Im looking at several stafford loans that are in default. Graduation was May 97.

I take it the first payment was due in Dec 97. No payments were ever made on this stafford loan. It seems like this info may be CRA Obsolete with wrong DOLA and no DOFD. I would like to get this corrected or deleted from the report if so. The loans would then be rehabilitated and perhaps the tradelines if deleted can show back up as good ones once the Rehab is done? After that....deferrment until consolodation. Am I way off base here?

Some acct particulars are as follows......

EDUCATIONAL FINANCIAL SERVICES
Current Status: CHARGE-OFF
Account Owner: Individual Account.
High Credit: $2,979
Date Opened: 1/11/95
Date Reported: 02/2000
Date of Last Payment:
Scheduled Payment Amount: $0
Date of Last Activity: 08/1998
Date Major Delinquency First Reported:
Creditor Classification:
Charge Off Amount: $0
Deferred Payment Start Date:
Date Closed:
Type of Loan:
Comments: Defaulted loan - claim filed against guarantor

USA FUNDS
Current Status: PAID COLLECTION
Account Owner: Individual Account.
High Credit: $4,087
Credit Limit: $0
Date Opened: 1/11/98 (Remember Graduated in 97 no payments)
Date Reported: 03/2000
Date of Last Payment:
Actual Payment Amount: $0
Scheduled Payment Amount: $0
Date Major Delinquency First Reported:
Date of Last Activity: 11/1998
Date Closed:
Type of Loan:
Comments: Student loan

US Dept of Education (There are about 10 of these)
Current Status: COLLECTION ACCOUNT
Account Owner: Individual Account.
High Credit: $2,000
Term Duration: 36 Months
Terms Frequency: Single Payment Loan
Date Opened: 94/09/1
Balance: $2,967
Date Reported: 02/2005
Amount Past Due: $2,967
Date of Last Payment:
Scheduled Payment Amount: $2,967
Date of Last Activity: 10/1998
Date Major Delinquency First Reported:
Months Reviewed: 4
Creditor Classification: Educational
Charge Off Amount: $0
Date Closed:
ype of Loan: Education Loan

The DOE accounts mostly look like the one above, The DOLA on all those accts are either 9/1998 or 10/1998 on most with one reporting as 9/2000!!!

Account Number: US DE-xxxxxxxxxx
Current Status: COLLECTION ACCOUNT
Account Owner: Individual Account.
High Credit: $9,422
Credit Limit: $0
Term Duration: 36 Months
Terms Frequency: Single Payment Loan
Date Opened: 2/01/2000
Balance: $12,849
Date Reported: 02/2005
Amount Past Due: $12,849
Date of Last Payment:
Actual Payment Amount: $0
Scheduled Payment Amount: $12,849
Date of Last Activity: 09/2000
Date Major Delinquency First Reported:
Months Reviewed: 50
Creditor Classification: Educational
Date Closed:
Type of Loan: Education Loan

Anything with left blank was blank on the report.

I read the FTC opinion on DOLA/DOFD issues several times but.....I really couldnt get my head around it very well it seems. The way I understand it the first dilenquency would be Dec 97 or Jan 98 at the latest if graduation was in May 97. Again these are all stafford loans and there has never been a payment on them. What would the DOLA/DOFD be? When SHOULD it have been charged off? When should they be obsolete? Again im not trying to avoid paying but...if I can get them off my record before/during rehab/consolodation im all for it...

Anyone care to take a stab at it? Im gonna read through the FTC opinions about 20 more times through the weekend and see if I can figure it out in plain english. Any help would be greatly appreciated.

Did you ever have a tax offset?? That is what came to mind when I saw the 2000 last activity. That would advance your DOLA.

Your EFS and USFunds reporting would not be covered by rehab...however they appear to coming up to the 7 year mark and will drop off themselves this year. When you rehab, only the tradelines reported by the DOE will be updated.

I dont know if there was a tax lein honestly. Its been long enough so perhaps. There are no public records on this credit report. No judgements. I dont know if those would be required to be listed in PR. You speak of EFS and USFunds, but wouldnt all of the DOE accts that are 9/98 and 10/98 be dropping off as well?

At any rate the DOLA's seem suspicious since the loan was due for 1st payment in Dec/Jan. I'd really like to calculate if they arent reporting it correctly. I would like the right info reported if nothing else. Also... would starting a rehab change the DOLA?

Thanks for checking it out.... This place is by far the most comprehensive credit (repair) education site I have ever come across. So So Amazing

How many loans are involved here?? Were you at one school?? Your EFS loan is a FFELP loan (95) and it appears your other loans were Direct Loans. Looking at it again it is possible that the account reporting Opened in 2000 were your FFELP loan subrogated by the Feds...basically this means that the DOE pays of the FFELP loan holders insurance claim (usually penalising the FFELP lender.) Call 1-800-4FEDAID and get a history of claims paid.

Finally...

Got my pin and my records.

The one opened in 2000 says consolidation loan. I do recall yrs ago getting many solicitations for consolidation. It looks like I may have attempted one. I dont however recall making any payments or arrangements in that regard. It was a while ago. Im gonna check into it further since it says there were 5 payments made.

From what I can see there are 9 loans. The one mysterious consolidation and 8 others. Will rehab take care of the defaulted consolodation on my CR as well as the other DOE TL's?

Self serving bump...

Anyone have any idea?

rhodes - the short answer to your question is - probably yes. I'll have to give you the long answer later (on my lunch break now). Or you can do a search here on rehab to see others' experiences and the subtle intricacies of rehab.

Basically guarantors are required to remove the default notation - there have been a very few reports from posters here of guarantors ONLY removing the default notation, rather than the entire negative history. Also, servicers/original lenders have been known to balk at negative tradeline removal. However, with persistence, progress can be made even in unusual or difficult circumstances.