7 years since missed payment, why is it still there?

[Missash43]

I missed a payment for a federal student loan and about a week and a half ago, it hit 7 years. Isn't it supposed to just fall off? When will that actually happen? Do I have to do something to make it fall off?

 

Thanks for your help!

 

[hegemony]

welcome to CB!

 

Are you looking at real reports from each of the four major CRAs or at least at the ACR site for the big three?

 

It should fall off automatically. Are you sure the tradeline has the correct dates? Oh, and is it still an open tradeline?

[hegemony]

perhaps the answer is in this thread? https://creditboards.com/forums/index.php?/topic/263500-student-loans-late-payments-and-credit-reporting/

[centex]

On 9/4/2021 at 10:13 AM, Missash43 said:

I missed a payment for a federal student loan and about a week and a half ago, it hit 7 years. Isn't it supposed to just fall off? When will that actually happen? Do I have to do something to make it fall off?

 

Thanks for your help!

 

For starters, it is seven years and six months from the event leading to the chargeoff event that comes into play.  However, a lot of student loans don't charge off. 

 

Then you also get into private versus federal, which impacts remedies.  You need to be acutely aware that if you kick a federal loan hornets nest, you may find yourself with Administrative Wage Garnishment in the near future.  Ditto the seizure of tax returns.  And, just to make the water as clear as some recent Northeast flood waters, the stays that came about because of the boondoggles of the past year have likely meant no recent reporting on those loans to go along with collection efforts having been stayed.

 

Unless you have gone through rehab already, I would HIGHLY recommend that you contact the Ombudsman and do so...after some nominal number of payments (used to be six), you can then refinance and the old account tradelines get removed from the reports as if they never happened.