Student Loans

[treezie]

My loan was picked up by Mohela at the end of March and it hasn't been reported to the credit bureaus yet.  The transfer from my old servicer to Mohela has been somewhat confusing I might say...and took me by surprise.

[brza44]

Just received my first credit report showing Mohela as loan servicer and from what I see, this is true. HOWEVER, they are now reported as separate loans and, for some reason, this has dropped my credit score by 30 points. The only other changes to my record are one old credit account that came off, which was closed in good standing at my request years ago. Does anyone have any idea why my credit score was so negatively affected? The only significant change in my report is the reporting of my loans as 10 separate "new or changed" accounts. Help!?

[tburns]

Well Mohela is listed on my CR now. But one problem is my SL is being reported 7 times for 2 accounts with 4 open and 2 of them dupes. So my total installment debt shows $10k more then it should be.

Kinda annoying but as far are history, only EQ shows any payment info (OK) , but blank on the other 2 other then 1 month OK on EX and 4 on TU. At least under status they all show current.

[hateAshbury]

I'm getting tired of my loans being resold and re- "serviced", when usually that's a huge disservice to me. Just let me pay my loan off, eh?? Is that cool??

[TVZ]

Dear Fico Member I had the same issue you experienced with direct loans where my score dropped 30 pts negatively on my Transunion. My EQ, EX reported correctly. Can you please provide me with some advice on what you did to correct prior to your loans being transferred to Mohela? I just received an email from Mohela that they have taken over my loans and I don't want my scores to drop any further. Please advise Thank You TVZ

[FicoTron]

My tradelines were reporting as double for a little while cause direct loans and Mohela were reporting the same balance. It ended up being fixed without having to do anything. I think direct loans is finally getting around to reporting correctly after this huge change over the last year with their accounts. As far as these appearing as new accounts, they are new to your report, but they are as old as when they originated with direct loans, which should help your scores in most cases by strengthening your AAoA.

[TVZ]

So you're pleased with Mohela? I know in your earlier post you weren't pleased with the results. What was your score prior with Direct & how much did it increase by once yiou made the switch? Do you have one student loan or multiple? Lastly we're they consolidated by Mohela into one payment or kep separately. I appreciate your feedback

[ceemee2203]

Mohela has started reporting on my CR. The DL had reported as closed/transferred, but now they're are reporting a balance once again. My CR shows that I have $22000 in loans instead of $11000.

[FicoTron]

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ceemee2203 wrote:
Mohela has started reporting on my CR. The DL had reported as closed/transferred, but now they're are reporting a balance once again. My CR shows that I have $22000 in loans instead of $11000.

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same here on Experian, TU has gone back and forth a few times, doubling then going back, it's weird.  But for me it helps my score because these loans are dated, so my AAoA goes up among other things.  I'm still waiting for it to shake out across all three bureaus

[Anthony5]

My wife and I both had our loans consolidated with Direct Loans. My loan was recently sent to be serviced by Mohela, now there is a big problem every time we have to submit the paper work for the income based repayment plan because they are supposed to take into account both of our loans when calculating our payments and they dont. Just when we thought it was hard for that, try adding a change in family size. I was told three different things in regards to how to send them information about changing my family size which would have lowered my payment a little bit. The service is horrible.