I attended college starting in 1997, and dropped at the end of spring 1999. I had (I think) 3 separate loans eligible through the financial aid package offered to me. I was young (immature to money and spending) and did not really pay attention to what loans I was receiving, I assumed my mom was taking care of it all....yup, learned the hard way never to assume again.
Anyway, after 6 months of dropping in 1999 I received statements for one of the loans which I paid in full on good terms and that is reporting fine. I stupidly believed that was the end of my repayment process, I thought all the loans were consolidated into that one, so I was never searching out for the other 2 left to pay. But they also never contacted me, which I found odd in the later years. Anyway in 2004 I ended up having my federal tax returns garnished in the amount of 2,100 because of a defaulted USDE loan I had never paid. Well I never received the statements to pay it!!
My credit report states Paid, was a collection account, insurance claim or government claim or was terminated for default but no date, so will this fall off my report 7 years from payment of 2004? Plus on the experian report it is listed like this: as if I paid in 2006.
CBC/U S DEPT OF ED/FIS
EXPERIAN
EQUIFAX
TRANSUNION
Account Name: CBC/U S DEPT OF ED/FIS
Account Number: xxxx-x-xxx-xXXXX
Acct Type: Education Loan
Acct Status: Closed
Monthly Payment:
Date Open: 9/1/1997
Balance:
Terms: 36 Months
High Balance:
Limit:
Past Due:
Payment Status: Paid, was a collection account, insurance claim or government claim or was terminated for default
Comments:
24-Month Payment History ? Legend
Date: Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
04 04 04 04 04 04 04 04 04 05 05 05 05 05 05 05 05 05 05 05 05 06 06 06
KD KD KD KD KD KD KD KD KD KD KD KD KD KD KD KD KD KD KD KD KD KD KD OK
Experian:
^Top of Page^
And another USDE reporting like this, but it seems to be for the same thing?
US DEPT OF EDUCATION
EXPERIAN
EQUIFAX
TRANSUNION
Account Name: US DEPT OF EDUCATION
Account Number: xxxxxXXXX
Acct Type: Education Loan
Acct Status: Closed
Monthly Payment:
Date Open: 9/1/1997
Balance:
Terms: 124 Months
High Balance:
Limit:
Past Due:
Payment Status: Seriously past due date / assigned to attorney, collection agency, or credit grantor's internal collection department
Comments:
Lastly, I have this one that I have been paying to the Regional Adjustment Credit Bureau (before finding CB) in monthly installments which should be completely paid off in 2 more cycles. I tried to pay out UMASS directly but they said account was already sold to a ca and if I wanted to make installment payments instead of a lump sum I'd have to do it through RACB. Will this stay on my report as delinquient forever now?
UNIVERSITY OF MASS
EXPERIAN
EQUIFAX
TRANSUNION
Account Name: UNIVERSITY OF MASS
Account Number: XXXX
Acct Type: Education Loan
Acct Status: Closed
Monthly Payment:
Date Open: 3/1/1999
Balance: $248.00
Terms: 120 Months
High Balance:
Limit:
Past Due: $248.00
Payment Status: Seriously past due date / assigned to attorney, collection agency, or credit grantor's internal collection department
Comments:
24-Month Payment History ? Legend
Date: Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov
06 07 07 07 07 07 07 07 07 07 07 07 07 08 08 08 08 08 08 08 08 08 08 08
KD KD KD KD KD KD KD KD KD KD KD KD KD KD KD KD KD KD KD KD KD KD KD KD
I want to get an FHA mortgage in about 12 months and need to get these things under control before then !!!! I completely understand student loans are a whole different ball game than credit cards.