I have several old late payments on student loans showing on my credit reports. All of the loans in question are now marked paid/closed as I consolidated and am in good standing with all my open student loans. The lates range from 30-180 days and all of them are at least 3 years old now. These are all due to my own stupidity in not sending in forbearance paperwork in a timely way. (I could just kick myself silly now.)
I know I could try to get goodwill deletions on the old lates. But I saw on here that goodwill requests can lead to dispute comments being put on your credit report, which look negative. I also know from reading on here that student loans are very unlikely to grant goodwill requests, and that lates over 2 years old aren't as harmful.
Is it better to just leave bad enough alone and not risk having dispute comments put on my reports? What should I do?
You could state in your GW letter that the request is not a dispute. Then if the loan is reported as disputed you can argue an FCRA violation.
It is becoming more and more common for a creditor to use a GW request as a dispute. When you write it just make it clear it is not a dispute in any sense and you are asking only for a GW adjustment.
Nothing says you have to use the traditional GW forms letters...they are only meant as a guide, not a cut n paste. Below is what I personally do, and I havent had any problems with disputes. Makes it crystal clear AND keeps a tool in the arsenal for later if you want the CRA to remove the dispute. Just ask the CRA if this looks like a dispute to THEM?!?
This is what ive been using (this particular one bought me a full deletion AND a complete forgiveness of the deficiency balance). My cut n pastes always seem to come out with extra spacing, so ignore the format.
<CONSUMER CONTACT INFO>
January 31st, 2013
<CREDITOR CONTACT INFO>
- This is NOT a dispute -
Dear Sir or Madam,
Please be advised, this is NOT a dispute in any way, shape, or form. It is intended, rather, as an overview by way of explanation.
I was a customer with you in 2012, and during that time I thoroughly enjoyed <XXX>'s professionalism and customer service. The purpose of this correspondence is to ask you to consider a “goodwill” adjustment to your credit agencies reporting.
I would ask that you consider removing the reported negative information. The vehicle that I had purchased through the <XXX> lot had multiple mechanical problems, including a complete engine replacement, 4 months after purchase. Unfortunately, it was also 12,800 miles after purchase, and therefore out of warranty. Although <XXX> offered to split the repair costs with me, which I very much appreciated, I was financially unable to pay both the 50% repair costs (my part being well over $750.00 for the engine alone) and the regular monthly payments simultaneously. At that time, I immediately voluntarily surrendered the vehicle to the <XXX> lot. As a result, the credit bureaus now reflect a repossession.
The warranty situation was simply a matter of bad luck. It was certainly no fault of your company, as a matter of fact you went above and beyond by the offer to split repair costs, which will not be forgotten. This explanation is not intended as an excuse for my inability to pay the combined repair costs/monthly payment, it is only intended as an overview.
It is my personal opinion that the credit entry does not accurately reflect my credit worthiness, as it's purpose is intended to do. I sincerely hope you are willing to consider working with me in removing this mark from my credit reports. Feel free to contact me at any time with any questions, comments, or concerns. Regardless of your decision, I fully intend to be a customer with <XXX> in the future. Your customer service is unmatched in the industry.
United States Army, Retired
ok, so realizing this is a long shot, here is the letter I was going to send to Sallie Mae and to Student Assistance Foundation. Please give me any thoughts or critiques??
student loan company address
re: account numbers xxxxxxxxxxx
***This is not a dispute***
Dear Sir or Madam,
I am writing to you regarding my accounts with the numbers listed above. First let me state that I am not writing to dispute the validity of these accounts in any way. They are listed as 90-180 days late during the time period of January through June of 2010. This happened due to my failure to submit requests for forbearance or deferment in a timely way. All of these accounts were closed in January 2012 when I obtained a consolidation loan. I have kept all my open student loans in good standing since that time.
I know that it was entirely my fault these loans became delinquent. At the time I was unable to work due to a disability, and was confused about the options of forbearance, deferment, or income based repayment available. Feeling overwhelmed, I foolishly avoided the matter instead of taking care of it. I realize this was not responsible behavior on my part and have made it my goal to handle all my financial matters in an organized and responsible way going forward.
I am writing to ask if there is any way that the late payments during this time period in 2010 can be removed from my credit report. I realize that you are obligated to report accurate information to the credit bureaus. However, Section 623.a.7.e of the Fair Credit Reporting Act (FCRA) states that you do in fact have the authority to remove negative, yet accurate information from a credit file if you choose. The FCRA just requires any information that you do report to be accurate.
Any consideration you can give to this request would be deeply appreciated.