late payment is a late payment. And the 60 and 90 days ones hurt. I'm under the impression that the negative information gets reported for seven years and then can be removed, but I'm not sure about that. 1) call all three CRAs and ask them why these are still being reported. They may (or not) give you a good reason. 2) If they don't offer to remove them b/c they're so old go ahead and dispute the accounts as never late. Chances are you'll come out on top.
if you just want the whole thing deleted then I would dispute first (most likely will delete tradeline not just the lates if you dispute with CRA), but since there is some significant age on this tradeline total deletion might not be your best option... if you just want the lates removed but not the whole tradeline, I would try for a goodwill adjustment first.
First thanks everyone for taking the time to answer. I talk to my brother this morning and asked if he paid the loan with the lates within the 52 months and he said the last payment was 12/94. So that means the 7 years were up in 12/02 so its past the seven year reporting time frame. The last time the loan company reported to the "big 3" was 97. We are going to dispute it as never late and hope that they just delete the lates and not the whole tradeline as this is his oldest going back to '90. Wish us luck.
An acct that was late but brought current and is paid as agreed as of the last reporting will stay for 10 years. The late notation should drop off 7 years from the date of the late pay. The late pays should have dropped of at 7 years which would have been 2001 not 2002. If you dispute the lates, you do run the risk of having the whole tradeline deleted. I can tell you that would hurt a lot more than the lates are hurting. IN fact, at this point, the lates even though they should be gone, are not hurting the scores.
