Rebuilding Your Credit

[bnceo]

Found this site and thought I asked.

I had a student loan from my university (who used a third party, University Accounting Service).  I missed a payment on Jan 08 by total mistake (was not organized yet as I am now) and was only one month away from paying off the loan in full (and very early.  I graduated in Aug 06.)

So my question is, is it possible to get this late payment removed, despite that the account is now paid in full?  It's the only late payment on my entire credit report and I fear it will put a serious ding on my prospects of getting a home in the next 3 years.

As for the rest of my credit, started the snowball earlier this year and it's coming along great.  CCs, and store cards (interest free Best Buy and Amazon) along with my car loan will all be paid off by March of next year.   

[Duncanrr]

Yes.  Send them a goodwill letter asking them to remove the negative entry.  Search this site for GW or goodwill and you find numerous examples.  You may also  try calling them directly and see how that goes.

[bnceo]

I tried calling and they told me they can't.  It was some lady from the bursar's office and probably not a supervisor.  

Who do I direct the letter to?  To a specific person, the bursar's office?   

[JohnPTEX]

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bnceo wrote:

I tried calling and they told me they can't.  It was some lady from the bursar's office and probably not a supervisor.  

Who do I direct the letter to?  To a specific person, the bursar's office?   

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Welcome to the forums!  BTW - they never can (delete) until they do!  You just have to keep at them.  From everything I've read student loan lates come off all the time!  Good luck!

[bnceo]

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JohnPTEX wrote:

Welcome to the forums!  BTW - they never can (delete) until they do!  You just have to keep at them.  From everything I've read student loan lates come off all the time!  Good luck!

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I've read various forums and posts and most of them deal with student loans that are still active.  I've read suggestions like maybe going automatica payment, making higher payments or other things.  My issue is that my account is now closed and paid in full.  Just hope they can make the change.  I'll start crafting a letter this weekend.

[RobertEG]

I would be particularly persistent if the student loan was gvt insured or guaranteed, as the normal 7 year CR exclusion period for delinquencies is lengthened for gvt insured or guaranteed loans.  FCRA 605(a)(5).

[lazerz69]

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RobertEG wrote:

. . .as the normal 7 year CR exclusion period for delinquencies is lengthened for gvt insured or guaranteed loans.  FCRA 605(a)(5).

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RobertEG - Would you please clarify the exemption of FCRA 605(a)(5) as to gvt insured or guaranteed loans. FCRA 605(a)(5) states:  Any other adverse item of information, other than records of convictions of crimes which antedates the report by more than seven years.

I do not see the lengthended time line for gvt insured or guaranteed loans.

Thanks

[MarineVietVet]

On page 22 of the FCRA it says:

The reporting periods have been lengthened for certain adverse information pertaining to U.S. Government insured or guaranteed student loans, or pertaining to national direct student loans. See sections 430A(f) and 463(c)(3) of the Higher Education Act of 1965, 20 U.S.C. 1080a(f) and 20 U.S.C. 1087cc(c)(3), respectively.

[hippychic823]

OP: I have a similar situation....I have old student loan lates (120 day) with my old university from 2001 and my university used this exact same company (University Accounting Services) and this company (Univ. Accounting) is who has reported the lates. I would be very interested in a copy of the GW letter you use when you ask them to remove the lates (I plan to try to GW to get my lates removed. They were forever ago but I only recently got the loan PIF) and keep me posted on your results!!! Good luck to ya

[lazerz69]

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RobertEG wrote:

I would be particularly persistent if the student loan was gvt insured or guaranteed, as the normal 7 year CR exclusion period for delinquencies is lengthened for gvt insured or guaranteed loans.  FCRA 605(a)(5).

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First, let me say that the feds are screwed up since they continually cite to various code sections which contradict one-another.  With that said . . .

I disagree.  This topic was discussed a few weeks ago and several statutes were cited based on a footnote in the FCRA.  Of the statutes cited for this proposition none suggested an increase in the CR exclusion period.  In fact, I would argue for loans that have been paid in full the CR exclusion period could be less than the 7 yrs.

I would argue that 20 U.S.C. 1087cc(c)(3) can shorten the period of reporting, which states:

     Notwithstanding paragraphs (4) and (5) of subsection (a) of section 1681c of title 15, a consumer reporting

     agency may make a report containing information received from the Secretary or an institution regarding the

     status of a borrower’s account on a loan made under this part until the loan is paid in full.

If any one has a court opinion that interprets this code section, I would appreciate the name of the case.