Arrow Fin. Buys Back Priv. Loan & Makes Credit Report Inquires

[cc2277]

I'm mystified.

 

I just learned that Arrow Fin. has made inquires on my credit report in May 2008 and again in August 2008. They own a loan that had been serviced by OSI/NCO. I had made nominal payments on it from 1995 to present. Apparently, all these payments were applied to the principal. The 2 loans are about $1,000/each or $2,000.

 

Arrow Fin. took these loans back from NCO. They then issued new letters to me as though it was a loan new to them. They offerred me to settle for 75% of the outstanding amount.

 

Any sense of what is going on here?

 

It drops off my credit report in 11/08.

[LynnInMN]

I'm mystified.

 

I just learned that Arrow Fin. has made inquires on my credit report in May 2008 and again in August 2008. They own a loan that had been serviced by OSI/NCO. I had made nominal payments on it from 1995 to present. Apparently, all these payments were applied to the principal. The 2 loans are about $1,000/each or $2,000.

 

Arrow Fin. took these loans back from NCO. They then issued new letters to me as though it was a loan new to them. They offerred me to settle for 75% of the outstanding amount.

 

Any sense of what is going on here?

 

It drops off my credit report in 11/08.

 

CA's never own student loans...they simple service the loans for the quarantor or loan holder. Any payments made would have been applied to any fees first, then interest and finally principal.

 

I would suggest settling the loans before you end up being sued. Private loans sue as a regular course of business.