Credit Card Center Advertiser Disclosure

Reply
New Visitor
Posts: 1
Registered: ‎08-18-2017
0 Kudos

Re: Just finished student loan Rehabilitation, need help with removing lates/possible GW letter

I finished my student loan rehabilitation on 8/3/2017 with PHEAA.  How soon should I expect to seen a change on my credit report?  

Regular Contributor
Posts: 246
Registered: ‎02-22-2013
0 Kudos

Re: Just finished student loan Rehabilitation, need help with removing lates/possible GW letter


Tahirahr25 wrote:

I finished my student loan rehabilitation on 8/3/2017 with PHEAA.  How soon should I expect to seen a change on my credit report?  


There's no set timeline, unfortunately. 

 

1) The servicer for your defaulted loan should delete the default notation pretty quickly. Looks like it takes from 1-3 weeks if you look around at what people on here have said recently. But it really depends on the servicer, and they all do things at different speeds. 

 

2) The servicer that picks up your loan will usually get that new tradeline added to the reports pretty quickly. Again, looking around here, that process is taking from 1-3 weeks right now.

 

Again, that's just from what I've seen people on here say recently, so no guarantees, of course. Back when I completed rehab, it took a little more than a month for all of the credit report changes to happen. 

 

Good luck. You're almost there. 

TU FICO: 778 ||| EQ FICO: 784 ||| EX FICO '08 : 780
Valued Member
Posts: 27
Registered: ‎08-28-2017
0 Kudos

Re: Just finished student loan Rehabilitation, need help with removing lates/possible GW letter

I love this forum!  As I look to clean up some credit issues this year, I have found a lot of value in reading other folks experiences!

 

9/2 will be my last payment in the Federal Student Loan Rehabilitation Program!  Whee!  In fact, my "normal" due date is the 24th of every month but I am trying to be proactive in getting the loans rehabilitated and " status updated".  I am in the process of buying a house and getting this item cleared up is one of the hurdles.  

 

From what I am reading, it looks like folks are experiencing 2-3 weeks for the new servicer to convert the loan?  Can anyone suggest any ways for me to "help" that process along?  My (bad) irish luck would be that it would look more like 6-8 weeks lol

 

I am still relatively unclear on what the outcome looks like regarding reporting...? Ultimately the loans will no longer be listed in default, and I realize that, but I am reading that folks have had all of their late payments removed?  Is that typical?  Again, my (bad) Irish luck would be that they wouldn't be removed.  However, I have evidence of 9 monthly payments that SHOULD NOT be reported as unpaid, and I can fight those months if worst comes to worst.

 

 

Highlighted
Valued Member
Posts: 27
Registered: ‎08-28-2017
0 Kudos

Re: Just finished student loan Rehabilitation, need help with removing lates/possible GW letter

Well, my Irish luck has struck again (heavy sarcasm here).  A lot of this rant is cathartic more than anything, but if anyone has any advice please share!

 

I made my final 9th consecutive payment to Immediate Credit Recovery just last week.  I was curious to the "what next" including when the US Department of Education would be updating my credit report.  I called ICR and they told me to contact US ED directly.  So I called them & they informed me that I had NOT completed my rehabiliation program.  That the paperwork from ICR had me signing to agree to 9 payments of $275 not the $251 I had been paying (and the $251 was the SAME amount on my statements each month from the US Department of Education).  

 

I believe what happened was the initial intake paperwork and preliminary monthly payment of $275 was sent to the US Department of Education but not the UPDATED paperwork with the actual payment after they examined my financials.  I truly believe that is what happened.  I truly believe someone at ICR didn't submit the updated paperwork.

 

So the US Department of Education will not progress my account until the paperwork is accurate.  ICR is telling me they cannot generate a new letter.  I'm stuck.

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
‡ Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

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.