How long can federal loans stay on your CR?

[LowDownWayOut]

I have a federal student loan that just showed up on my CR in June of 2012. But I left college in June of 1995. So that's 17 years.

 

I paid on the loan for perhaps a year after finishing school, then lost my job and I am 100% sure that no payments have been made after 1997 at the latest.

 

Is it legitimate that this loan just showed up on my CR?

 

I did get a call last month from a CA saying they had been assigned the loan (in February) from the DOE. I just got my free credit report in November, so I an not eligible to get my full report showing DOFD and stuff until this November.

 

But I am wondering if it is legal/legitimate for it to show up on my CR? The lady at the CA said federal loans never stop reporting. But I don't think that is correct. Or is it?

[jaybee]

I have a federal student loan that just showed up on my CR in June of 2012. But I left college in June of 1995. So that's 17 years.

 

I paid on the loan for perhaps a year after finishing school, then lost my job and I am 100% sure that no payments have been made after 1997 at the latest.

 

Is it legitimate that this loan just showed up on my CR?

 

I did get a call last month from a CA saying they had been assigned the loan (in February) from the DOE. I just got my free credit report in November, so I an not eligible to get my full report showing DOFD and stuff until this November.

 

But I am wondering if it is legal/legitimate for it to show up on my CR? The lady at the CA said federal loans never stop reporting. But I don't think that is correct. Or is it?

The FCRA does not apply to federal student loans, but the Higher Education Act does - and it says that defaulted student loans can be reported for 7 years from the date the loan entered default. So, you are going to have to find out the date your loans went into default (should have been around 97-98). I would try the DOE first, a CA will only tell you information that helps them get your $$.

[LowDownWayOut]

I have a federal student loan that just showed up on my CR in June of 2012. But I left college in June of 1995. So that's 17 years.

 

I paid on the loan for perhaps a year after finishing school, then lost my job and I am 100% sure that no payments have been made after 1997 at the latest.

 

Is it legitimate that this loan just showed up on my CR?

 

I did get a call last month from a CA saying they had been assigned the loan (in February) from the DOE. I just got my free credit report in November, so I an not eligible to get my full report showing DOFD and stuff until this November.

 

But I am wondering if it is legal/legitimate for it to show up on my CR? The lady at the CA said federal loans never stop reporting. But I don't think that is correct. Or is it?

The FCRA does not apply to federal student loans, but the Higher Education Act does - and it says that defaulted student loans can be reported for 7 years from the date the loan entered default. So, you are going to have to find out the date your loans went into default (should have been around 97-98). I would try the DOE first, a CA will only tell you information that helps them get your $$.

 

 

Thank you. I have ONE thing left on my CR that is falling off next month, then my reports will be sparkling clean, so I was gutted to see this on my monthly pull

 

Does anyone have any tips for paying this and keeping it off my CR? The balance is only $1100 which I could afford to pay off right away - but I don't want that to update it and then add a new negative to my CR(despite being paid)

[technogirl]

I had a VERY old and defaulted student loan that went off my credit report after seven years. The thing is - the moment that you make a payment or reach any kind of written agreement with them regarding payment strategies - it will go right back on your credit report again (even if it fell off after 7 years) and stay there until the appropriate time after you finish paying off the loan (that happenned to me as well) - FYI.

[LynnInMN]

Student loans in default report for 7 years from the date of default. However, if this was a FFELP loan which by the date I am assuming it was, those loans can be subrogated by the US Department of Education which starts the reporting cycle all over again.

 

I had a VERY old and defaulted student loan that went off my credit report after seven years. The thing is - the moment that you make a payment or reach any kind of written agreement with them regarding payment strategies - it will go right back on your credit report again (even if it fell off after 7 years) and stay there until the appropriate time after you finish paying off the loan (that happenned to me as well) - FYI.

 

Defaulted student loans do not make written agreements. This was more than likely another subrogation case,