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Loan consolidation creating multiple new accounts

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Loan consolidation creating multiple new accounts

I had 4 student loans which I recently consolidated. I knew that a new account would show up on my credit report and I was prepared for that. So I have then new account, plus 4 more new accounts saying consolidated. The original account are still there. They are closed on my eqifax and still open on Experian. Trans union still hasn't gotten the memo about the consolidation.

What is going on? My scores are plummeting.
Message 1 of 3
2 REPLIES
Community Leader
Epic Contributor

Re: Loan consolidation creating multiple new accounts

Do you mean that you rehabbed a student loan, or that you consolidated?

What procedure was involved in your "consolidation"?

Message 2 of 3

Re: Loan consolidation creating multiple new accounts

I consolidated 4 loans that weee in default. I have a new tradeline with Great Lakes. All of my original trade lines are there and there are 4 more that say consolidated. It's almost as if they couldn't updated the original ones so they made new ones. I am not sure if I can get them deleted because at this point, they are duplicates and wrong.

Also, the new loan is now higher than the original amount because it reported with interest before the payment was made.

Message 3 of 3