Incorrect Reporting or Am I Out of Luck?

[lawfultoad]

I had a series of student loans that were bought by Nelnet. I was in a period of dispute with them about the repayment grace period because I had temporarily stopped taking classes, which moved my repayment date up 3+ years. During this dispute, I did not make payments, which were then reported on my credit.

 

My real problem is, the late payments are reported six times, one for each sub-loan. Example: I make one payment to Nelnet monthly (only around $120), but my loan payment is sub-divided into 6 accounts (some subsidized, some not), which were all reported as late. I'm going to attempt to get these reduced to accurately report my one late payment. What are the odds of this happening?

 

I'm entirely frustrated by this as I am doing well financially, but due to this reporting 6 times I can't even get a credit card line extended by $1000 because it's showing as 6 seperate late payments.

 

If anyone has any adivice, I would truly appreciate it.

[LynnInMN]

I had a series of student loans that were bought by Nelnet. I was in a period of dispute with them about the repayment grace period because I had temporarily stopped taking classes, which moved my repayment date up 3+ years. During this dispute, I did not make payments, which were then reported on my credit.

 

My real problem is, the late payments are reported six times, one for each sub-loan. Example: I make one payment to Nelnet monthly (only around $120), but my loan payment is sub-divided into 6 accounts (some subsidized, some not), which were all reported as late. I'm going to attempt to get these reduced to accurately report my one late payment. What are the odds of this happening?

 

I'm entirely frustrated by this as I am doing well financially, but due to this reporting 6 times I can't even get a credit card line extended by $1000 because it's showing as 6 seperate late payments.

 

If anyone has any adivice, I would truly appreciate it.

 

This is how student loans report....each dispursement is a seperate tradeline. Nothing you can do about it.

[lawfultoad]

I understand but it seems illogical that it's reported that I missed six seperate payments when I'm only asked and required to make one payment.

 

It's the the only negative on my credit report, yet since it's reported six times I can't even extend the credit limit on my credit card right now, needless to say refinance my house. It's pretty unbelievable given that I make over six figures. I'm downright scared after reading some of the information on this board that one dispute resulting in late payment will affect me for the next 7 years and has prevented me from refinancing my ARM.

[creditlife99]

like the last poster stated, yes you are making 1 payment, but that 1 payment is for 6 seperate tradelines, so you are technically late on 6 loans. they allow you to make the 1 payment, out of convenience, but its not 1 payment for 1 loan, its 1 payment for 6 loans, so even if you missed 1 payment, you are late on 6 tradelines. i'm not saying it's fair, because i too would be pissed off, but that's how they are. i know this isn't of any condelence to you however. but i hope it helps.