Pay status for loans that were closed due to consolidation

[JimmyS]

I am new to the forum but have alrady found tons of valuable information; thank you to all. I would like to ask for your help on the following issue that I haven't seen answered, although it has been raised in couple of posts. My questions are as follows:

 

I pulled my wifes credit report as we have started to repair our credit,and discovered that several student loans that were consolidated read as "Closed" but also as "Pay Status - Late 120 days". My understanding is that the "Pay Status" should be "Current" as in the other loans that were consolidated. Does the Pay Status of "Late 120 days" hurt her score?

 

One of these incorrect loans is with the Dep of Ed. Unfortunately she has another DoE loan that was also 120 past due (but it does not list as such) that correctly lists the Pay Status as "Current". From reading the forum I know that trying to correct the Pay Status on one loan may trigger them updating the other loan with the 120 past due note on her CR.

 

Is it worth it to correct the Pay Status to "Current" or is it going to hurt more becasue they may update the other loan with the 120 past due not? If it is better to correct the Pay Status, do I do it with the CRA or DOE?

 

I would appreciate your input.

[TxQuiltGirl]

I am new to the forum but have alrady found tons of valuable information; thank you to all. I would like to ask for your help on the following issue that I haven't seen answered, although it has been raised in couple of posts. My questions are as follows:

 

I pulled my wifes credit report as we have started to repair our credit,and discovered that several student loans that were consolidated read as "Closed" but also as "Pay Status - Late 120 days". My understanding is that the "Pay Status" should be "Current" as in the other loans that were consolidated. Does the Pay Status of "Late 120 days" hurt her score?

 

One of these incorrect loans is with the Dep of Ed. Unfortunately she has another DoE loan that was also 120 past due (but it does not list as such) that correctly lists the Pay Status as "Current". From reading the forum I know that trying to correct the Pay Status on one loan may trigger them updating the other loan with the 120 past due note on her CR.

 

Is it worth it to correct the Pay Status to "Current" or is it going to hurt more becasue they may update the other loan with the 120 past due not? If it is better to correct the Pay Status, do I do it with the CRA or DOE?

 

I would appreciate your input.

 

 

 

If she had any SL lates, I would suggest you not do anything. You can find horror stories on this forum about people arguing that sort of thing, getting it updated and tanking scores. YMMV.

[JimmyS]

Thank you for your input. That is what my gut feeling was telling me, but I wanted to consult the Forum's body of knowledge. Thank you again.

 

I am new to the forum but have alrady found tons of valuable information; thank you to all. I would like to ask for your help on the following issue that I haven't seen answered, although it has been raised in couple of posts. My questions are as follows:

 

I pulled my wifes credit report as we have started to repair our credit,and discovered that several student loans that were consolidated read as "Closed" but also as "Pay Status - Late 120 days". My understanding is that the "Pay Status" should be "Current" as in the other loans that were consolidated. Does the Pay Status of "Late 120 days" hurt her score?

 

One of these incorrect loans is with the Dep of Ed. Unfortunately she has another DoE loan that was also 120 past due (but it does not list as such) that correctly lists the Pay Status as "Current". From reading the forum I know that trying to correct the Pay Status on one loan may trigger them updating the other loan with the 120 past due note on her CR.

 

Is it worth it to correct the Pay Status to "Current" or is it going to hurt more becasue they may update the other loan with the 120 past due not? If it is better to correct the Pay Status, do I do it with the CRA or DOE?

 

I would appreciate your input.

 

 

 

If she had any SL lates, I would suggest you not do anything. You can find horror stories on this forum about people arguing that sort of thing, getting it updated and tanking scores. YMMV.