Equifax, student loans, and preparing to buy my first home

[melynda]

I see that there is a current issue with student loans doubling on credit reports, and then dissappearing again.

 

I noticed last week, that 4 of my 7 Ed South loans are doubled, only on my Equifax report. I have a printout from EdSouth, who also say, i only have 7 ($19.9K total), not 11 loans ($32K total). The four doubled loans total to over $12K, so having those removed would make a HUGE dent in my "Debt owed" via my Equifax report.

 

My problem:

 

All four loans have been double reported since 08/01 ,and 05/02(dispersment dates), and all loans show perfect pay history (actually still deferred).

 

I have a trial through identittyguard.com, and it has calculators that will "guesstimate" the change in your report "IF" you do something. Well, i asked it to estimate the change if i removed those four loans totaling $12K, and it said it would LOWER the score 13 points! Is that even possible? You would think that removing false debt in your name would RAISE the score, if anything!

 

The reason i ask is i am in the very beginning stages of buying my first home, by myself. I have battled my credit reports for two years, and just now noticed the doubled loans. I have a bankruptcy in my past, almost two years old, so that is bad enough. But i assumed that having $32K in debt was MUCH worse that having only $19K.

 

So...should i dispute, or leave it be?

 

Thankyou in advance for your advice, and words of wisdom, they are appreciated!

[melynda]

I wanted to also add that the only other debt, other than my student loans, is my car payment, which will be paid off in August of this year, 5 months to go! WOO-HOO!

[TxQuiltGirl]

By removing these four TL's you would be reducing your overall average age of accounts. That's why it would lower your score, but the estimator may not be correct and in the long run, it will be better to have less debt, particularly if you're looking to buy a home.

[melynda]

Okay, i understand the age of accounts thing. It does scare me though a change in 13 points! Equ is already my lowest score.

[melynda]

Okay, i understand the age of accounts thing. It does scare me though a change in 13 points! Equ is already my lowest score.

 

 

also, is there a more accurate calculator that you are aware of? I'd hate to dispute them, get them removed, only to see my score plummet. I wonder if i should wait until i get a house to do so?

[TxQuiltGirl]

No one can honestly predict what FICO will do. You should consult a broker for your mortgage question.

 

Good luck!

[NOLAsailing]

LEAVE THEM!

 

The age of the accounts will help more than the additional debt will hurt.

 

For the purposes of your first house, your lender can simply back those figures out of your DTI as the accounts are duplicates.