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Dear Tacoma,
After careful review of your account, we have submitted a retraction to all national credit reporting agencies for the checked reason below. Please allow up to 30 days for the credit bureaus to process this request.
x Revised the account status from defaulted to transferred due to rehabilitation of your defaulted student loan.
OK,someone PLEASE tell me what this will mean to my FICO score. I'm hoping.......up UP.
Will still show it was late when it was late, but will now show paid in full.
Cant say for sure but this is what mine says. It is listed in my equifax file as a factor, actually 8 of them, of what is bringing my score down. I did the rehabilation and then consolodated in july of 08. My only hope is these puppys drop off in the next few months(the 7 year mark). However I never paid anything until I was garnished and agreed to do the rehabiliation, then later consolodated through ED. Maybe your letter means moving foward, no further derogs/ But it does'nt change the history, although I could be wrong. Interesting though how the first major deliency reported was when I consolodated, that is what is hurting me now.
US DEPT OF EDUCATIONPO Box 4222
xxxxxxxxxxxxx
Current Status: Account Owner:
Individual Account.
High Credit: $2,625
Type of Account: Installment
Credit Limit: $0
Term Duration: 36 Months
Terms Frequency: Single Payment Loan
Date Opened: 08/1998
Balance: $0
Date Reported: 11/2009
Amount Past Due: $0
Date of Last Payment: 07/2008
Actual Payment Amount: $0
Scheduled Payment Amount: $0
Date of Last Activity: N/A
Date Major Delinquency First Reported: 07/2008
Months Reviewed: 58 Creditor Classification: Educational Activity Description: N/A Charge Off Amount: $0 Deferred Payment Start Date: Balloon Payment Amount: $0 Balloon Payment Date: Date Closed: Type of Loan: Education Loan Date of First Delinquency: 03/2003 Comments: Collection account,
Refinanced
tacoma, I'm not so sure that what is on the description doesn't count. This is why - on my scorewatch FICO Summary, one of the statements says this under #2, the section that says You have multiple accounts showing missed payments or derogatory descriptions. Then when I go to each account, under Descriptions, many say nothing, but some say: Consumer disputes this account information, or Collection Account, or Child Support Obligation,
So, the implication is in order of importance of what is hurting my score: 1: serious collection or deliquuency, 2) missed payments or derogatory descriptions, 3) recently missed payment, 4) short credit history (12 years). The postive? 1) recent use of a credit card.
The derogs of consumer disputes this account were put on there over a year ago, the accounts are from 4-6.5 years old. yet it counts a lot against me now, thought I can't see why, unless it is because the keep up to date on reporting it.