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

New Contributor

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

Well, as of yesterday I have put in the last payment for the rehabilitation! I'll try to keep it posted how things go from here. The original loan was through Bank of America/Great Lakes and it went to Performant Recover CA... Hopefully it'll be picked up quick and I can put this all behind me!


FICO 08 (12/28/15): EQ: 582 TU: 561 EX: 589
FICO 08 (04/03/16): EQ: 684 TU: 711 EX: 704
Goal: All:750+

Message 21 of 84
Established Member

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

This will likely be my last update, and it's all great news. I will copy paste and add on to my previous update and recap so everything is consolidated into one post.

 

Final update and recap

 

11/17/15 - Finished rehab from US Dept of Education. Informed that FedLoan Servicing will be new loan officer.

11/23/15 - Disputed my student loans to all 3 CRAs (TU/EQ online, EX phone). I stated that I completed rehab and any negative/default marks on any student loans should be removed. 

 

11/30/15 - Creditkarma scores for TU/EQ jumped up to 740! Actual TU FICO 753! Looking closer I saw that my US Dept of Edu student loan accounts were completely deleted from my reports. The loans aren't still on there with default status removed, or with lates or lack thereof, they are just completely removed. My AAoA took a tiny hit from these being completely removed but my payment history and lack of default/collections got a massive boost. I called EX and confirmed they were straight up completely removed as well. 

 

12/27/15 - Paid my first installment to FedLoan Servicing. Still don't have ANY student related accounts on my reports, old or new, good or bad. 

 

1/27/16 - Paid my second installment. Still don't have ANY student related accounts on my reports, old or new, good or bad.

 

2/8/16 - My credit reports are now showing the new FedLoan Servicing accounts! And the great news is that they are showing as opened when the original student loans were opened back in 2008, and the status is "PAID AS AGREED" with no late history! My AAoA has been given a huge boost!

 

It is incredible to have been through this journey of 3 years of hard work (started rehab 1 year ago) which has finally paid off. 3 years ago I had absolutely terrible credit and now I have excellent credit. Good luck to all that are in a similar situation I was in, I strongly encourage you to follow the same footsteps that I followed in!

Message 22 of 84
New Contributor

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


ManImCool wrote:

This will likely be my last update, and it's all great news. I will copy paste and add on to my previous update and recap so everything is consolidated into one post.

 

Final update and recap

 

11/17/15 - Finished rehab from US Dept of Education. Informed that FedLoan Servicing will be new loan officer.

11/23/15 - Disputed my student loans to all 3 CRAs (TU/EQ online, EX phone). I stated that I completed rehab and any negative/default marks on any student loans should be removed. 

 

11/30/15 - Creditkarma scores for TU/EQ jumped up to 740! Actual TU FICO 753! Looking closer I saw that my US Dept of Edu student loan accounts were completely deleted from my reports. The loans aren't still on there with default status removed, or with lates or lack thereof, they are just completely removed. My AAoA took a tiny hit from these being completely removed but my payment history and lack of default/collections got a massive boost. I called EX and confirmed they were straight up completely removed as well. 

 

12/27/15 - Paid my first installment to FedLoan Servicing. Still don't have ANY student related accounts on my reports, old or new, good or bad. 

 

1/27/16 - Paid my second installment. Still don't have ANY student related accounts on my reports, old or new, good or bad.

 

2/8/16 - My credit reports are now showing the new FedLoan Servicing accounts! And the great news is that they are showing as opened when the original student loans were opened back in 2008, and the status is "PAID AS AGREED" with no late history! My AAoA has been given a huge boost!

 

It is incredible to have been through this journey of 3 years of hard work (started rehab 1 year ago) which has finally paid off. 3 years ago I had absolutely terrible credit and now I have excellent credit. Good luck to all that are in a similar situation I was in, I strongly encourage you to follow the same footsteps that I followed in!


I only have 2 student loans, but they are showing up as 6 different accounts, including 2 collection accounts. I completed rehab Jan 22, and am not aware of who my new lender will be. 

 

Should I dispute all of the accounts or just the collection accounts? Any advice will be greatly appreciated.

 

 

 

 

 

 

 

 

Message 23 of 84
New Contributor

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

Congrats and awesome! Question though, did your loans come up as different names on your CR?


FICO 08 (12/28/15): EQ: 582 TU: 561 EX: 589
FICO 08 (04/03/16): EQ: 684 TU: 711 EX: 704
Goal: All:750+

Message 24 of 84
New Member

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

@manimcool thank you so much for the postings. It really gave me a lot of hope after defaulting on my loans. 

 

I just finished loan rehabilitation with GC Services on 1/31/2016.

 

On 2/4/2016 I was told that all my loans are now with the Dept. of Ed. I initiated disputes with Equifax and Transunion on the same date (2/4/16) asking them to verify all the information on my CR and in a separate dialog box in the online dispute I said something along the lines of "I completed my loan rehabilitation and all negative marks relating to my student loans should re removed." I did this for each TL. I had to call into Experian and do the same thing since the online dispute form did not work for me. The Experian rep I spoke with was very helpful.

 

Judging by manimcool's postings, I'm hoping that the negative marks will be removed by 2/11/16. Fingers crossed! The standard response from the 3 bureaus is that they will complete the dispute by 3/4/16. 

 

I'll post back here with any updates that I have. Really hoping for a good result!! 

Message 25 of 84
Established Member

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

@Zac1, the new loans (dated back to 2008) are under the new name of FedLoan Servicing, not the original US Dept of Educaiton. US Dept of Education no longer appears on my credit reports anywhere. 

Message 26 of 84
Regular Contributor

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

So couple questions for you guys that just completed Rehab.

1st... You guys mentioned the old accounts were deleted. Then the new accounts were added to your credit report with the old original date. So, was every account/loan done this way? Or after rehab, did they consolidate all of your individual loans into one loan and then one loan is reporting the original date.

 

2nd... After completion of Rehab and once your new service provider picked up the loans, did your monthly payment change from the payment during Rehab? Or did everything stay the same?

Message 27 of 84
Established Member

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

1st - for mine, my student loans started as 3 separate accounts, and then after rehab, they continued to be 3 accounts. I usually read about it happening with consolidation; I think my data point where they remained separated out is a bit unusual.  

 

2nd - my rehab payment was $292 - after rehab, my new loan officer told me it had dropped down to like $40 or something! No thanks; I'll keep paying $292. I'll be paying $40 for decades with tons of interest if I take them up on their offer. If I stick with $292 I'll be done in a couple years. Yes please. 

Message 28 of 84
New Contributor

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

I think I would have taken the $40 and just made extra payments towards the principle.
Message 29 of 84
Regular Contributor

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

Thanks for the in Manimcool. And either way, at least your wanting to pay down your debt and keeping up with the bigger payment!

Message 30 of 84