Student loan reporting

Anonymous · ‎03-19-2015

There are 7 entries for student loans on my spouse's Equifax CR, all from the same bank. There are actually 6 SLs total, each an individual loan, but they're not reporting as such.

The first 6 entries show as "open collections" (with no payment histories) and the original balance of the loan. The 6th entry shows the late payments, and the sum total with all interest and fees. So what we see is

Bank - $xx.xx - 01/01/2002 - no late payments - open collection/charge off
Bank - $xx.xx - 01/01/2002 - no late payments - open collection/charge off
Bank - $xx.xx - 01/01/2002 - no late payments - open collection/charge off
Bank - $xx.xx - 01/01/2002 - no late payments - open collection/charge off
Bank - $xx.xx - 01/01/2002 - no late payments - open collection/charge off
Bank - $xx.xx - 01/01/2002 - no late payments - open collection/charge off
Bank - $00.00 - 01/01/2002 - 11 missed payments - Closed - Transfer/Sold

I'm at a loss for this reporting. The first are the "real" loans, and the 7th appears to be an account that rolls them all into one.

Edited: The 7th shows a zero balance with a high balance that is the sum total.

Anonymous · ‎03-19-2015

Since a person only makes ONE monthly payment on their student loans, IMO this is the way they SHOULD be reported. Many people report they will show multiple lates each month across all the individual loans.

When did the lates occur?

Anonymous · ‎03-19-2015

They were last year. Rough patch with surgery and job loss, this was the only creditor that refused to work out an arrangement with timely notice and documentation.

I guess my confusion lies in each account being listed individually, then having a 7th account listed combining them all on the same report. Should be one or the other, shouldn't it?

Deltadog03 · ‎03-19-2015

I hear ya! I have 7 TL from Navient, and there was 3 lates back in LATE 2011 and so that means there is 21 total lates for the TL...I thought I was in a Deferment, and they agreed at first, was going to take them off...then came back and said no I wasn't... They are scheduled to go "GOOD" by mid 2018 according to EX

EQ8: 646 EQ5: 652 V3.0: 665 **8/2015
TU8: 635 TU4: 700 V3.0 :663 **8/2015
EX8: 636 EX3: 670 V3.0: ? **8/2015
CCD Util 35%

Anonymous · ‎03-19-2015

Student loans seem to be all over the place in how they report. They all seem to begin as multiple lines, but sometimes they get consolidated into one at some point (often after rehabbing) and sometimes they don't. I would consult the folks in the Student Loans section of the 'types of credit' boards.

kjel · ‎03-19-2015

OP, who is the loan servicer? Are the loans govt backed or are they private? If they are govt backed are they in default?

When my federal loans were in default they had 4 tradelines that went to closed/transfered/$0 balance status and then a 5th tradeline that had the combined balances of the 4 TLs before they were closed/transfered. I participated in the federal student loan rehab program and then was able to clean up the original TLs afterward.

Anonymous · ‎03-19-2015

@kjel wrote:
OP, who is the loan servicer? Are the loans govt backed or are they private? If they are govt backed are they in default?

When my federal loans were in default they had 4 tradelines that went to closed/transfered/$0 balance status and then a 5th tradeline that had the combined balances of the 4 TLs before they were closed/transfered. I participated in the federal student loan rehab program and then was able to clean up the original TLs afterward.

Good question. They're all private through Key Bank and in charge-off status. The first guy we spoke to in recovery offered to "rehab" for $50/loan/month (so $300). When we called back to get more details we were told the private loans weren't eligible for rehab, but we could give them $30k to close it out.