I have a Nelnet student loan from 1996 that was sold last year to USA Funds who then sold it to General Revenue. I have never even heard of USA Funds, never received any letters yet they are reporting collections status. Nelnet also reporting collection status. I disputed to all 3 credit bureaus and they only repsonse that I got was Nelnet now past due. So after all that I now have a deliquency on my report!! I have been making payments since January to General Revenue almost half of the total balance. Does anyone have any advice on how to fight this? Shouldnt Nelnet be gone since its over 7 years old? How can the same debt be listed on your report 3 times?
Any advice or help would be appreciated.
Full Version: Same student loan on credit 3 times..help!
QUOTE(javajunky @ May 19 2007, 08:36 PM) 
I have a Nelnet student loan from 1996 that was sold last year to USA Funds who then sold it to General Revenue.
Sounds like you defaulted on Nelnet you filed a claim with USA Funds, your guarantor. USA Funds then turned it over to GR to collect on. Student loans are never sold to CA's.
I have never even heard of USA Funds, never received any letters yet they are reporting collections status. Nelnet also reporting collection status.
These are legitimate tradelines and disputing them will not make them go away.
I disputed to all 3 credit bureaus and they only repsonse that I got was Nelnet now past due. So after all that I now have a deliquency on my report!! I have been making payments since January to General Revenue almost half of the total balance. Does anyone have any advice on how to fight this? Shouldnt Nelnet be gone since its over 7 years old? How can the same debt be listed on your report 3 times?
Any advice or help would be appreciated.
Sounds like you defaulted on Nelnet you filed a claim with USA Funds, your guarantor. USA Funds then turned it over to GR to collect on. Student loans are never sold to CA's.
I have never even heard of USA Funds, never received any letters yet they are reporting collections status. Nelnet also reporting collection status.
These are legitimate tradelines and disputing them will not make them go away.
I disputed to all 3 credit bureaus and they only repsonse that I got was Nelnet now past due. So after all that I now have a deliquency on my report!! I have been making payments since January to General Revenue almost half of the total balance. Does anyone have any advice on how to fight this? Shouldnt Nelnet be gone since its over 7 years old? How can the same debt be listed on your report 3 times?
Any advice or help would be appreciated.
You are paying on a collection account and as such you do not get credit on your CR for making payments. It will stay in a negative standing until it is paid off.
Defaulting on a Title IV obligation is very serious and has appropriately strict penalties. In addition to extra fees and collection costs, the default will remain on your credit report for 7 years. That 7 years will restart with each holder of the loan. Nelnet will drop off 7 years from whenever the delinquency that lead to your default with them started. USAF will be on your report from 7 years from when they paid Nelnet.
Your excuses about when you took out the loan and USAF not sending you notices are entirely and completely frivelous and have no legal validity whatsoever.
Federal student loans are exempt from certain parts of FCRA and pay-for-delete bribes.
You will remain delinquent and in default for the remaining unpaid amount plus all interest fees and collection costs until your debt is paid in full or you rehabilitate it. Even then your original default with Nelnet will still remain on your report for the full 7 years.
Your excuses about when you took out the loan and USAF not sending you notices are entirely and completely frivelous and have no legal validity whatsoever.
Federal student loans are exempt from certain parts of FCRA and pay-for-delete bribes.
You will remain delinquent and in default for the remaining unpaid amount plus all interest fees and collection costs until your debt is paid in full or you rehabilitate it. Even then your original default with Nelnet will still remain on your report for the full 7 years.
I disputed mine as sold to a new lender. Are you making rehabilitation payments?
If not, set it up!! And then all those negatives will be gone.
ETA: after you make X amount of payments.. you may be able to count the ones you have already made but you need to call.
If not, set it up!! And then all those negatives will be gone.
ETA: after you make X amount of payments.. you may be able to count the ones you have already made but you need to call.
Try disputing as "duplicate" with all three CRA's.
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