Student Loan / Credit Score Question

[GalleriaMortgage]

Hi. I never paid my student loan and it is in default (I assume). It has been more than seven years since I defaulted, and no record of it appears on my credit report. I had never checked my credit report until recently, so I have no idea if/when it was on there or "disappeared". I just received a letter from a collection agency about the loan. My question: Will this now appear on my credit report even though the original debt is well past the "statute of limitations" (so to speak)?

 

Thanks.

[Cynic]

Notwithstanding paragraphs (4) and (6) (FOOTNOTE 1) of subsection (a) of section 605 of the Fair Credit Reporting Act (15 U.S.C. 1681c(a)(4), (a)(6)), a consumer reporting agency may make a report containing information received from the Secretary or a guaranty agency, eligible lender, or subsequent holder regarding the status of a borrower's defaulted account on a loan guaranteed under this part until -

 

 

 

(1) 7 years from the date on which the Secretary or the agency

 

paid a claim to the holder on the guaranty;

 

(2) 7 years from the date the Secretary, guaranty agency,

 

eligible lender, or subsequent holder first reported the account

 

to the consumer reporting agency; or

 

(3) in the case of a borrower who reenters repayment after

 

defaulting on a loan and subsequently goes into default on such

 

loan, 7 years from the date the loan entered default such

 

subsequent time.

 

 

BTW...they can still garnish, offset tax returns, etc. 50 years from now. When interest and capitalization greatly exceed inflation it's in their best interest to wait. FYI.