US Dept of Ed - anything I can do with these lates?

[LearningToFly]

Good morning.

 

I've never worked on a student loan item before, so please forgive my ignorance.

I have a US Dep of Ed reporting as follows:

 

TU: Closed; $0 balance; Educational; Pays Status Current; Past Due $0; High Bal $1389; Opened 1/6/2007; Reported 3/31/2011

EX: Closed; $0 balance; Educational; Pays Status Current; Past Due $0; High Bal $1389; Opened 1/1/2007; Reported 5/31/2011

EQ: Closed; $0 balance; Educational; Pays Status Current; Past Due $0; High Bal $1389; Opened 1/1/2007; Reported 5/01/2011

 

History of lates: 60 days x4; 90 days x 9 (earliest in Jan 2009); notation of 120 on 3/2008

DOFD not noted and no "will remain until" date shown. On paper reports from bureaus this shows as Direct Loan Svc System

 

I am down to a few negatives on my reports, and looking for anything that will bump my score at all.

 

Any thoughts on whether it is possible to get goodwill on the (many, many) lates, or get more favorable reporting? Any input would be appreciated.

[hodap2001]

Welcome and no need to apologize for your ignorance! We are all happy to help you.

 

First off, are the late payment reporting accurate - did you truly have a financial hardship and were unable to make payments or arrange for some type of deferment or forbearance? If the answer is YES, then there is little for you to do, since they're reporting accurately and legally - you just need to allow them to age off. You can try to write good-will letters; however, there is no guarantee they will work.

 

Have you tried looking through the credit boards on how to rebuild your credit - there is a lot of great information on this board?!

 

Good Luck!!

Edited September 4, 2013 by hodap2001

[LearningToFly]

Thanks hodap.

 

I should clarify, I have been on the boards a while on the credit forum primarily, and some on the Medical forum. I've had excellent successes, but I know zero about student loans (this is the only loan I ever had - previously I paid cash for tuition as I went).

 

I am certain the late payments are probably correct. I did have a forebearance at one point, but don't know the dates or particulars. At some point when I was unemployed/underemployed I simply stopped paying this loan, and when things were better, I called and made arrangements to pay it off over time, which I did.

 

I just wasn't sure if I should try to get some accounting of payment history first, or just send a goodwill letter, and if a goodwill for student loans should look any different than in other circumstances.

[hodap2001]

I guess my statement should've said welcome to the student loan boards! haha lol!

 

Since it is reporting accurately, it is more difficult to remove these lates since the student loan industry is more regulated than a credit card or medical debt and you'll usually have better success with those types of consumer debt than a student loan debt from the Federal Government.

 

I would request a statement of account with correspondence history from your loan servicer to ensure your account was properly handled during those periods of unemployment/underemployment, if you find any errors or mistakes, then I would send in a letter with documented proof to correct the errors. A goodwill letter will do no good, if they're being reported accurately - hate to tell you that and PLEASE PLEASE do not pay those companies who guarantee they can remove any negative remarks from your credit profile, they're scammers....stay away from them with a 20 foot pole.

 

I wish I could give you better guidance or information, but this is the reality of student loan debt.

Edited September 4, 2013 by hodap2001

[LearningToFly]

I'm definitely a DIYer so, no worries of me using any services to try to get anything removed.

 

So in digging deeper on some recent paper copies of reports, it looks like the account was opened in 2/2007 and DOFD shows as 7/2007. So until this ages to 7 years next July, it looks like I have to live with it.

 

Appreciate the help.

[hodap2001]

Yeah, just let it age off - just continue what you've been doing, clearing out outdated or incorrect information on your credit report and start rebuilding credit (i.e. obtaining a low-limit credit card, store card, etc.) and making on-time payments and in no time you'll have a very good credit score showing positive repayment!

 

Keep plugging along and I wish you all the best!!!