Removing old negative information

[Anonymous]

     I have records of my student loans dating back nearly twenty years.  Most of this is negative due to the fact that after college I was more interested in a nomadic lifestyle.  Over the last few years one of my main goals has been to get that monkey off my back.  My loans will finally be paid off by the end of the year.  The primary concern is that these accounts were sold several times over the years (Sallie Mae, USA Funds, ECMC) and all count as negative reports.  My questions are:  Can I remove the older information?  If so, how can I do that?  Will removing those items affect my 'length of credit' numbers (I did not start using credit cards until 10 yrs ago)?  Is this a double edged sword?  Thank you all for any help.

[tufa4311]

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@Anonymous wrote:

     I have records of my student loans dating back nearly twenty years.  Most of this is negative due to the fact that after college I was more interested in a nomadic lifestyle.  Over the last few years one of my main goals has been to get that monkey off my back.  My loans will finally be paid off by the end of the year.  The primary concern is that these accounts were sold several times over the years (Sallie Mae, USA Funds, ECMC) and all count as negative reports.  My questions are:  Can I remove the older information?  If so, how can I do that?  Will removing those items affect my 'length of credit' numbers (I did not start using credit cards until 10 yrs ago)?  Is this a double edged sword?  Thank you all for any help.

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Yes you can have the installment lines removed - it is referred to as a Goodwill Removal an it is up to them if they want to comply. Learn al about them and see examples: http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/GW-letter-Q-amp-A-Examples-and-GW-Success-Stories/td-p/1573680

Yes, removing them will affect your AAoA (average age of accounts) - it's up to you, I would rather have less years than a collections but that's your call.

[RobertEG]

Negative information becomes excluded from your credit report once they have reached a certain age under the provisions of FCRA 605(a).

The negative information has differing excludion dates depending upon its type.

For student loans, the normal credit report exclusion periods are the same as any other derogs unless the loan was guaranteed or insured by the U.S. government.

The normal periods include 7 years from dates of occurence of monthly delinquencies, and 7 years plus 180 days from DOFD for collections or charge-offs.

The CRAs are responsible for monitoring all such negative items, and ensuring that they are no longer included in credit reports they issue after their exclusion dates.

The exclusion periods for government insured or guaranteed student loans were extended beyond the normal exclusion periods you see in FCRA 605(a) under the provisions of the Higher Education Act.  In a nutshell, the derogs can remain while the debt remains unpaid.

[kennerchick]

My daughter disputed her student loan on her CR.  It's been 10 yrs since she had it and it's been about 8 since she paid it off and it's still there!  I told her to dispute as too old to be on her CR.  Fingers crossed that they remove it for her.  Her FAKO score is TU 568 and EQ 560, and the FICO score is usually higher than the fako, so I'm guessing she's probably about 575 - 580 if not higher.  Which is good for someone with not much on her report. 

She has a collections for SPRINT which isn't hers.  She's on our Verizon account and her husband is on his mom and dad's.  So a BBB complaint was filed as she never got a dunning letter from them.