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Double posting student loan

Frequent Contributor

Double posting student loan

Hi,

 

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.

 

Thanks

5 REPLIES
Senior Contributor

Re: Double posting student loan

If it's not really a nuisance right now, I would just leave it alone.  Student loans are terrible about updating, it seems.

Latest scores: Walmart TU: 769. MyFICO TU: 769. DCU EQ: 755. MyFICO EQ: 780. PSECU EX: 756. MyFICO EX: 780.
Regular Contributor

Re: Double posting student loan

They update rather quickly if you miss a payment or two.....

Senior Contributor

Re: Double posting student loan


igids1 wrote:

They update rather quickly if you miss a payment or two.....


Very true.  But I think that's true of every creditor, unfortunately!

Latest scores: Walmart TU: 769. MyFICO TU: 769. DCU EQ: 755. MyFICO EQ: 780. PSECU EX: 756. MyFICO EX: 780.
Valued Member

Re: Double posting student loan

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.

Highlighted
Regular Contributor

Re: Double posting student loan

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. 

 

 

http://www.consumerfinance.gov/blog/our-student-loan-complaint-system-is-open-for-business/

 

https://studentaid.ed.gov/repay-loans/disputes/prepare/contact-ombudsman