Rehabilitated Loan

[t-rex]

When a loan is rehabilitated what date will be used as the "date opened" ? Do they start you off with a new date or just continue with the old one and make it current? This would be good for history purpose on you CR and if it has not been a TL will it become one?

[LynnInMN]

When a loan is rehabilitated what date will be used as the "date opened" ? Do they start you off with a new date or just continue with the old one and make it current? This would be good for history purpose on you CR and if it has not been a TL will it become one?

 

When you rehab, you basically start off from scratch with a new 10 year loan, sometimes with a new lender. The old trade line with the guarantor is adjust to show paid and is turned positive.

[imoriginal]

*** I have seen this around the boards. After rehabilitation, the old trade line is turned positive. *** as stated above

 

According to Ombudsman site:

Delinquencies reported before the loan(s) defaulted will not be removed from your credit report.

 

http://www.ombudsman.ed.gov/rehab.html

 

 

I had 4 loans with sallie mae, 180+.. they sold to USA group (before they merged). I rehabbed with USA group.

 

I have disputed these lines with CRA and they were verified, so I resent another dispute yesterday. But according to ombudsman site, I maybe out of luck.

 

So why does everyone here say they should come off? Am I missing something or is it because they loans were sold before rehab?

[LynnInMN]

Sallie Mae trades or USA Group trade lines wont change. It is only the guarantor that is required by the HEA to delete negative information.