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I understand that student loans do not get lifted until they are paid off but once they are paid off they have to remove immediately correct. My loan was from 200/2001 and I just paid it off today. Once I get confirmation I can demand it to be removed immediately. I cannot find any direct answers on this.
@Topsecretgossip wrote:I understand that student loans do not get lifted until they are paid off but once they are paid off they have to remove immediately correct. My loan was from 200/2001 and I just paid it off today. Once I get confirmation I can demand it to be removed immediately. I cannot find any direct answers on this.
It should revert to a paid status/satisfied, and adhere to CRTP, as far as I know. Are you dealing with one line, or multiple disburstments?
Paid is good.....
Incorrect. They stick around just like anything else. I have loans from 1997 that still are on my report. If they contain negative marks they follow the same deletion criteria as anything else. If its all positive you want those on as long as possible.
The distinction is whether or not it is a government insured or guaranteed student loan.
Government insured or guaranteed student loans do NOT have the same credit report exclusion provisions as other student loans.
As clearly referenced in the footnote to FCRA 605(a), the Higher Education Act extended the exclusion dates for federal student loans in the manner you referenced.
Was your student loan government insured or guaranteed?
US DEPT ED
Is what it says on my report.
It is now paid. Now I want it removed.
Why on earth would they keep it on there after 14 years.
@Topsecretgossip wrote:US DEPT ED
Is what it says on my report.
It is now paid. Now I want it removed.
Why on earth would they keep it on there after 14 years.
A paid account reflects on your being a trusted individual with payments, and credit where due. It'll notify to other lenders of your reliability, and if you remove it, you're removing evidence that you can be trusted with loans, and credit. Ideally, you want it there.
My apologies.
I forgot to include an important bit of information.
The loan was in default.
It was slowly being paid down over the years by our tax return.
I FINALLY just paid the rest of it off.
It is now paid, so it should become excluded since the 7 year period has also expired.
Extension of credit report exclusion periods for fed student loans only applies while the debt remains unpaid.
If it is not excluded within 60 days or so, simply send an informal request for ezclusion to the CRA, along with proof of payment of the debt.
@Topsecretgossip wrote:My apologies.
I forgot to include an important bit of information.
The loan was in default.
It was slowly being paid down over the years by our tax return.
I FINALLY just paid the rest of it off.
That just changed the whole dynamic of the thread....