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Posted this in the student loan forum, but thought maybe this was a better place...
Hi all! I have a significant number of student loans that show as negatives on my credit report. The original dates of the loans were in the late 90's. I believed my loans were in deferral and had moved to be an intern on an organic farm for a couple years - gave them my address at the farm, but they did not update it. I ended up in default on the loans, only finding out because I actually had called them to check on it when it dawned on me that I hadn't received anything for a loooong time. So, my fault for being young and irresponsible. I corrected the situation by enrolling in the Direct Loans Income Contingent consolidation, and have been current now for at least 4 years.
On my CR, these loans say "balance date" 2005. Should I expect the negatives from the loans pre-consolidation to drop my my CR in 2012 (7 years)? Or do they follow some other schedule? Thanks for the help!
Hi goodygoody,
IME and IMO, the lates will no longer report when they are 7 years old.
So, if you were 30 days late in May 2005, that late will age off in/about May 2012.
When all the lates on that account are no longer reporting, the account itself will be positive and will report for about ten years after closing.
Hope that helps.
Thank you! Looking forward to all those negs coming off next year!!
That's great - it'll be here before you know it!
Remember, too, that lates have less of an impact on your FICO as they continue to age. So that six year old late has less impact now then it did when it originally posted.