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  1. Hello, I have a big problem I hope someone can help me with. When I was in college I took out 2 private institutional loans through my university, one in 1997 for $1000 and one in 2000 for $7000. I graduated in 2002, and immediately consolidated all my federally-subsidized loans. I have been paying on them ever since, and have never missed a payment. However, I moved around a lot after graduation, and didn't learn until a year later that the two private student loans were not included in the consolidation ( I've since looked at my promisory notes, and there is no federal guarantee on these loans. I also checked with the National Student Loan Database, and they are not listed in my file of federal student loans). By the time I found out, the university had turned them over to a collection agency, which doubled the balance owed and would not make payment arrangements. I was stuck. The negative reporting sat on my credit report from 5/2003-5/2010, at which point it fell off all my credit reports. I have three old hardcopies of my credit report. In the old reports, the loans are reported as follows: XXXX University Acct # XXXXXX Date Opened: 5/2000 Date of Status: 12/2004 Date Reported: 12/2004 Last Reported: 12/2008 Type: Installment Terms: 120 months Monthly Payment: N/A Responsibility: Individual Credit Limit: $2165 Recent Balance: $4499 as of 12/08 Status: Collection Account, $4499 past due as of Dec 2008 Collection Account as of 5/2005 This account is scheduled to continue on record until May, 2010 Fast forward several yeats. In April, 2013, the student loans appeared on my credit report as a "charge-off, 0 balance, date of charge-off 3/12/12". This just dropped my fico score from 720 to 612 overnight! The new reporting is as follows: xxxx University Acct #xxxxxxx Date Opened: 5/2000 Type: Installment Terms: 120 months Monthly Payment: N/A Responsibility: Individual Credit Limit: $2165 Date of 1st Delinquency: 7/2003 Date Maj. Deficiency Reported: 4/2013 Items as of Date Reported: 1/28/2014 Status: Charge-off This account is scheduled to continue on record until 4/2020 Clearly the date of major deficiency was changed by the creditor so they could re-age the accounts and report them to the credit bureaus. I disputed the accounts with the credit bureaus, indicating that these loans were beyond the 7.5 year reporting limit. I included current copies of my credit report, as well as old copies of reports which verified true date of first delinquency. Transunion and Experian deleted them from my file. However Equifax refused to delete. Equifax's response to my dispute was, "There is no historical account information currently on this account. The date of last activity has been updated. The last payment date and date closed are reporting correctly. The prior payment history and status are reporting correctly. Additional information has been provided from the original source regarding this item." My questions, then, are the following: 1. Is the creditor allowed to change the date of major deficiency at their own will, with no action taken on my part (I would assume no)? 2. Does a charge-off date of 10 years after the first deficiency constitute a new date of deficiency, and therefore restart the reporting period (as the University is trying to claim)? 2. How do I convince Equifax that the accounts were re-aged and must be deleted, when I've already disputed this fact with them, and they refused to delete? Thanks everyone. I look forward to all your replies. :-)
  2. Hi guys! (and gals!) I was getting garnished and decided to let it go on and just clean up my student loans of $2500. I have $581 left ($428 after tomorrow). I'm trying to fix my credit now and just became aware of rehabbing SL but when I contacted my loan servicer, they said no, it was too little an amount to rehab, and to just let it finished out. After reading around the forums and the Net, I realized that that was a bad idea (if I could stop it). I contacted the Dept of Ed who referred me to the Ombudsman group who referred me to NYS Higher Education (the people who apparently have the collection agency, Windham Proffesionals, garnishing my check) Is it possible that Windham is lying? I haven't been able to find a "minimum" amount under which SL rehabs can't be done, and I will call NYS Higher Ed tomorrow (they were closed by the time I got their number)...........I just want to know if it's still possible to rehab? Or should I just be resigned to having negative tradelines (albeit, one showing paid, the original showing lates) Thanks for your input!
  3. Basically, I'm trying to work out the ins and outs of how the payments will impact my budget, so, I was going to start out paying a smaller amount and work up to the full payments by the time my forebearance runs out in May. Does anyone know if I can do this without ENDING my forebearance and being required to make full payments out the gate? Trying to set myself up for success here. Thanks! PS: Can I direct that all payments be applied to the principle?
  4. so i guess i'm doing my wifes as well. she was actually pretty good until sallie mae hit her in the head. so here is where she is: -0 revolving but she is an au on cap1 plat -3 paid collections -1 60 day late - old auto loan from NC SECU -3 collections (medical) -1 charge off (medical) - GECRB/Care Credit -11 120 day late student loans - it's actually 5, sallie mae picked up the dept of ed automatically, but both are reporting. this is what i have done so far 1. opted out - done 2. triaged cr's 3. removed inaccurate personal info (names, addresses, etc) - TU (done), eq/ex (pending) ToDo's -add her as an au on another cap1 plat and navy fcu visa signature flagship rewards -sign up for open sky secured -sign up for navy fcu secured so i'm pretty clear on how to handle the paid collections, 60 day late and medical stuff. i'm not sure how to handle the student loans. the loans where orginally with dept of ed. she defaulted at one point and they worked something out and the loans went back to good standing. then she got a forbearance and then sallie mae automatically got her loans. per her last conversation with sallie mae, her loans should still be in forbearance. so my question is should this be handled like any other 120 day late tl (FCBA/Nutcase) or should she go ahead and talk to Sallie Mae? i'll post up in the student loan section as well. thanks
  5. So my wife had student loans with the Department of Education. They where automatically transferred to Sallie Mae. She initiated a deferment, but Sallie Mae is reporting her as 120 days late. Dept of Ed is still reporting as well so it looks like she has twice as many loans (11 to be exact). She has lates on those before Sallie Mae picked them up. So i have a few questions. First is Dept of Ed still supposed to be reporting even tho Sallie Mae has them? Should she contact Dept of Ed about removing the lates and/or tradelines or dispute them with the CRAs? With Sallie Mae, she's supposed to be in forbearance. Should she talk to Sallie Mae about removing the lates or dispute with the CRAs? and finally, should she apply for IBR? thanks guys
  6. Hi. I have a family member who might be coming into some money from an inheritance. One of the things he would like to do is pay off his defaulted federal student loans, which he has been ignoring for almost a decade. I am trying to help him with this, and had a few questions I was hoping someone might know the answer to. Here's the background. The principal is approximately $10K, with $4K in fees and $7K in interest listed on the latest collections statement from Performant Recovery, for a total of $21K. There have been no payments made in at least six or seven years. In checking his credit reports, I don't actually see the debt listed, but he has a very thin file and for the most part stays off the grid. He'd like to get past all of this, and get this debt paid off. A couple questions: 1) Is it typically possible to negotiate either the fees or interest down to a lesser amount? The collections letter does say "You may have a unique opportunity to ... reduce the amount of your obligation if you are are willing to repay the remaining balance of your student loan in full." Is this a valid option, and if so what should we expect? 2) He's thinking about paying this off all at once given the possible windfall, but I understand that from a credit report point of view it is best to get on a plan and a pay off over time. Is that still the case, and if so when is the fastest he can get this completely paid off? He'd like to get this done asap. Thanks.
  7. Good afternoon! I have spent a TON of time lurking over the past 30-45 days - I watched and read and printed PsychDoc's info, read blogs, recomendations, how to get started etc. First thing I did was opt out, and then today I just pulled mine and my husbands credit report. UGH! I have definitely been better about his stuff then my own I thought I had a solid understanding now I feel so overwhelmed. I have everything printed, holes punched, divided into a binder, highlighters out, and its like I am drawing a blank and am so intimidated I dont know what to do next. Maybe part of me is hoping by typing this out I will stay on track - I guess I better get rid of all my old addresses because it certainly cannot hurt my score! My dh score is 123 points higher than mine, so even though there are a couple of small things on his that defintely will need fixed, mine is just pathetic and made me feel sick to my stomach. As I rank the items that need handled first I am already questioning a few things and am hoping someone can shed some light so maybe I wont be so intimidated and I will keep going. Student Loans Defaulted - sold (or given to another lender, whatever they do) so I have several old loans listed individually (they did it for each semester) so it shows 16 accounts - some of these I have consolidated and have been making timely payments now for the last 5 months, I have to get in touch and ask to rehab my other ones that are not consolidated into that one. First question would be do I try to do anything else with my student loans "remarks" or at this point just let it go and work on the medical bills which is really the next biggest issue outside of student loans? You guys give me hope even though I am nervous as can be now that I am actually facing the craziness that I made for myself. Thank you for your time and experience - it is sincerely appreciated!
  8. I've been reading through these forums, with some hope that I can turn my life around. I'm in my mid 40's, got my master's degree later in life and have what I believe is a daunting amount of loans, none private. The amount is $95k or so and that is with paying out of pocket for my first two years of undergrad. I have a severe learning disability that prevented me from being accepted for a master's program at public institutions so I was forced to go with the one private one that did accept me. I graduated, but have struggled to make a liveable wage, until now. Lucky me, I now make the most I ever have, at $45k, which would be absolutely liveable if I didn't have student loans that I hadn't addressed because I was making as little as $16k and only as much as $30k for several years. I am no slacker but see my debt as incredibly overwhelming but want to change my credit score around. I see people on here stating that the rehab amount would be 1% of the loan, but for my loan, that would amount to nearly $1k a month, leaving little for anything else. I drive a crap car that regularly needs repair and I can't get a car loan because of my student loans, so I keep paying for expensive repairs on a small Chevy (in case anyone thought I was living large,lol). I don't really have a choice but to rehab, but wonder if anyone has experience where the rehab amount is more reasonable? At the end of the month, and this is with my currently low rent which will rise when i'm forced to move out of a temporary living situation, I have little left for anything. I don't go to movies, no vacations and don't buy much of anything. My clothes are from thrift stores and the only new clothing I buy is underwear. Any thoughts or suggestions are greatly appreciated.
  9. I have about $7500 in deferred student loans with Sallie and don't plan on taking out anymore. Will paying on those deferred loans help to increase my credit score?
  10. I currently have a credit score ~575 which is significant leap from the mere 300s it was last year. I'm 27, single, no kids, college educated, work full time. Here's how I ruined my credit: College/Student Loans - Like many others I had to pay for my education with student loans, unfortunately I was young and stupid and took out substantial private loans through Sallie Mae totaling $52,000 for 5 years of school (before interest). I had no idea what I was getting myself into - I didn't even have a credit card at the time! I just knew I needed money and they were giving it out, no questions, no cosigner, no credit history. I also have some Federal loans totaling $17,000 (before interest). My parents had no idea what I was doing, how much money I was getting and at what interest rate - we never talked details. So I graduated with $69,000 in student loan debt that had been accruing interest at variable rates for 5 years - no big deal, I'll find a job and be making lots of money - WRONG! I was offered a full time position at the retail job I had worked during college, it paid $10 an hour, I had no other prospects. I was able to defer my Federal loans once the 6 month grace period after graduation was up, the private loans were another story. I received a bill for $846 from Sallie Mae, I was making $850 per month, no way could I pay that. They didn't care, they would not help. I paid what I could but the account became delinquent and the non-stop phone calls started so I stopped paying altogether. My account was delinquent for 7 months, on the verge of default before they finally offered me a "payment plan". I have made all payments on time for that account for the past 14 months. I have never been late on my Federal loans. Unpaid Medical Bills (now in collections) - A kidney stone attack landed me in the ER, the stones had to be surgically removed. I was still working my $10 an hour job and had health insurance but my insurance didn't cover all of the treatment. I owed $3,200 between 10 different bills, I paid the smaller ones I could afford and ignored the larger ones which are now in collections. Credit Cards - I currently have (
  11. I checked my credit score seven months ago and it was in the low 500's. At that time I was over 120 days behind on my student loan payments and my total student loan debt was around $40,000. I have since paid off the past-due portion of my student loans but the balance remains about the same. The loans are now in deferment since I am enrolled in a graduate program. I have taken on additional student loans as well. Today I checked my score and it was in the upper 700's. I am very suprised by this. Is it possible that paying off the past-due debt and placing my loans in deferment could have had such a dramatic effect? Will my score go back down once the loans are out of deferment? I also had a maxed out credit card that has since been paid off. Perhaps that had more to do with it? Thanks in advance for your input.
  12. So, after reading this forum for awhile, I looked up my loans on the NSLD to make sure it matched what was on my credit reports...it did. Here's where I am: - 8 Original Student Loans (TL: Dept of Ed/Sallie Mae) - 4 Student Loans "transferred" combined (TL: Sallie Mae) - 2 Officially Consolidated Student Loans (TL: US Department of Ed) - 1 Current Student Loan that is in deferment until AUG 2015 (TL: Dept of Ed NELNET) I called the Dept of Ed Sallie Mae Student Loan Office and had a great conversation with the rep. She basically told me that within the Dept of Ed, there were different offices or divisions (i.e. Sallie Mae, Nelnet, Sallie Mae, etc), but all were under Dept of Ed, though they don't really interact with one another except by exception. She basically told me that from what she could see, for Sallie Mae, she had no data on my account other than the open and close date and the account number. I asked her specifically about each item reported under the Sallie Mae TL and she said she could not see that information. So, my wheels are turning and I ask her, "So, if I dispute the information, how do you verify or validate it?" She flat out said that from her office, she couldn't; only the the office that currently has the loan has the historical data from the transferred loans. She said that in my case, NELNET would be the only ones that could verify any account information. She happily gave me their contact info and walked me through what I should put in a letter to them to have them "look into" getting rid of duplicate accounts. She basically told me to lay out all the factors: military, address changes, non-receipt of statements, forbearances, and deferments as well as any communication I had with any Dept of Educ offices. She told me to include proof of full time school status, DD-214, etc that back up my case. Now, I think I am going to try to have the lates removed first before I try to get the TLs removed. What I would like to know from the board members is if you have had success removing duplicate/transferred student loans (with lates or without) and how you went about doing so (what was your argument/dispute) and who you routed it through (addresses and phone numbers and names would be great). Thanks!
  13. A few years back I hit a few life bumps and the ol' credit report took a beating. Not that it has ever been all that great, but that has all changed. I am being responsible and taking care of business. I laid low for many years and just let the dust settle and the slate be wiped clean- suffer for my previous mess ups but learned good lessons. I have 4 accounts out there dealing with 2 student loans with Nelnet. When I was out of work in 2009 and couldn't pay - they showed 120+Late and sent them over to the state government insurer who promptly put in a wage ganishment when they learned I had started back to work. At the end of that garnishment my employer stopped taking out the payments at the amount of the original garnishment. Only thing is- there were real small balances of accrued interest (less than $20 each) that I was not aware of and I don't recall ever being notified of. After about 6 months they wrote these off and closed the accounts reporting as Settled for less than Balance, 120+Late. I tried to dispute the student loans in 2/13, but not sure what to dispute because yes they are mine. Now, the Nelnet says - Transferred to Government 2/13- when they were transferred in 6/10. Anything I can do to make these negative student loan issues better?
  14. I defaulted on my private student loans in 2010. I have about 114k is private student loans. I'm not sure what happened to them after TERI went bankrupt. I was contacted by NCO first who then forwared them to a local law firm Bierer & Margolis. I sent them a DV letter after they made initial contact. What are my rights, if they don't properly validate it? It's only been two weeks so far, and I have received a letter from AES/NCT stating that my name "may" be wrong on my account and that they need proof of the spelling of my name ie. birth certificate, social security card. I haven't produced them with anything. Do you think this is a stall tactic? I have agreed, if they validate, to start a payment arragement with them. I don't care about paying them, I just want it removed from my credit because its stopping my score from further increasing. Pleae help!!!
  15. I was 190 days late on a student loan. I didn't know about this because I was deployed and never received anything. Can I dispute this. It happened 5or 6 years ago. Is it worth it???
  16. Hi, I posted on here last week about Equifax being slow to remove 4 negative accounts from my husbands report. The original lender agreed to remove the accounts and we have a letter in writing confirming this. This was only 2 weeks ago and Experian has removed 3 of the 4. Transunion has removed all 4. But nothing from equifax. At first I thought it was because they are just slow, so I figured I'd give them 30 days to update- but... After talking to a rep there, they said they never received a request from the OC to remove which I know is bogus since the other bureaus did so. What should I do? I'm disputing the 4th account that's still in my experian... Should I go that route with equifax? Will sending in the letter from the OC help? Thanks!
  17. My student loans have been passed around three times. This has resulted in two listings per company on my credit report for the same two loans. I tried having the old listings removed by writing but I clearly didn't word it correctly- all they did was verfiy the account with the last purchase of the debt. What do I need to say so that they understand? Or is it not possible to have the listings from the old companies removed?
  18. Hi, Had a question for the group. My husband and I have been working tirely on getting some student loans removed from his report, After rehabilitation, original lenders and servicers, we are finally starting to see things move along. 2 days ago, the original servicer of the loans (4 in total) agreed to remove the accounts as a good will! I checked his experian and it appears 3 of the 4 have been removed already. Should we expect the last one to remove soon? I assumed when the received the request they would do them all at once-typically not this quick might I add...but since they did do it already, I'm worried about the one still remaining. Any thoughts on this? Advice appreciated...thanks!
  19. Good day! My son attended the Art Institute in Philadelphia which he took out a loan for with the help of my mother; she cosigned for him. During his time in school (which he took longer to graduate than anticipated) we never received any notices regarding repayment and interest; not sure why, but because I am a student with loans and don't receive notices it didn't seem odd. Right before it was time for him to complete his internship we began to get notices that he was going into default for nonpayment. Again, I am a student and have been for the past 10 years (working on my PhD) and have never been asked to repay loans as long as I was in school. We had no clue he was supposed to be paying on these loans. Needless to say there were late fees and so forth added to the loan. Moving forward we learn that he had approximately $40,000 loans to cover an education that was supposed to cost about $15-20,000; and on top of that, to date the principle balance is approximately $40,000. My son never did graduate because of the current loans which made it difficult to even want to borrow anymore; nothing but internship left and he was unable to proceed. When speaking to Sallie Mae they stated that my mother forwarded her electronic signature for the loans; she would not have approved the amounts exceeding the cost of the program....and only signed for three to both our reollection. Also, we found out that the school charged my son for two programs....one that he changed after realizing he was in the wrong field. Since school he's help odd jobs but have not been able to really begin his career; my mother with her own responsibilities and student loans did all she could to help him make the payments he has made thus far; and my having financial difficultties also participated in trying to keep the loan from going into default we have gotten very little help from Sallie Mae. They have harrassed my mother to no end, and they are extremely rude. The payments continue to get higher, and the late fees continue to pile on, and regardless of how cooperative we are we cannot get a break. The enitre family has gotten involved, they have everyone's information and harrass us all; calls from sun up to sun set and beyond, and with all the harrassment no one is willing to help. So, to my main question....my mother is now retired and my son just finished up a temporary position and looking for work again. Today a payment is due and we do not have it; my mother was told that if this payment was not made the loan will go into default and Sallie Mae will be after her hom, her income tax, and her retirement income. My mother shares a home with my father who's name is also on the mortgage so she is very worried; in fact borderline depressed. We cannot keep up with this loan at the monthly rates they are asking...it is going to default. Please, someone tell me what happens when this loan defaults? What should we expect to happen and in approximately what time frame? I cannot tell my mother not to worry and it will be okay when I hear Sallie Mae make such threats. What if anything can I or she do to protect her home and income, especially considering that her husband shares in ownership? Thank you in advance for your help! Smiles32070
  20. I am making payments on a student loan that had been defaulted on and was then taken by William and Fudge collection agency. Starting in August 2011 they have been taking out a certain amount each month directly from my bank account. But when I go to my credit report they keep hitting it with late payments. This is making it hard to get any credit and I don't understand that if I am making the payment every month and on time because they are taking it out automatically can they keep dinging my credit with lates. If anyone has any advice I want I can do to get them to stop hitting me with late payments or if I even can I would appreciate it. Thank You
  21. I had seven student loans that were transferred several times. Original and 1st transfer show the correct open dates of 1996-1997. The 2nd transfer, however shows an open date of 2010, which drags down my average age of accounts. Should I dispute those so they show the original dates in 1996-1997? Will Dept of Education change the dates if I do dispute? If not, should I get them removed as duplicate entries? If I get them changed to orignial dates, my Avg Age of Accounts goes from 8.6 to 11.2 years. If I get them deleted, AAofA goes to 10.0 years. Thanks
  22. Greetings all, I am hoping to get some assistance with an issue that has absolutely destroyed my credit. It is outlined below and thank you in advance for any help! - I received a letter from FedLoan Servicing stating that I was past due on 9 student loans that had been dispersed in June of 2012. I found this odd since I had graduated in May and thus no longer had any need for student loans. So, I called them. They claim that, at some point before 6/12 I had requested a consolidation and that is why the loans were showing a June dispersement date. I had no idea what they were talking about so I requested a copy of the documentation I had supposedly submitted. To date I am yet to receive anything. I have filed disputes, written them kindly and rudely worded letters, but to no avail. Their latest correspondence (despite a prior correspondence which stated no negative info had been reported) stated that they believe their reporting was correct. So, what the heck can I do? Thanks! Joe
  23. http://www.cutimes.com/2013/03/14/cfpb-proposes-to-regulate-non-bank-student-loan-se?eNL=513a5923150ba0942600011c&utm_source=Daily&utm_medium=eNL&utm_campaign=CUT_eNLs&_LID=137763512
  24. I don't know if this has been answered on CB already, so I apologize if it has. I did a search and couldn't find anything. I have a question about student loans and debt to income. When a creditor considers "debt to income", in regards to student loans, do they look at the borrower's annual income vs. the total student loan debt owed? Or do they look at the borrower's monthly income vs. the monthly student loan payment? I'm just curious how that works. Thanks in advance for any replies!
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