01-02-2013 10:39 AM
Was wondering what is the average time credit reports were updated after rehab completion. If anyone has dealt with NYS Hesc in rehab, that would be a plus!
Currently I completed October 27, 2012. The loan was picked up Novemeber 19, 2012. Received two letters stating my rehab completion and account was sold, but no adjustment to credit reports yet. I was told it would take up to 60 days to update. Anyone with success with NYS HESC being rehab and Edfinancial/Nelnet being original lender would be greatly appreciated.
01-03-2013 06:33 AM - edited 01-03-2013 08:50 AM
It took me over two years after rehab was completed to get the default indicators (i.e. "paid by insurance", "defaulted", etc.) removed from the account entries on my credit reports.
Keep in mind that all the late payments will still show until they drop off when the appropriate amount of time has passed.
Edited to add: I just got off the phone with Nelnet, and I couldn't even get them to understand my question, apparently, as her response to me was "this will stay on your credit report for ten years".
01-03-2013 10:14 AM
01-03-2013 11:42 AM
The "claim filed" notation is the final remark on credit reporting when a student loan defaults. If you successfully rehabilitate the loan, you can contact Nelnet and request that the claim filed status changes to "transferred."
01-03-2013 12:51 PM
01-04-2013 12:42 PM
Someone was nice enough to pm me email address to executive office. Will post results As they come.
01-05-2013 06:07 AM
In general it can take up to 60 days for your credit report to update. You can give Nelnet a call to request it be updated and they might be able to get it done in a month.
01-05-2013 06:14 AM
01-05-2013 07:07 PM
Equifax updated one of my loans "Paid as agreed", but not the other one. It still states collections. The lates of course are all still there. i guess I am going to have to contact Nelnet to let them no they missed an account.
01-06-2013 02:02 PM
Hi again Unique!
For me - when I found out in December 2012 that my loan was rehabbed and picked up by new lender - I immediately disputed it on all CRAs.
Then, I found that those were deleted (pulled up new reports). After confirmed that those were completely out of my account - I learned that I was able to get like a letter saying that your loan has been rehabbed and will be deleted in 30-60 days.
I think I got really lucky - I am not sure if "disputing" is such a good idea - but perhaps, may get CRAs attention (because they will contact your lender to verify your debt and your lender will say, hey - it has been rehabbed so delete it away!!)