Hi All, I have a student loan with PHEA (which is in default), the oc and DCS, the ca is trying to collect from me. DCS told me they could rehab my loan, should I deal with the ca=DCS and rehab my loan?
You absolutely need to do something. Student loans never die. They can take your income tax refund, and they can garnish your wages without going to court (administrative judgment). Check with the OC, you may have to use the CA to rehab your loan.
Student loans are worse then federal income tax. I don't think they ever go away and the lenders know that. Paying my student loans are just as important as my mortgage(and unfortunately it's just as high).
Each collection agency can report 7 years, stretching out the period of reporting to be indefinite if unpaid just like a tax lien. Also like the tax lien, it can still remain on the credit report 7 years from the pay off date. These can be hard to dispute off of the credit report because the account number is usually the social security number. Least that is what I noticed when I worked for the credit bureau.
Also be aware that the 7 year periods under the FCRA are not absolute. Future loan applications for higher amounts may still obtain CRA data older than seven years: Exceptions from the reporting periods (FCRA Section 605.b): The above time limits apply to credit reports which would be available to creditors for most types of credit applications. However, the credit bureaus are legally permitted to disclose older information in the following situations: A credit application involving a principle loan amount of $150,000 or more. An application for a life insurance policy with a payout of $150,000 or more. An application for employment in a position paying $75,000 per year or more.
Hi everyone I am a new member to this forum and already i have a question. Okay, I have consolidated all my student loans before i consolidated I was late on several of my loans. I recently checked my CR and found that loans I was late on are still showing closed and are considered a negative remark on my CR. Is there any way I could have those negative remarks removed from my CR because all my loans are consolidated and I have been paying on time for the past year?
Student Loans are hard to remove, and how many lates are we talking here 1 or more? You can try to send the company a good will letter asking for them to forgive and reconsider reporting the lates. I am not sure how successful people have been with gw to the student loan company. Technically the account is positive it just has a late on it that can be updated to show paid as agreed. If you can't get the student loan company to remove, then you might try disputing the account with the credit reporting agency. Never Late and see if they remove the lates.
The company I consolidated my loans with are showing paying as agreed, but my MOHELA loans are still showing the months I was late/closed seperately from the company I consolidated them with.
How many lates are we talking about here? If it is a lot you may just want to dump the whole tradeline lisitng off of the credit report. If it is just one or two lates then write a good will letter to the creditor.
Usually your start out trying a not mine dispute, but that might not work for a student loan, if it come back verified then make up a generic reason to re-dispute, or just look for errors in the reporting. Space out disputes 60 days apart so not to get hit with a frivolous dispute letter. They can mark the item disputed and shut you down on further disputes. Then you have to let some time pass before you can re-dispute again. It takes a little bit of persistence to dispute these items and try to get them removed.
