I HATE ECMC

[Ping]

These guys were 'helping' with my defaulted SL's.

 

I have 3, all on a single amount withdrawn from my bank automatically.

 

I pull my CR today and they show me in collections! From an autopay?

 

I pulled my bank statement since the start of the autopay and it never missed once.

 

Any advice?

 

oh yeah, I called collections dept and the people they transferred me to today are all gone for the weekend already.

 

What happened to work ethic? customer service? (Its rhetorical, I already know its dead)

[TxQuiltGirl]

Well, if you defaulted, then you ARE in collections. If that's all they have it reported as, be happy. It could be worse - it could be listed as DEFAULTED LOAN.

[Ping]

well hmm, let me explain.

 

I defaulted on Sallie Mae. ECME picked it up and was reporting it as a different account. It shows I wasy 'paying as agreed' until November, then suddenly in collections. BUt no payments skipped or anything.

 

The deal they gave was if I paid as agreed for 1 full year, they remove the negative aspects from my credit report. At least as far as they have authority to. Im sure the Sallie Mae stuff will still show up.

 

Thats what I mean. I have not slipped once since it started in March.

[dave-b]

well hmm, let me explain.

 

I defaulted on Sallie Mae. ECME picked it up and was reporting it as a different account. It shows I wasy 'paying as agreed' until November, then suddenly in collections. BUt no payments skipped or anything.

 

The deal they gave was if I paid as agreed for 1 full year, they remove the negative aspects from my credit report. At least as far as they have authority to. Im sure the Sallie Mae stuff will still show up.

 

Thats what I mean. I have not slipped once since it started in March.

 

When you defaulted, the entire balance of your loan(s) became due and payable. Any CB reporting will reflect payments made but the account is still in default (and in collection).

 

If you complete the rehab of your loan(s) the guarantor's tradeline will be deleted from your CB report and the rehab'd loan will be reported by the new lender.

[TxQuiltGirl]

well hmm, let me explain.

 

I defaulted on Sallie Mae. ECME picked it up and was reporting it as a different account. It shows I wasy 'paying as agreed' until November, then suddenly in collections. BUt no payments skipped or anything.

 

The deal they gave was if I paid as agreed for 1 full year, they remove the negative aspects from my credit report. At least as far as they have authority to. Im sure the Sallie Mae stuff will still show up.

 

Thats what I mean. I have not slipped once since it started in March.

 

When you defaulted, the entire balance of your loan(s) became due and payable. Any CB reporting will reflect payments made but the account is still in default (and in collection).

 

If you complete the rehab of your loan(s) the guarantor's tradeline will be deleted from your CB report and the rehab'd loan will be reported by the new lender.

 

This is not necessarily true. The only thing that HAS to happen is the default notation is removed from the TL.

[dave-b]

 

 

If you complete the rehab of your loan(s) the guarantor's tradeline will be deleted from your CB report and the rehab'd loan will be reported by the new lender.

 

This is not necessarily true. The only thing that HAS to happen is the default notation is removed from the TL.

 

The tradeline is deleted for a rehabilitated loan. The loan is still guaranteed by the guarantor but the only report of the loan should be by the lender.

 

If a borrower chooses to consolidate, for example with William D Ford, the guarantor will then report the loan as a paid, closed, collection account. In this case, the tradline and default notation remain on the record.

[TxQuiltGirl]

 

If you complete the rehab of your loan(s) the guarantor's tradeline will be deleted from your CB report and the rehab'd loan will be reported by the new lender.

 

This is not necessarily true. The only thing that HAS to happen is the default notation is removed from the TL.

 

The tradeline is deleted for a rehabilitated loan. The loan is still guaranteed by the guarantor but the only report of the loan should be by the lender.

 

If a borrower chooses to consolidate, for example with William D Ford, the guarantor will then report the loan as a paid, closed, collection account. In this case, the tradline and default notation remain on the record.

 

 

This is NOT necessarily correct - I should know, I've rehabbed a loan AND worked with many people here who have rehabbed loans.

 

Do not give information that is incorrect in this forum. If you should continue, I will start passing out warnings.

 

dave-b, what are your qualifications for the advice you've been giving on this forum? I've seen three posts from you, all of which are "advice".

Edited March 18, 2006 by TxQuiltGirl

[dave-b]

 

 

dave-b, what are your qualifications for the advice you've been giving on this forum? I've seen three posts from you, all of which are "advice".

 

I work for a guarantor, respond to borrower inquiries, respond to credit disputes, and review student loans for discharge.

[TxQuiltGirl]

 

 

dave-b, what are your qualifications for the advice you've been giving on this forum? I've seen three posts from you, all of which are "advice".

 

I work for a guarantor, respond to borrower inquiries, respond to credit disputes, and review student loans for discharge.

 

 

Which guarantor? Because the things you're saying don't always happen.

[Ping]

Oi.

 

The loan was being reported as 'pays as agreed' from March until last November. Thats when it suddenly went into 'collection' status. No payment was missed. It wasnt being reported as in collections before then (the new ones from ECMC).

 

Just wondering how it could have gotten into collections THIS time when there has been no agreement breach. Or maybe its a goof-up, which Im hoping.

[dave-b]

 

 

Which guarantor? Because the things you're saying don't always happen.

 

I work for ECMC, hence the interest in this post.

 

I am not sure I understand, in reference to previous comments, that things don't always happen this way. Are there guarantors who rehabilitate a loan and then continue to report the loan as being in default, or am I misunderstanding the comment.

 

The following is from the Code of Federal Regulations, Title 34 Education: (34CFR682.405 )

 

" (2) The guaranty agency must report to all national credit bureaus

within 90 days of the date the loan was rehabilitated that the loan is

no longer in a default status and that the default is to be removed from

the borrower's credit history."

 

Are there circumstances when a guarantor is not bound by the above?

[TxQuiltGirl]

I work for ECMC, hence the interest in this post.

 

I am not sure I understand, in reference to previous comments, that things don't always happen this way. Are there guarantors who rehabilitate a loan and then continue to report the loan as being in default, or am I misunderstanding the comment.

 

The following is from the Code of Federal Regulations, Title 34 Education: (34CFR682.405 )

 

" (2) The guaranty agency must report to all national credit bureaus

within 90 days of the date the loan was rehabilitated that the loan is

no longer in a default status and that the default is to be removed from

the borrower's credit history."

 

Are there circumstances when a guarantor is not bound by the above?

 

 

Removing the default status from a TL is NOT the same as what you claimed.

 

The tradeline is deleted for a rehabilitated loan. The loan is still guaranteed by the guarantor but the only report of the loan should be by the lender.

 

If a borrower chooses to consolidate, for example with William D Ford, the guarantor will then report the loan as a paid, closed, collection account. In this case, the tradline and default notation remain on the record.

 

 

The tradeline is NOT necessarily deleted from the CR when the loan is rehabilitated. Removing the default notation and deleting the TL completely are two entirely different things.

Edited March 20, 2006 by TxQuiltGirl

[Ping]

Ok guys, I got the scoop. (pays to just ask)

 

The ECMC guy said they dont report payments as such, just a balance on the accounts. Hence, EQ's history of my TL for rehab on a monthly basis is not entirely accurate. (I mean the little green stars and all) The accounts ARE in collections during rehab, however.

 

He did go on to say that this was my last month in rehab and that after this next payment things would start moving forward to delete the TLs from my credit history. Good news!

 

I dont hate them now that I understand, I thought it was a goof up on their part after I was trying so hard to clean up my past. SORRY ECMC!

 

ETA: From what I understand, ECMC TLs will be deleted, but Sallie Mae, the original loaner, wont. So I will still have some baddies, just less of them.

Edited March 29, 2006 by Ping