Student Loan Question

[BadCredit101]

(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

 

Does this mean that once the account has been paid that 7 years from when it was first reported (account opened) that it should be removed from the credit report?

 

The account was paid off / transferred on July 2006, but the account was opened in April of 1998.

 

IF this is true that it should be removed, that would be AWESOME as I have 3 student loan accounts with each that have 9 late payments. I venture to guess that these late payments are not true and will dispute if I cant have them removed for being so old.

 

Thoughts?

[BadCredit101]

bump

[ziggypop]

(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

 

Does this mean that once the account has been paid that 7 years from when it was first reported (account opened) that it should be removed from the credit report?

 

The account was paid off / transferred on July 2006, but the account was opened in April of 1998.

 

IF this is true that it should be removed, that would be AWESOME as I have 3 student loan accounts with each that have 9 late payments. I venture to guess that these late payments are not true and will dispute if I cant have them removed for being so old.

 

Thoughts?

 

Unfortunately, no. The part you're reading applies to defaulted student loan and is saying that they can report 7 years from when it's returned to the guarantor or Department of Education for payment, as opposed to 7 years from the date of first delinquency, which is the case for regular debts (basically, it means that defaulted loans can be reported for way, way longer than other types of debt). Assuming that your loan was just a regular consolidation/pay off in 2006 (and not a default), the lates will report on the regular schedule as with any other debt (7 years from DOFD).

 

Hope this helps!