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Paying off old debts

New Member

Paying off old debts

Sorry if this is already posted somewhere, I searched but could not find something like my issue.  So here it is; I have two accounts listed on my report that reflect a status of "charged off" or "sold", they are old and have not been reported on since 2003/4.  Also, Sallie Mae is reporting eacho of my student loans 3 times.  I only have 2 loans from sallie mae yet on my credit report sallie mae makes it look like I have 6 and have made seriously delinquent payments on all.  Some of the loans have statuses marked "transfered to another lender" others are marked "current but was 180 days late" The questions I have for anyone who can answer:
 
1. If I pay these two debts off will my fico score go up?
2. How can I get the Sallie Mae loans to report only once for each student loan? I have disputed the error with sallie mae but for some odd reason.. their customer support reps are all from other countries and do not understand english...Smiley Sad
Message 1 of 4
3 REPLIES
Moderator Emeritus

Re: Paying off old debts



Abn96B3PS wrote:
Sorry if this is already posted somewhere, I searched but could not find something like my issue.  So here it is; I have two accounts listed on my report that reflect a status of "charged off" or "sold", they are old and have not been reported on since 2003/4.  Also, Sallie Mae is reporting eacho of my student loans 3 times.  I only have 2 loans from sallie mae yet on my credit report sallie mae makes it look like I have 6 and have made seriously delinquent payments on all.  Some of the loans have statuses marked "transfered to another lender" others are marked "current but was 180 days late" The questions I have for anyone who can answer:
 
1. If I pay these two debts off will my fico score go up?
2. How can I get the Sallie Mae loans to report only once for each student loan? I have disputed the error with sallie mae but for some odd reason.. their customer support reps are all from other countries and do not understand english...Smiley Sad


Paying old collections rarely helps your score. You need to negotiate a pay for delete with whomever is reporting.
 
Sallie Mae sells\buys loans all of the time. Each time they do get another tradeline. Unfortunately, just because your loan is sold does not mean the previous payment history goes away.
Message 2 of 4
New Member

Re: Paying off old debts

Hmm.. a pay delete?  I will try that with the two charge offs... As for Sallie Mae, I can understand them selling/buying accounts but how is it possible for them to claim my account sold or transferred to another lender and at the same report that the account is current?  My student loans with sallie mae have not been sold nor transferred.  Sallie Mae cannot sell a loan to itself then report the payment history as starting off delinquent; that's fraud.  If the loan was transferred or sold to another lender, that lender cannot have a history on a new account?
Message 3 of 4
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Moderator Emeritus

Re: Paying off old debts



Abn96B3PS wrote:
Hmm.. a pay delete?  I will try that with the two charge offs... As for Sallie Mae, I can understand them selling/buying accounts but how is it possible for them to claim my account sold or transferred to another lender and at the same report that the account is current?  My student loans with sallie mae have not been sold nor transferred.  Sallie Mae cannot sell a loan to itself then report the payment history as starting off delinquent; that's fraud.  If the loan was transferred or sold to another lender, that lender cannot have a history on a new account?


Right you are. I would take this up with Sallie Mae and the new lendor.
Message 4 of 4