No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
CAN A FEDERAL STUDENT LOAN THAT IS NOT REPORTING ON MY CREDIT AT THIS TIME SHOW UP, I HAVE BEEN GETTING CALLS STATING THAT I HAVE A STUDENT LOAN THAT DEFAULTED BACK IN 1998. AND HAS NEVER BEEN ON MY CREDIT REPORT, I KOW STUDENT LOANS DONT DROP OFF BUT CAN THEY ADD NOW 18 YEARS LATER
Can they be listed? No. But can they get a judgement against you and that be listed? Yes
Federally insured or guaranteed student loans do not have the normal credit report exclusion periods set forth in FCRA 605(a).
As indicated by the footnote appended to that section, their exclusion periods are extended while the delinquency remains under the separate provisions of the Higher Education Act.
how do i know when a jidgement will be placed against me? i want to prevent it from going to the credit reports
For a judgement to be entered, you first have to be taken to court, which means someone should serve you with a summons to appear. You definately have options available to you. First off, do you dispute the validity of this? If so, you definately need to address that. If not, you can look into student loan rehabilitation, where you start making fixed monthly payments toward the student loan. During rehabilitation, collection actions are stopped as long as you keep making your regular monthly payments on time. After a year or so, the default status on your loan will be removed, and it will be transferred to a new servicer. At that point, you become again eligible for all benefits of a student loan (deferrment, forebearance, etc).
You should probably check out the student loan forum for additional information.
Just a word of warning - I had student loans not on my report too - until I started paying on them. Ugh! I have to wonder what would have happened if I had continued to ignore.
@Anonymous wrote:Just a word of warning - I had student loans not on my report too - until I started paying on them. Ugh! I have to wonder what would have happened if I had continued to ignore.
They might not go on your report - but they could garnish wages, tax returns, etc. Student loans can have a multitude of ways to comeback and bite you if you don't deal with them eventually. They don't ever disappear!
@housejunkie81 wrote:CAN A FEDERAL STUDENT LOAN THAT IS NOT REPORTING ON MY CREDIT AT THIS TIME SHOW UP, I HAVE BEEN GETTING CALLS STATING THAT I HAVE A STUDENT LOAN THAT DEFAULTED BACK IN 1998. AND HAS NEVER BEEN ON MY CREDIT REPORT, I KOW STUDENT LOANS DONT DROP OFF BUT CAN THEY ADD NOW 18 YEARS LATER
Debts never go away. Just because it isn't on your report does not mean that you have escaped the debt or the effort of a company to collect on it in terms of student loans backed by the federal government. Uncle Sam always gets his money.
Just a heads up, the recently passed Federal budget (not the Omnibus but the spending levels set for FY 2016-17) included a provision to allow Non-federal private debt collectors to go after "federal debts" meaning Irs tax bills and student debt (defaulted loans) but NOT if you are currently in the process of or agreed to a repayment plan. I suspect that once student debt and tax payments to to "professional debt collectors" they are going to get a lot more agressive in reporting, and filing suits.
This has to do with government backed student debt/loans since private student debt is handled differently.
so if i did a one lump sum do you think it will then start reporting, did it hurt your credit when it hit the report