I just found this site a couple of days ago and want to thank you folks for the great information. The question I have is a student loan I have. I just received a letter from the dept of ed saying it had been rehabilitated. How long does it usually take for them to notify the credit agencies and for it to post to your report. Thanks, Bill
If you are in the rehab program, you must make 12-16 payments. If you make these payments on time, they will remove the tradeline for you.
thanks for the reponse. What I meant was I have made the 12 monthly payments and just received a letter saying it has been rehablitated and will notify the credit agencies. I was wondering how long it usually takes for this to happen. Also, if my loan is compromised by six different entries on my credit report, will taking the negatives of these jump my score considerably. thanks, Bill
I imagine you will see a significant increase in your score because these loans are still being reported for those 12 months as 120+ days late. Recent activity weighs heavily on your score, so when those negs are removed you will see a jump. Also, expect between 30-60 days before the CRAs do anything, as has been my experience.
I agree with Chipper: 1. It will take up to 60 days for the changes to reflect with the CRAs. But often, the CRAs don't update correctly, so save that letter in case you have to use it as proof that the trades should be gone. 2. If these are collection accounts or serious delinquencies, you will see a significant increase in score once they are gone. If these are your last collection accounts or serious delinquencies, you will see a GIGANTIC increase in score once they are gone, and you will eventually be moved to a new FICO "scorecard".
