Finished rehab and consolidated, How should it report?

[DontEverJump]

I finished rehab with dept of ed for two of my loans Around $40k each they are now with salliemae, I also consolidated three smaller loans from Texas guaranteed that are now with salliemae too. How should these report on my credit report? I also think at one time nelnet had the loans that were with texas guaranteed.

 

On transunion, one of the dept of ed loans is gone the other is reporting closed charge off.

texas guaranteed are reporting closed charge off.

nelnet reporting closed

 

Experian: dept of ed loans are not showing at all

texas guaranteed reporting as paid closed

nelnet showing claim filed with government. I don't have claim filed with govt. I disputed last month and they have updated and its still saying claim filed with govt.

 

Equifax: Dept of Ed shows collection. I have disputed, still under investigation

Texas guaranteed shows collection

Still investigating my disputes on nelnet, will update

[hodap2001]

Congrats on Rehabbing.

 

Your default status will be removed from the guarantor and you will be given new-trade-lines with Sallie Mae. Now the 3 loans you consolidated from TG will report as a Closed/Transferred since you did not pay off these loans, but just transferred them. It's sort of like a credit card balance transfer, just moving debt from one place to another without paying it off.

 

Please remember, that the Original Creditor still have the legal rights to report any negative remarks - these do not go away, it is NOT a part of the rehab deal, just the removal of the default status. The original creditor will continue to report for 7 years from your date of default (NOT date of first delinquency).

 

Good Luck!

[DontEverJump]

Thank you for the informative answer. So should the closed accounts show a zero balance? One detour of ed is still showing a balance of $41k

 

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[hodap2001]

I believe (don't quote me) they should still show a high amount and low amount and the low amount being $0.00 and the high amount being the highest amount last reported....Let me double check for you.