When will this fall off?

[Chezy1025]

This account is reporting as the original tradeline for a student loan that I have rehabbed - they refuse to update it and say that it is reporting accurate data prior to being transfered.

Status:

Transferred,closed.

Date Opened:

12/2008

Reported Since:

11/2009

Date of Status:

12/2011

Last Reported:

12/2011                                Type:

Education

Terms:

NA

Monthly Payment:

$0

Responsibility:

Individual

Credit Limit/Original Amount:

$3,090

High Balance:

NA

Recent Balance:

NA

Recent Payment:

NA

Account History:

 180 days past due as of May 2011 to Nov 2011

 150 days past due as of Apr 2011

 120 days past due as of Mar 2011, Mar 2010

 90 days past due as of Feb 2011, Feb 2010

There are no dates listed for when it will be removed, I read it like the first Delq. was Nov. 2009. Should it be removed at the end of this year?

[Anonymous]

"there is one type of federal loan — a Perkins loan — that can stay on your credit report until the loan has been paid in full, even if it is longer than seven years. This is not true for other types of student loans. The special treatment of a Perkins loan was a provision of the Higher Education Act. Perkins loans are distributed by colleges, and they are a need-based type of loan, with interest deferred while the student is still in school. No other type of student loan delinquency stays on your credit report until the loan is paid off".

[Chezy1025]

I'm not sure if that applies to this loan; it is currently fully rehabbed and in good standing with the Dept. of Ed.. The only issue is that this is the negative information on my report prior to the transfer to the Dept. of Ed. from Great Lakes higher ed. Great Lakes refusing to remove it and said they are reporting accurately. Since my first Delq was Nov. 2009( I think) will it be removed at the end of this year? or does the same rule apply and it will remain until I fully pay it off?

[Anonymous]

---

@Chezy1025 wrote:

This account is reporting as the original tradeline for a student loan that I have rehabbed - they refuse to update it and say that it is reporting accurate data prior to being transfered.

Status:

Transferred,closed.

Date Opened:

12/2008

Reported Since:

11/2009

Date of Status:

12/2011

Last Reported:

12/2011                                Type:

Education

Terms:

NA

Monthly Payment:

$0

Responsibility:

Individual

Credit Limit/Original Amount:

$3,090

High Balance:

NA

Recent Balance:

NA

Recent Payment:

NA

Account History:

 180 days past due as of May 2011 to Nov 2011

 150 days past due as of Apr 2011

 120 days past due as of Mar 2011, Mar 2010

 90 days past due as of Feb 2011, Feb 2010

There are no dates listed for when it will be removed, I read it like the first Delq. was Nov. 2009. Should it be removed at the end of this year?

---

Since it is NOT reporting as being charged off, there is no associated DoFD, and the monthly derogs will each drop off at 7 years.

[Chezy1025]

Wouch! That is exactly what I was hoping was not going to be the case- back to emailing Great Lakes and hoping for the best! Thanks Norman

[Anonymous]

I read a few post on here where GW letters were sent to Dept of Ed's Ombudsman office. I tried a couple of weeks ago and waiting on a response now. I will let you know the outcome..hopefully soon *fingerscrossed*

[Chezy1025]

Thanks! I am sure you will have good results, the Dept. of Ed. was great about helping me rehab my loans and removing the negative tradelines. Great lakes owned this specific loan prior to transfering it to the Dept. of Ed. and they have not been as forgiving! I have e-mailed them numerous times and have constantly been told that they are reporting correct information and that they are required by law to continue to do so.

[Anonymous]

Gotcha. EdFinancial has been pretty stubborn with me too, but I will continue to send letters, emails and phone calls until I get results. :-)

[RobertEG]

Government insured or guaranteed student loans are not subject to the normal credit report exclusion for monthly delinquencies of 7 years while the loan remains delinquent.

As stated in an earleir post, the Higher Education Act provides that the exclusion period is extended until the loan is no longer delinquent.

The issue then is apparently the effect of the rehab on that extension.

If the loan has been paid, the 7 year exclusion period applies.

If you have disputed and they have verified, the next step is to send a formal complaint to the CFPB.  Make sure, since the exclusion period depends upon proof that the loan is no longer delinquent, to include that proof in your complaint.