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Student loans DOFD

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Anonymous
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Student loans DOFD

Hi! I'm hoping someone can help. I have late payments on a couple paid student loans that are scheduled to come off reports June 2018, dofd is 06/2011. Will the student loans come off of report completely at 7 yrs or just the late payments? Will this negatively affect my score at all if the student loan gets deleted as its my only installment loan? Any help would greatly be appreciated. Smiley Happy
Message 1 of 11
10 REPLIES 10
Anonymous
Not applicable

Re: Student loans DOFD

Yes since they are negative accounts they will be deleted after seven years. Hard to say score. On one hand if it’s your only negative you will gain lots of points. Some of that gain may be offset by not having any Installment loans. Best guess is a gain. Just not as much as it could be if you had an active installment loan. I won’t try to guess points. Sounds like you have a very thin file. This makes things volatile with respect to scores.

Message 2 of 11
gdale6
Moderator Emeritus

Re: Student loans DOFD


@Anonymouswrote:
Hi! I'm hoping someone can help. I have late payments on a couple paid student loans that are scheduled to come off reports June 2018, dofd is 06/2011. Will the student loans come off of report completely at 7 yrs or just the late payments? Lates will drop off at each ones 7 year mark, the account will continue on record for 10 years post close.

Will this negatively affect my score at all if the student loan gets deleted as its my only installment loan? Its closed so you are only getting scored on AAoA and its payment history. If the lates are greater than 30 day there could possibly be a small increase in Fico when the last one drops.

Any help would greatly be appreciated. Smiley Happy

 

Message 3 of 11
Anonymous
Not applicable

Re: Student loans DOFD

Thank you! yes, only bad thing left on my credit reports, but there are 9 late payments on that one, I paid it off a long time ago though. So the lates will fall off month by month? And it will be completely deleted 10 yrs from date opened? This 10 yr thing is for loans, 7 yrs for cc accts? Or is it based on if it's good or bad acct? I'm trying to buy a house by July, so I'm working very hard to achieve that goal and follow all the rebuilding advice on here. But that only takes you so far if you have bad stuff on CR. I've been doing research on Early Exlusions, and I want to ask for these lates or the acct to be deleted. Just tryingto get my facts straight first. EE worked today with TU for my BOA charge off that is supposed to also fall off 06/18. I plan on calling EX AND EQ tomrrow. TY!
Message 4 of 11
Anonymous
Not applicable

Re: Student loans DOFD

@BenMarkley3 I have 6 revolving accts now, aaoa is around 4 yrs, utl around 20%, should be under 10% after the 27th of this month. That should help my measley 615 ficos a little. I'm almost a year into my rebuild and Idk I'm just really in need to raise my score at least 20 more points in the next couple of months. Score is kind of at a stand still. Even if it cuts my aaoa down I have a years worth of positive stuff so hopefully brings it up a little. Can something from 7 yrs so really keep your score down a lot?
Message 5 of 11
RobertEG
Legendary Contributor

Re: Student loans DOFD

Delinquencies in a chain of delinquency are all excluded no later than 7 years from the date of the first delinquency in the chain of monthly delinquencies. The CRAs consider the initial delinquency as establishing the delinquency on the account, with subsequent monthly delinquencies simply showing the increased age since the intial delinquency, and thus they interpret FCRA 605(a)(5) as requiring the exclusion of any reference to delinquency once the account reaches 7 years from when it initially became delinquent.

 

The CRA will also remove the entire account IF, at time of their evaluation of the exclusion of monthly delinquencies, the account is still in a delinquency status.  However, if the account was returned to a non-delinquency current status, then only the delinquencies will be removed, and not the entire account.  The post states the loan is paid, so the current status would not be one or any current delinquency,and thus the entire account would not be removed based on removal of the delinquencies.

 

The removal of accounts after 10 years from date of closure is not mandated under the FCRA, and is entirely a housecleaning procedure implemented by the CRAs.  It is approx 10 years from date of closure of the account, not the date opened.

However, actual removal varies greatly depending upon CRA mood.  I personally had an account remain for 16 years after closure date  before the CRA got around to cleaning it out.

 

Message 6 of 11
Anonymous
Not applicable

Re: Student loans DOFD

That answered my question perfectly, thank you soo much! At least My aaoa will stay looking good!
Message 7 of 11
Anonymous
Not applicable

Re: Student loans DOFD

So i got a notification yesterday that my transunion report had been updated. Sure enough, they gave me an EE on my CO BOA acct, score went up 19 points! It prompted me to call and ask for an EE on some of those late payments we talked about from my student loan After almost arguing with the guy for 20 min that I wasn't disputing it, that I was just asking for an EE, he assured me that disputing was the way to go for requesting these EEs. Later that night I went to the Transunion website to check on my dispute and there was no dispute listed! Is it too early to show up? I then proceeded to pull a copy a my report from them and none of the student loan tradelines were even listed. Is it possible that this cs rep deleted the whole tradeline and not just the late payments?
Message 8 of 11
Anonymous
Not applicable

Re: Student loans DOFD

Update! Just got a TU update that they deleted all three of my student loans. Which scared me cause it was my only loans, but my Score went up 34 points, including the 19 points for the BOA EE! Thank you to everyone in these forums, You guys rock!
Message 9 of 11
Anonymous
Not applicable

Re: Student loans DOFD

What does EE stand for above ? I’m confused about the ten year thing. Are you saying student loans can stay on my reports for ten years? I thought at seven years it had to be deleted?
Message 10 of 11
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