I have finished my student loan rehab. Now I am hoping someone can give me some advice from what has happened when they finished rehab. I have been searching CB for similar situations to mine. Basically, the CA(Pioneer) never reported on my credit reports. The only TL on my credit reports has been from the US Dept of Ed. They show all 4 of my SL's on all three CR's as placed for collection. I received a letter from the US Dept of Ed stating my rehab was complete and that they would advise the national credit bureaus to remove the record of default from my report. From what I have read on CB, or at least my understanding, the CRA's would only remove what the CA(Pioneer) was reporting??? So, since they never reported, will my CR change? Will the US Dept of Ed always show as placed for collection? If yes, would a good will letter help? Anyone had any luck with good will letter?

I appreciate anyones thoughts on this!!!

Thanks!

Congrats on finishing rehab!!

It's pretty rare that SL CAs report -- most don't ever show up, except for maybe an inquiry when they first get the loan. Actually, it's the guarantor that's required to remove the default status; that has nothing to do with the CA. With SLs, CAs don't buy the loans; they're just assigned to them for collection purposes -- the guarantor still owns it. In your case, your guarantor is the DOE, so that's exactly who will remove the notation. From everything I've seen on here, DOE is the best one to have because they remove ALL negative information, not just the default notation, which is all that they're required to remove (the DOE has urged all guarantors to do the same thing and remove everything, but they can't mandate it, so some don't). They have up to 90 days to notify the CRAs, so it might be a little while. I don't think it generally takes them that long, but that's how long they're allowed. If you haven't seen the change by November or so, you might want to contact them to make sure they're on top of it.

Hope this helps!! Good luck!!

Thanks, Zig. I appreciate it. I guess it doesn't sound as hopeless as I thought...

I just checked my report again, and I noticed a change. After looking at my old report and comparing it to the new, I realized I had 5 TL's for the SL's on my old report. 4 for each of the loans, and 1 for the total amount. Now, on my new report, the 4 are still showing the same, as sent to collections. But the other one has changed. It shows the total amount and now shows as current. My question is will the other 4 negative TL's remain on my CR? Or, is there still a chance they will remove them, maybe it is just taking longer????

I just checked my report today and all the negative info regarding my SL's are now gone!!!! The DOE did remove all negative information due to finishing rehab. They are now showing one positive TL. Huge jump in my score.

Rehab is the way to go!!!

Congratulations!!

Yes we should all be so lucky to have the original TL's removed.

Hi - How long did it take to have the negatives removed? Please see my post:

http://creditboards.com/forums/index.php?showtopic=128352

Thanks

yeah how long did it take to get them removed. I finished mine on september 2nd and DOE said they requested the deletions on my credit report since sept. 2nd and I still havent seen any change yet.

This can take up to 90 days to update.

I finished rehab at the end of July and the changes happened in the middle of September. So, I guess about 45-60 days. I know the feeling, you finish rehab, and want to see the changes right away. The waiting is the worst part!!!

I'll finish rehab in March however, the DOE has never reported my loan to any of the CRA's. Once I have rehab'd the loan, should I ask them to report it for a positive TL or just keep my mouth shut?

Just pulled my report and 2 of the 3 TL's has been deleted... There is still one showing a 0 balance...should I dispute this one or wait a few days to see if it comes off... They havent reported anything postive yet.

It CAN take up to 90 days.

Oh ok sorry Im just impatient thats all...one of my flaws....Thank you

Good Morning and thanks so much for everyones postings & help- I too have just finished rehab, had my loans consolidated and made my first payment. Wahoo!

I am a little confused though, and have seen some conflicting information- they told me (at the rehab program) that ALL of the old trade lines would be deleted from my account from the original lender (they told me that too at the company that purchased the loans), yet if I am reading the Boards correctly, the original TL and CA stay on there???

The original tradelines can stay. the CA usually never reports, and if they do they remove the tradeline immediately after the rehab process has been completed.

Dare I ask--------

even when the TL SallieMae??? who has the internal CA called Student Loan Assn??