SL Reported as Charge off/collection/180 days late

[goal07]

I have several student loan TL's reporting this way...I can't seem to match them up with what's in the SL database, because before I decided to be responsible...some defaulted...got current...defaulted again...you know the story. Anyway...I've been cleaning up, cutting corners where I could, etc...in order to repay my SL debt...cause I am very thankful to have the opportunity to use that money to get my education, when I had no other choice...so, with that said...I am trying to determine if these are truly reporting errors or if this is just part of the bed I made...and I will sleep in it, if so...I can handle that...I just can't figure out what the heck this means...can someone please help me?

This one is for USDOE

TU EXP EQ

Condition: Derogatory Derogatory Derogatory

Balance: $0 $0 $0

Type: Educational Educational Educational

Pay Status:Collection/Chargeoff Collection/Chargeoff Late 120 Days

 

This is pretty much how all of them look (the EQ) on EQ---the only difference is there are some with 0 balance, I don't understand how you can have an account with a zero balance and closed but reporting 120 and 180 days late...HELP!!!

[LynnInMN]

I have several student loan TL's reporting this way...I can't seem to match them up with what's in the SL database, because before I decided to be responsible...some defaulted...got current...

You cannot "get current" on a default unless you rehabbed or consolidated it.

 

 

 

defaulted again...you know the story. Anyway...I've been cleaning up, cutting corners where I could, etc...in order to repay my SL debt...cause I am very thankful to have the opportunity to use that money to get my education, when I had no other choice...so, with that said...I am trying to determine if these are truly reporting errors or if this is just part of the bed I made...and I will sleep in it, if so...I can handle that...I just can't figure out what the heck this means...can someone please help me?

This one is for USDOE

TU EXP EQ

Condition: Derogatory Derogatory Derogatory

Balance: $0 $0 $0

Type: Educational Educational Educational

Pay Status:Collection/Chargeoff Collection/Chargeoff Late 120 Days

 

This is pretty much how all of them look (the EQ) on EQ---the only difference is there are some with 0 balance, I don't understand how you can have an account with a zero balance and closed but reporting 120 and 180 days late...HELP!!!

 

The above tradelines look like your lender/servicer. They filed a default claim against you and thus you have a derogatory tradeline for 7 years. You will also have one from your current holder, your guarantor.

[goal07]

I have several student loan TL's reporting this way...I can't seem to match them up with what's in the SL database, because before I decided to be responsible...some defaulted...got current...

You cannot "get current" on a default unless you rehabbed or consolidated it.

 

 

 

defaulted again...you know the story. Anyway...I've been cleaning up, cutting corners where I could, etc...in order to repay my SL debt...cause I am very thankful to have the opportunity to use that money to get my education, when I had no other choice...so, with that said...I am trying to determine if these are truly reporting errors or if this is just part of the bed I made...and I will sleep in it, if so...I can handle that...I just can't figure out what the heck this means...can someone please help me?

This one is for USDOE

TU EXP EQ

Condition: Derogatory Derogatory Derogatory

Balance: $0 $0 $0

Type: Educational Educational Educational

Pay Status:Collection/Chargeoff Collection/Chargeoff Late 120 Days

 

This is pretty much how all of them look (the EQ) on EQ---the only difference is there are some with 0 balance, I don't understand how you can have an account with a zero balance and closed but reporting 120 and 180 days late...HELP!!!

 

The above tradelines look like your lender/servicer. They filed a default claim against you and thus you have a derogatory tradeline for 7 years. You will also have one from your current holder, your guarantor.

 

 

Thanks for the quick reply. Actually, I did consolidate all of my student loans...unfortunately before I found out about rehabbing them. I am sorry to seem so shallow, I actually read the HEA and SL Reporting threads...guess I didn't quite understand them...so, if these were consolidated and now have a zero balance, will they continue to update and report them with lates every month, even after they have a zero balance? I have some that I consolidated that were due to fall off my CR in August...since I consolidated them, did that "restart" the 7 year reporting again? Thanks again!

[Cynic]

Loans that are paid in full by consolidation will just age off.

 

If you were 120 days late in 2003 and consolidated that loan later, the 120 day late would still age off in 2010. If you defaulted in 2004 and included the defaulted loan in a consolidation in 2005 the default would still age off in 2011.

 

The purpose of restarting the 7 years over and over is to get the people that stay in default.

[goal07]

Loans that are paid in full by consolidation will just age off.

 

If you were 120 days late in 2003 and consolidated that loan later, the 120 day late would still age off in 2010. If you defaulted in 2004 and included the defaulted loan in a consolidation in 2005 the default would still age off in 2011.

 

The purpose of restarting the 7 years over and over is to get the people that stay in default.

 

 

Thanks...that's very helpful. I was so afraid that they would restart the 7 year period...that's encouraging, since I didn't have enough since to ask about rehabbing when I consolidated.

 

1 last thing...Is it correct for those accts with a zero balance (consolidated) to be updated every month as 180 days late / charge off / 120 days late, etc? If so, how would you go about handling that? I have some loans that have been consolidated since 2004 and are still being reported every month as 180 days late...

[Cynic]

1 last thing...Is it correct for those accts with a zero balance (consolidated) to be updated every month as 180 days late / charge off / 120 days late, etc? If so, how would you go about handling that? I have some loans that have been consolidated since 2004 and are still being reported every month as 180 days late...

 

Repayment rating. You were historically 180+ days past due. Correct for them to say 0 balance, date closed, and rating as 180+ day delinquent when they update.

[goal07]

1 last thing...Is it correct for those accts with a zero balance (consolidated) to be updated every month as 180 days late / charge off / 120 days late, etc? If so, how would you go about handling that? I have some loans that have been consolidated since 2004 and are still being reported every month as 180 days late...

 

Repayment rating. You were historically 180+ days past due. Correct for them to say 0 balance, date closed, and rating as 180+ day delinquent when they update.

 

Ahhh...thanks, that clears up alot...the "repayment rating" verbage helped my light bulb go off...so, it's not reporting 180 days late each time...that's just the "repayment rating" since I was once 180+ late...gotcha! Thanks