Reported Correctly?

[rwebber]

I took out student loans from 1993-1996. Unfortunately for me I didn't make any payments until they went into default and my wages were being garnished. I then consolidated them all and have been making payments since. Today, I got copies of my credit reports. My question relates to how they are being reported. For instance, on Experian it's showing

Nelnet

Date Opened: August,1993

Date of Status: November, 1999

Last Payment Date: January, 1994

90+ days late: 9, starting 4/1999

 

OFF STU FIN AST/FLA

Date Opened: December, 1999

Date of Status: February, 2001

Last Payment Date: Not on Record

 

When does the 7 year period start and end?

 

These are only appearing on Experian, not Equifax or TransUnion.

 

By the way my scores are: Exp 647; Equ 652; TU 695

[TxQuiltGirl]

I'm guessing here, but it looks like the first entry is the original loan, which was transferred to the guarantor in 1999. I believe that they can report for seven years from that date.

 

The second one looks like the guarantor, which can report for seven years from the DOLA, again in 1999.

[rwebber]

I think I understand that concept but the question remains, when should it be removed?

[rwebber]

Sorry, I was thinking, I guess I was in too much of a hurry. Yes I see you are saying the 7 year period begins from 1999. But why then? I never made any payments after graduation in 1996.

[TxQuiltGirl]

Because that's when the original lender turned it over to the guarantor. It is at that time, for SLs that the DOLA is calculated.