I was just going over my EQ report and noticed something. The bains of my life (my student loans) and their DOLA date which happen to be true. Now, I have heard how they re-age these accounts and I have been preparing myself to start rehab on some of these when I noticed this. SL1 DOLA is 5/96 so it should fall off 5/03 SL2 DOLA is 5/96 so it should fall off 5/03 SL3 DOLA is 7/96 so it should fall off 7/03 SL4 DOLA is 7/96 so it should fall off 7/03 SL5 DOLA is 7/96 so it should fall off 7/03 Now the last of these SL is a sold Sallie Mae SL6 DOLA is 3/97 so it should fall off 3/04 SL7 DOLA is 3/87 so it should fall off 3/04 (These show zero balance, transferred or sold, I5) Now I have not started rehab on SL1 through SL5 So here are my questions 1. If I wait until six months prior and dispute with EQ that there are obsolete will they delete? That would mean SL1,2 and 3 would come off around 1/03 And SL4 and 5 around 2/03. 2. Now once they come off, could I start rehabing and then after a year be in good shape. I want to pay these loans. They are my debt and I want to pay. So here is what I am wondering is that once, I start to rehab will they begin to re-report therefore reaging or should I just save and pay the whole amount in full since they have been deleted. Any help would be much appreciated. Also once they are deleted, my history will go down to 5 years. I can take the hit, because I do not have any real credit now anyways.
One problem with disputing these SLs (at least as I see it), is they'll then get a chance to "verify" those tradelines (SL1-5), and they may decide to re-age, start taking action against you, etc, etc. What's the status of them? have they been taken over by anyone else? Are they being reported by anyone else? (i.e. if the original servicer still has these, it may be even riskier to try disputing them). If these were regular loans, I'd say start disputing, you'll get some of the old ones to drop early. But with SLs, who knows... So, I'd just wait it out on those, maybe call the CRAs a few months before they are due to drop to see if they'll drop them early.
I have another post going on a similar topic. Are you saying that the two Sallie Mae loans have been in default five years, but are listed as sold? Have they ever been turned over to a collection agency? Were they turned over to the guarantor? Have they made any efforts to collect, or have these been idle for that period of time? If they have tried to collect, what have they done? The reason I am asking is that I got the impression elsewhere that Sallie Mae is aggressive in turning these over to collections. I am behind, and am close to default. I want to rehab, but don't want to go to collections first.
One problem with disputing these SLs (at least as I see it), is they'll then get a chance to "verify" those tradelines (SL1-5), and they may decide to re-age, start taking action against you, etc, etc. 1. They are being reported by the OC, but a CA (OSI) has been trying to collect. They do not call me or send me notices anymore. I already tried to dispute as not mine but was verified twice. What's the status of them? have they been taken over by anyone else? Are they being reported by anyone else? (i.e. if the original servicer still has these, it may be even riskier to try disputing them). 2. They are all in default. By the way thanks for your thoughts
End of workday on Friday bump. Holla at me I need more input! I have a need to repair my credit and one of you window shoppers has the answer. Thanks already!
The only problem is, just because they are so old, they are NEVER going to go away. There is no SOL on student loans. the longer you wait, the higher the fees and interest they are going to charge you. You are going to have to pay them to get that monkey off your back!!!
Paying them I will no doubt do. I may want to go back to school one day. The basis of my question is should I dispute them off my report then pay them. What do you think?
Kbanger, Don't even bother wasting your time trying to dispute those SL, they will no doubt verify them (I've been there, done that) I know your worried they will reage those accounts and in turn kill your credit score. I'm fairly confident they wont try that (there is know reason for them to try and screw you over once you start the rehab process) What you do need to realize is that once you start paying on them, you will temporarily see your credit score dake a dump (let me reiterate the TEMPORARY part) I say temporary because they will remove all the crap entirely after 12 months. Recap; 1.) rehab those bastard SL's 2.) hold your breath asvyour score may take a dump. 3.) do the victory dance 12 months from now when your score will leap bigtime. Good Luck, Sal
I have never seen any special mention of sl's in the FCRA. I would assume that if they hit the 7 year mark, they are adios.
Mine stayed on from the day I stopped paying in 1991, until this year, when I finished rehab. All my other debts automatically fell off after 7 years. I never tried disputing the student loans off, though, so who knows. A friend who is a mortgage broker told me they never come off if you don't pay, but I don't think he's up on all the ins and outs of credit repair. It will be interesting to see if they can be removed.
Well I have used what other people have tested on the board for my benefit, so I do not mind being the "pig" on this one. I would appreciate it if everyone would help me decide when would be the best time (date) to dispute them as obsolete. By the way we are dealing with EQ here. The fall off date are: 2 sl 5/03 3 sl 7/03 Now remember I owe on all these loans and the plan is to dispute them off the report, start rehab, finish rehab and have the new loans show up, or start rehab, pay them off entirely while in rehad, so nothing shows up. (I figure after rehab, if you owe nothing, then you do not need a new loan.) What say you board?
In my experiences, the cra's will delete items that are due to fall off because of the 7 years, anywhere from 2 - 6 months before the actual drop date. I disputed some judgments that were about 6 months from falling off. I disputed as obsolete. They were removed from each cra. If I remember, I don't think they even attempted to verify, they just deleted them and it took about 10 days. My suggestion, is to wait til maybe the end of January. That way one will fall in 4, the other in 6. Maybe they'll just do it. I know waiting til Jan. seems like a long time, but, it will fly by. Besides, you can get rid of any other junk on the reports prior to this, and when they come off, you'll have sparkling clean reports and clear shot at Amex.
That sounds like quite a plan to me. One question though is that once I start rehabbing will that give them the right to re-age and re-report?
