Question about a student loan

Anonymous · ‎09-09-2007

According to TU the following collection is STILL on my spouses credit report. The original loan was taken out when he was 18, and went into default approx. a year later. He is 35 now and this is still being reported, is there any thing we can do to get it taken off?

US DEPT OF EDUCATION XXXXXXXXXXXXXXXXXXXXX

PO BOX 5609
GREENVILLE , TX 75403-5609
(415) 487-5090

Balance: $0
Date Updated: 03/2003
High Balance: $1,500
Collateral: 07 CHAPARRAL COLLEGE
Past Due: $0 Terms: $0 for 36 months
Pay Status: >Payment After Charge Off/Collection<
Account Type: Installment Account   Responsibility: Individual Account   Date Opened: 11/1997 Date Closed: 03/2003 Loan Type: Student Loan Remark: >Paid collection<
Estimated date that this item will be removed:   02/2010

Anonymous · ‎09-09-2007

Kyzmet wrote:

According to TU the following collection is STILL on my spouses credit report. The original loan was taken out when he was 18, and went into default approx. a year later. He is 35 now and this is still being reported, is there any thing we can do to get it taken off?

US DEPT OF EDUCATION XXXXXXXXXXXXXXXXXXXXX

PO BOX 5609
GREENVILLE , TX 75403-5609
(415) 487-5090

Balance: $0
Date Updated: 03/2003
High Balance: $1,500
Collateral: 07 CHAPARRAL COLLEGE
Past Due: $0 Terms: $0 for 36 months
Pay Status: >Payment After Charge Off/Collection<
Account Type: Installment Account   Responsibility: Individual Account   Date Opened: 11/1997 Date Closed: 03/2003 Loan Type: Student Loan Remark: >Paid collection<
Estimated date that this item will be removed:   02/2010

Nope. Loans from the Department of education will remain on file for the indicated removal date. They have really become sticklers on this under the Higher Education Act. You can dispute it but I doubt it will help. It shows it was paind of in 03. Was it a tax redirect? It will staty on for seven years after the date closed. Unfortunately student loans and a select few are not subject to normal credit account rules.

Anonymous · ‎09-09-2007

Drats.

I believe it was tax re direct, I don't actually recall the details at all though unfortunately. It was so long ago, I was just surprised to see it was still being reported since it was almost 2 decades ago.

Thanks so much for the reply!

Anonymous · ‎09-09-2007

I have a couple more questions:

1) Can someone explain why it will stay on seven years from date closed rather then 7 years from first date deliquent?

2) Can we expect this type of behavior with any payment, or is it specific to student loans?

Anonymous · ‎09-09-2007

Again governement. I think they consider the dateit was paid off th date of last delinquency. They are NOT like regular loan. Cannot be discharged in BK and they never go away. The only lender that can take your tax refund.

thotgal320 · ‎09-09-2007

I have a student loan that I consolidated and a lender purchased them and I have been paying them. I was just wondering if they are now with a new lender shouldn't the original lender be removed from my reports?

Anonymous · ‎09-09-2007

thotgal320 wrote:

I have a student loan that I consolidated and a lender purchased them and I have been paying them. I was just wondering if they are now with a new lender shouldn't the original lender be removed from my reports?

No the original lender should be there but the loan balances should be 0. That would be a good thing unless there were derogs. If so those will fall off 7years from the date of delinquency.

Anonymous · ‎09-09-2007

Thanks again Brammy!

Anonymous · ‎09-09-2007

Hope you don't mind me coming in on your post and asking a question. Reading what you wrote about about consolidation made me think of a ?.

I have several student loans on my CR and they are all in deferment due to me still being enrolled.

After I complete college and I consolidate these loans, will my original loans will stay on my report as closed/good accounts?

Message Edited by sidewinder on 09-09-2007 11:10 PM

Anonymous · ‎09-10-2007

@Anonymous wrote:
Hope you don't mind me coming in on your post and asking a question. Reading what you wrote about about consolidation made me think of a ?.
I have several student loans on my CR and they are all in deferment due to me still being enrolled.
After I complete college and I consolidate these loans, will my original loans will stay on my report as closed/good accounts?

Message Edited by sidewinder on 09-09-2007 11:10 PM

Yes-
my 4 accts consolidated to 2.