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Hi all - I had two student loans in rehabilitation. I completed the rehab in March and all my negative marks have been removed from my credit reports. My loans were picked up by FedLoan Servicing on April 1st and I set up a payment plan with them and have already made 3 payments. My issue is FedLoan Servicing has not yet reported anything to the three credit bureaus. They told me they require to have the loans in their system for 30-60 days before they can report. Since it's been well past 60 days, I have called them to see if they've reported yet, but it's like talking to a brick wall. They don't seem to understand my question, which is simply "Can you please report my loans to the three credit bureaus". They are now saying it takes the credit bureaus 60 days to report AFTER they send the information to them. One, I find that to be false, and two, I still don't believe they have even sent anything to the credit bureaus yet.
Does anyone have any advice or experience with FedLoan Servicing? Seriously, all I am asking is for them to report my accounts accurately. I am in the home-buying process and I want these acounts to reflect on my reports now so there are no surprises down the road. The funny thing is I thought having the negative items removed from my reports would be the difficult part of the rehab process but that was simple. Now that my loans are in good standing, I can't get them reported! LOL
I have several loans with them, & I haven't had any problems with them. They seem to report at the end of the month, like Sallie Mae.
I think once I can get them to report, it won't be a problem going forward. It's just getting them to report for the first time that's the issue. It's been almost three months, and I'd like these new tradelines to report. God forbid if I had missed a payment, I could guarantee they would have already reported with negative information.
Try getting assistance from the US Dept of Education's Ombudsman's Office 1-877-557-2575. Sometimes they can compel the servicer to escalate the question and get you the correct answer. You could also ask FedLoan for a screen shot from its system showing the date it reported to the credit bureaus (they have one). They would verify whether they are telling you the truth or not.
Did you finanlly get fedloans to report your accounts? how long did it take. I am in the same situation as you
they report for me now! didn't rlly help my score much after i rehabbed 3 loans but whatever..
I owe about 11k on my student loans, should I Pay them all off in full right now to lower debt utilization? will that raise my score? Or should I pay half and the rest monthly?
Thanks!
@StudentSam wrote:they report for me now! didn't rlly help my score much after i rehabbed 3 loans but whatever..
I owe about 11k on my student loans, should I Pay them all off in full right now to lower debt utilization? will that raise my score? Or should I pay half and the rest monthly?
Thanks!
I'd put more towards the down payment on a new home before I paid off the SL, especially if the SL has a 2.x% rate. Paid/closed SL account will not dramatically change your scores. Any money you don't put towards the house will be better off invested or saved in emergency funds (vs. paying of the SL.)