I have a private student loan that I defaulted on in 12/2004. I was making all my payments thru Campus Partners but after I defaulted my college sent it to a collections agency. I have been making on-time payments thru the collection agency for about 5 months now but Campus Partners still reports this loan as 120 past due each month even though this account does not belong to them anymore.
Please can someone tell me if Campus Partners can legally do this as the 120 day late status is killing my scores?
Full Version: Campus Partners reporting?
QUOTE(ecballer @ May 30 2005, 04:53 PM)
I have a private student loan that I defaulted on in 12/2004. I was making all my payments thru Campus Partners but after I defaulted my college sent it to a collections agency. I have been making on-time payments thru the collection agency for about 5 months now but Campus Partners still reports this loan as 120 past due each month even though this account does not belong to them anymore.
Please can someone tell me if Campus Partners can legally do this as the 120 day late status is killing my scores?
Please can someone tell me if Campus Partners can legally do this as the 120 day late status is killing my scores?
Yup it is legal. When you default on a loan whether it be private or federally funded, the default notation recorded by the defaulting lender/servicer always remains. Even though you are making payments, you are still in default on the loan.
Sorry.
I have a Perkins Loan with Campus Partners too. I copied and paste my previous post. I'm sorry it's long but maybe it can help you somehow.
Post #1: April 7,2005
I have a Perkins loan dating back from 1999 in the amount of $750. I would apply for forebearance(s) and financial hardship(s) up until fall 2002. I was notified I finally reached my limit for applying for forebearance and financial hardship. Concurrently I was in school full time but due to my school status being 'distance learning' I figured that it would be complicated to send prove of 'in school deferment' papers (it was be doable but for some reason I just didn't do it and I had other personal problems that were occuring so I left it alone, I wish I didn't). During this time from 7/2002-9/2002 I was marked with '120 day lates' until I acquired the knowledge of Canceling part of my Perkins loan due to my Occupation. Since Feb 2003 up until now I have cancelled a percentage of my loan, my loan balance as of 3/2005 is about $374 (not bad). My problem is on my TU and Experian reports I have a '120 days late' I wrote a goodwill letter to the OC and I am willing to pay my balance in full if they can remove my '120 day late'. I just received a 'agreement packet for rehab' in order to get my '120 day late' off my credit report I have to participate in this 'rehabilitation'. I will be required to pay $30 a month for 12 consecutive months.(torture,I just want to get this over with) Now here's my questions:
1) I thought 'rehab' is only for defaulted student loans. my current status is
Open/Current was past due 120 days.(Experian)
Remarks: Student loan not in repayment(TU)
Maximum delinquency of 90+ occured in 08/2002
Status:Unrated
2) Can I retro my 'in-school deferment'? I was in school from 5/2002 until now, I graduate this month(I can provide proof now).Purpose of this would be that I was or should have been under 'In School Deferment' which means '120 days late' should not be valid?
3)My cancellation anniversary is every February. If I sign the 'aggrement' will I be still qualified for the percentage cancellation?
Any inpute of wisdom is greatly appreciated.
Post #2: April 8, 2005
Update:
Well I spoke with my original creditor yesterday. I can't pay in full they want me to show a 12 month consecutive payments of $30/month then they will erase any deragatories on my credit reports after I pay in full. I did not have the option of retro-ing 'in school deferment' because I applied for the loan cancellation on 2002-2003 I guess that's fine. The account rep also said that I won't be able to apply for cancellation in feb 2006 because I will be participating in this 'rehab contract'. So once this gets going, on my credit report will this tradeline show
'REHAB,Student Loan' or something to that affect, if so that looks awful I hope it doesn't drop my score. On a positive note this will show "paid in full/never late' on April 2006 and then after. My goal is to purchase a home fall/winter 2006 timing will be perfect one less baddie on credit report.
*Difference between my situation and yours is that I was never placed on collection
*Call you OC do a 'rehabilatation agreement' or something to that sort or asked the OC if you pay it in full all deragatories should be erased that is what my OC guaranteed and promised me he will do after 12 months of consecutive payments he will erase the '120 days past due'.
Post #1: April 7,2005
I have a Perkins loan dating back from 1999 in the amount of $750. I would apply for forebearance(s) and financial hardship(s) up until fall 2002. I was notified I finally reached my limit for applying for forebearance and financial hardship. Concurrently I was in school full time but due to my school status being 'distance learning' I figured that it would be complicated to send prove of 'in school deferment' papers (it was be doable but for some reason I just didn't do it and I had other personal problems that were occuring so I left it alone, I wish I didn't). During this time from 7/2002-9/2002 I was marked with '120 day lates' until I acquired the knowledge of Canceling part of my Perkins loan due to my Occupation. Since Feb 2003 up until now I have cancelled a percentage of my loan, my loan balance as of 3/2005 is about $374 (not bad). My problem is on my TU and Experian reports I have a '120 days late' I wrote a goodwill letter to the OC and I am willing to pay my balance in full if they can remove my '120 day late'. I just received a 'agreement packet for rehab' in order to get my '120 day late' off my credit report I have to participate in this 'rehabilitation'. I will be required to pay $30 a month for 12 consecutive months.(torture,I just want to get this over with) Now here's my questions:
1) I thought 'rehab' is only for defaulted student loans. my current status is
Open/Current was past due 120 days.(Experian)
Remarks: Student loan not in repayment(TU)
Maximum delinquency of 90+ occured in 08/2002
Status:Unrated
2) Can I retro my 'in-school deferment'? I was in school from 5/2002 until now, I graduate this month(I can provide proof now).Purpose of this would be that I was or should have been under 'In School Deferment' which means '120 days late' should not be valid?
3)My cancellation anniversary is every February. If I sign the 'aggrement' will I be still qualified for the percentage cancellation?
Any inpute of wisdom is greatly appreciated.
Post #2: April 8, 2005
Update:
Well I spoke with my original creditor yesterday. I can't pay in full they want me to show a 12 month consecutive payments of $30/month then they will erase any deragatories on my credit reports after I pay in full. I did not have the option of retro-ing 'in school deferment' because I applied for the loan cancellation on 2002-2003 I guess that's fine. The account rep also said that I won't be able to apply for cancellation in feb 2006 because I will be participating in this 'rehab contract'. So once this gets going, on my credit report will this tradeline show
'REHAB,Student Loan' or something to that affect, if so that looks awful I hope it doesn't drop my score. On a positive note this will show "paid in full/never late' on April 2006 and then after. My goal is to purchase a home fall/winter 2006 timing will be perfect one less baddie on credit report.
*Difference between my situation and yours is that I was never placed on collection
*Call you OC do a 'rehabilatation agreement' or something to that sort or asked the OC if you pay it in full all deragatories should be erased that is what my OC guaranteed and promised me he will do after 12 months of consecutive payments he will erase the '120 days past due'.
Thanks for the help and replies. I guess Im just stuck with this account for now. Even though this is a private loan I have been given the option to enter rehab when I choose to. I just thought I could get the status updated as paid as agreed sooner.
i know i'm waking up an ancient post here but i have campus partners reporting on my report with a balance owed but also a collection agency... isn't it illegal for campus partners to report a balance when they no longer own the balance...???? and also the CA threatened to garnish my rages at a rate that is higher then allowed by the government.. i just want CP off my report...
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