08-30-2012 05:17 PM - edited 08-30-2012 05:17 PM
My student loan was recently sold to a new bank (5 months ago), and how nice of them both to still be reporting the balance on my Credit Report.
How can I correct this, and is it worth it or should I ride it out? The loan only has 2300 remaining, and is not destroying my debt to income ratio.
08-30-2012 10:39 PM
If it's not really a nuisance right now, I would just leave it alone. Student loans are terrible about updating, it seems.
08-31-2012 09:33 AM
They update rather quickly if you miss a payment or two.....
Very true. But I think that's true of every creditor, unfortunately!
09-02-2012 03:32 PM
You can dispute the first as PIF. It should update on your credit report by itself at some point. I would guess they only update once a month or once every two months. That's how often it seems all of my student loans update.
09-05-2012 08:35 AM - edited 09-05-2012 08:43 AM
Contact the student loan ombudsmen, thats what I did. Then contact the FTC and the CFPB. Why should those running student loans have free will to do whatever they want to individuals credit reports without any reprecussions? If they mess up, its "oh well, we are having issues". If I mess up, it's 7 years of bad credit and whatever else they decide to impose. I paid my loans off months ago, and they are NOW showing up as being currently in collections. The whole thing is a fiasco, and somebody needs to get on their behind.
Take my advice. Do not let this just lay dorment, thinking it will all get worked out in the end. Read around this board, and some of the other boards. You may very well find yourself paying off one of those tradelines, only to find that in 2,5,7,10 years somebody is contacting you saying you now owe 10,000 or whatever the case may be. Get it in writing from the first place that, you owe them nothing. Get it in writing when you pay them off in full. Keep the emails you sent/received from ombudsmen and anyone else. Don't just take their word on the phone. They will tell you, on the phone, don't worry you are all set, then weeks, months later, you are receiving bills, and the person on the phone is nowhere to be found.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.