First, let me start by saying that I am a newbie to CB and the information provided on this site has been extremely beneficial.
I need help dealing with a recent problem involving Direct Loans. For several years the DL TL on my credit reports has reflected a positive history with no late payments. This includes periods in which the loans were in forebearance and/or deferment. However, my credit report was recently updated to reflect someone else's account information...including loan type, amount and payment history. Needless to say, the payment history reflected for this "other" account was derogatory with recent lates. After much hesitation, I contacted the CRA's and Direct Loans to dispute the inaccurate information. Such immediate dispute was necessary since I will be applying for a mortgage in a few months.
Last week Direct Loans corrected my CRs to reflect my account information, however, the newly listed account shows late payments in Fall 2004. The lates are for 60, 90 and 120. I need help with this problem as the newly reported information has significantly affected my credit scores. To add insult to injury, yesterday I received notification from EQ and EX that DL made an inquiry/hard pull of each of my three credit reports, which I did not authorize.
I have contacted Direct Loans and they recognize the problem but are unwilling to assist. Any advice on this issue would be greatly appreciated. Thanks in advance for your help.
Full Version: HELP - Direct Loans
QUOTE(newtoatl2003 @ Mar 21 2006, 12:47 PM) 
First, let me start by saying that I am a newbie to CB and the information provided on this site has been extremely beneficial.
I need help dealing with a recent problem involving Direct Loans. For several years the DL TL on my credit reports has reflected a positive history with no late payments. This includes periods in which the loans were in forebearance and/or deferment. However, my credit report was recently updated to reflect someone else's account information...including loan type, amount and payment history. Needless to say, the payment history reflected for this "other" account was derogatory with recent lates. After much hesitation, I contacted the CRA's and Direct Loans to dispute the inaccurate information. Such immediate dispute was necessary since I will be applying for a mortgage in a few months.
Last week Direct Loans corrected my CRs to reflect my account information, however, the newly listed account shows late payments in Fall 2004. The lates are for 60, 90 and 120. I need help with this problem as the newly reported information has significantly affected my credit scores. To add insult to injury, yesterday I received notification from EQ and EX that DL made an inquiry/hard pull of each of my three credit reports, which I did not authorize.
I have contacted Direct Loans and they recognize the problem but are unwilling to assist. Any advice on this issue would be greatly appreciated. Thanks in advance for your help.
I need help dealing with a recent problem involving Direct Loans. For several years the DL TL on my credit reports has reflected a positive history with no late payments. This includes periods in which the loans were in forebearance and/or deferment. However, my credit report was recently updated to reflect someone else's account information...including loan type, amount and payment history. Needless to say, the payment history reflected for this "other" account was derogatory with recent lates. After much hesitation, I contacted the CRA's and Direct Loans to dispute the inaccurate information. Such immediate dispute was necessary since I will be applying for a mortgage in a few months.
Last week Direct Loans corrected my CRs to reflect my account information, however, the newly listed account shows late payments in Fall 2004. The lates are for 60, 90 and 120. I need help with this problem as the newly reported information has significantly affected my credit scores. To add insult to injury, yesterday I received notification from EQ and EX that DL made an inquiry/hard pull of each of my three credit reports, which I did not authorize.
I have contacted Direct Loans and they recognize the problem but are unwilling to assist. Any advice on this issue would be greatly appreciated. Thanks in advance for your help.
Were you late in the Fall of 2004? If so, then you're stuck with the information. And you authorized hard pulls/inqs when you signed the promissory note, so there's no recourse there.
QUOTE(newtoatl2003 @ Mar 21 2006, 12:47 PM)
First, let me start by saying that I am a newbie to CB and the information provided on this site has been extremely beneficial.
I need help dealing with a recent problem involving Direct Loans. For several years the DL TL on my credit reports has reflected a positive history with no late payments. This includes periods in which the loans were in forebearance and/or deferment. However, my credit report was recently updated to reflect someone else's account information...including loan type, amount and payment history. Needless to say, the payment history reflected for this "other" account was derogatory with recent lates. After much hesitation, I contacted the CRA's and Direct Loans to dispute the inaccurate information. Such immediate dispute was necessary since I will be applying for a mortgage in a few months.
Last week Direct Loans corrected my CRs to reflect my account information, however, the newly listed account shows late payments in Fall 2004. The lates are for 60, 90 and 120. I need help with this problem as the newly reported information has significantly affected my credit scores. To add insult to injury, yesterday I received notification from EQ and EX that DL made an inquiry/hard pull of each of my three credit reports, which I did not authorize.
I have contacted Direct Loans and they recognize the problem but are unwilling to assist. Any advice on this issue would be greatly appreciated. Thanks in advance for your help.
I need help dealing with a recent problem involving Direct Loans. For several years the DL TL on my credit reports has reflected a positive history with no late payments. This includes periods in which the loans were in forebearance and/or deferment. However, my credit report was recently updated to reflect someone else's account information...including loan type, amount and payment history. Needless to say, the payment history reflected for this "other" account was derogatory with recent lates. After much hesitation, I contacted the CRA's and Direct Loans to dispute the inaccurate information. Such immediate dispute was necessary since I will be applying for a mortgage in a few months.
Last week Direct Loans corrected my CRs to reflect my account information, however, the newly listed account shows late payments in Fall 2004. The lates are for 60, 90 and 120. I need help with this problem as the newly reported information has significantly affected my credit scores. To add insult to injury, yesterday I received notification from EQ and EX that DL made an inquiry/hard pull of each of my three credit reports, which I did not authorize.
I have contacted Direct Loans and they recognize the problem but are unwilling to assist. Any advice on this issue would be greatly appreciated. Thanks in advance for your help.
Request a payment history from DL and then go thru the Ombudsmans office.
As for the pulls, they are legal. You have loans with DL and as such they can pull.
Unfortunately, I cannot say definitively whether the loans were actually late during that time since I had recently finished grad school and most of my loans were in forbearance. Also, I requested a copy of my payment history from DL and I am waiting to receive and review. I contacted the Ombudsman and was informed that they cannot help with credit reporting issues.
Actually, the rule on OCs being able to pull is different for regular installment loans, as opposed to revolving accounts, although, obviously, that general rule could CERTAINLY not be true for SLs (God knows almost every other rule is different for them from every other type of installment loan!! 
). In general, OCs cannot do additional hard pulls on an installment account once the loan is made, as long as the account remains in good standing. There were court cases to that effect, but I don't remember much about them other than that they exist -- I know they were talked about on the credit forum a while ago.
Again, it's very likely that there's an exemption to that with SLs, but that's the usual rule.
). In general, OCs cannot do additional hard pulls on an installment account once the loan is made, as long as the account remains in good standing. There were court cases to that effect, but I don't remember much about them other than that they exist -- I know they were talked about on the credit forum a while ago.Again, it's very likely that there's an exemption to that with SLs, but that's the usual rule.
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