Hi all,
I will try to make this as concise as possible. I'm probably going to fail miserably.

I had a BanK One Student loan that was being paid under BK (Ch13), which I filed in 6/2002. The Bk was dismissed last month and I pulled my report to see what was on it. I noticed that ECMC shows on my report. I'm assuming they have my student loan now, but have never been contracted by them, but expect to hear from them soon.

I understand how Bank One is reporting, but do not understand how ECMC is reporting.

The account shows like this.
ECMC
Account #: Bank One & my ssn
Date opened: 06/2002
High credit: $3454
Months revd: 16
Balance: $3454
Past due: $3454
Date of last activity: 06/2002
Date Major Delinquency 1st reported: 11/2005

Are they able to use 11/2005? Aren't they supposed to be showing it as 6/2002?
Oh and on the Bank One there is not Date Maj. Delinquency 1st reported, but on 6/2001 it shows as 90-119 days past due.

Thanks for any help.

If you had peeked at ECMC's website, you would see that they are a specialized loan guarantor.

http://www.ecmc.org/main/about_us.html

ECMC services loans transferred, as a result of a borrower filing bankruptcy, from the following guarantee agencies:

Sounds like Bank One defaulted you ...bankruptcy is a justifiable reason for default. Loan was transfered to ECMC. While in BK, ECMC cannot contact you but now that the BK has been dismissed, you should be contacting them ASAP.

Thank you for the information regarding ECMC. I appreciate the assistance.
What I really wanted to know and still want to know is how this should be reporting currently on my credit report. Can anyone assist me with this?

Thank you.

Yes they can use 11/05, because:

1) Had the loan been discharged in BK, you could not have been reported delinquent after the date you filed BK. Since the debt was not discharged, you can be reported delinquent after the date you filed.

2) Since it sounds like you defaulted (assuming you never brought the account current after 06/01 that's definitely the case) ECMC can report for 7 years from the date they paid the default claim, and if the loan is sent to ED at any time in the future that will start another 7 years. The date you filed BK, the date you 1st became delinquent with Bank One, and when you took out the loan are not even part of the equation.

3) If you want the reporting removed, contact ECMC and request to rehab the loan.

Thank you so much for your help. That is exactly the explanation I was looking for.
I will be contacting ECMC to try and rehab, from the past post.


Thanks again everyone.