I have a federal student loan that just showed up on my CR in June of 2012. But I left college in June of 1995. So that's 17 years.
I paid on the loan for perhaps a year after finishing school, then lost my job and I am 100% sure that no payments have been made after 1997 at the latest.
Is it legitimate that this loan just showed up on my CR?
I did get a call last month from a CA saying they had been assigned the loan (in February) from the DOE. I just got my free credit report in November, so I an not eligible to get my full report showing DOFD and stuff until this November.
But I am wondering if it is legal/legitimate for it to show up on my CR? The lady at the CA said federal loans never stop reporting. But I don't think that is correct. Or is it?
How long can federal loans stay on your CR?
Started by
LowDownWayOut
, Aug 03 2012 03:01 PM
4 replies to this topic
#1
Posted 03 August 2012 - 03:01 PM
#2
Posted 03 August 2012 - 03:17 PM
The FCRA does not apply to federal student loans, but the Higher Education Act does - and it says that defaulted student loans can be reported for 7 years from the date the loan entered default. So, you are going to have to find out the date your loans went into default (should have been around 97-98). I would try the DOE first, a CA will only tell you information that helps them get your $$.I have a federal student loan that just showed up on my CR in June of 2012. But I left college in June of 1995. So that's 17 years.
I paid on the loan for perhaps a year after finishing school, then lost my job and I am 100% sure that no payments have been made after 1997 at the latest.
Is it legitimate that this loan just showed up on my CR?
I did get a call last month from a CA saying they had been assigned the loan (in February) from the DOE. I just got my free credit report in November, so I an not eligible to get my full report showing DOFD and stuff until this November.
But I am wondering if it is legal/legitimate for it to show up on my CR? The lady at the CA said federal loans never stop reporting. But I don't think that is correct. Or is it?
#3
Posted 03 August 2012 - 04:39 PM
The FCRA does not apply to federal student loans, but the Higher Education Act does - and it says that defaulted student loans can be reported for 7 years from the date the loan entered default. So, you are going to have to find out the date your loans went into default (should have been around 97-98). I would try the DOE first, a CA will only tell you information that helps them get your $$.
I have a federal student loan that just showed up on my CR in June of 2012. But I left college in June of 1995. So that's 17 years.
I paid on the loan for perhaps a year after finishing school, then lost my job and I am 100% sure that no payments have been made after 1997 at the latest.
Is it legitimate that this loan just showed up on my CR?
I did get a call last month from a CA saying they had been assigned the loan (in February) from the DOE. I just got my free credit report in November, so I an not eligible to get my full report showing DOFD and stuff until this November.
But I am wondering if it is legal/legitimate for it to show up on my CR? The lady at the CA said federal loans never stop reporting. But I don't think that is correct. Or is it?
Thank you. I have ONE thing left on my CR that is falling off next month, then my reports will be sparkling clean, so I was gutted to see this on my monthly pull
Does anyone have any tips for paying this and keeping it off my CR? The balance is only $1100 which I could afford to pay off right away - but I don't want that to update it and then add a new negative to my CR(despite being paid)
#4
Posted 09 September 2012 - 11:41 PM
I had a VERY old and defaulted student loan that went off my credit report after seven years. The thing is - the moment that you make a payment or reach any kind of written agreement with them regarding payment strategies - it will go right back on your credit report again (even if it fell off after 7 years) and stay there until the appropriate time after you finish paying off the loan (that happenned to me as well) - FYI.
#5
Posted 10 September 2012 - 12:52 AM
Student loans in default report for 7 years from the date of default. However, if this was a FFELP loan which by the date I am assuming it was, those loans can be subrogated by the US Department of Education which starts the reporting cycle all over again.
Defaulted student loans do not make written agreements. This was more than likely another subrogation case,
I had a VERY old and defaulted student loan that went off my credit report after seven years. The thing is - the moment that you make a payment or reach any kind of written agreement with them regarding payment strategies - it will go right back on your credit report again (even if it fell off after 7 years) and stay there until the appropriate time after you finish paying off the loan (that happenned to me as well) - FYI.
Defaulted student loans do not make written agreements. This was more than likely another subrogation case,
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