08-15-2012 07:29 PM
About a week ago I got a notice that I was 60 days behind on a student loan. I didn't know about this account. It was a federal loan but it was processed through a company called ECSI, whereas the other 95% of my loans are Direct Loans. Naturally, I called the company and explained what had happened. Fortunately, they let me know that if I sent over documentation that my other Direct Loans were in a forbearance during this time, they could backdate a forbearance on my account and the delinquency would be removed from my report.
I faxed over the information (thankfully my Direct Loans were in a forbearance until next month) and they updated my account to show a forbearance, removing the negative status. Upon calling the company, I was told that the 30th would be the next time that they reported to the credit bureau, and at that point the negative remark would be retracted.
My question is, does anyone here have experience with this sort of thing? Is there ever a problem in the delinquency being removed? I've never had a late payment, and seeing my score drop 60+ points after the delinquent account hit my Experian report was heart wrenching, to say the least. Can I expect the process to be smooth, or should I be anticipating having some difficulty in seeing it fall off?
Sorry to ask so many questions. Like I said, I've never been in a situation like this. To make matters worse, I was planning to buy a car in a couple of weeks, so the timing here it just about as terrible as it could be.
Thanks for any help!
08-20-2012 06:21 AM
Make sure you dispute the baddie on your report. This might save a few days plus it puts the CRA on notice.. Send the OC a letter confirming your conversation. Computers have a funny way of screwing up just when you dont need them to. Be sure to make your payment on time when it comes out of forbearence and make sure you notate your check to reflect all the loan numbers (including the recent baddie).
You should not have a problem but if you do, you will have covered all your basis. Good Luck.