New SL account on my TU credit report

[Anonymous]

This morning I got an alert saying that a new account had been opened by Texas Guaranteed Student Loan in my name and placed for collection. The account says date reported : 2010. How is that even possible. I have two outstanding loans with them that are getting ready to fall off from years ago and know I need to take care of them but how can they open an account with a "date opened" two years from now? And isn't this re-aging, nonetheless? If anyone has some info I would appreciate it.

[Anonymous]

I'm no expert (obviously), but it sounds as though your original defaulted loan(s) were claimed by the guarantor (often, the DoE or state equivalent). Once that occurs, the reporting process starts all over again.

AFAIK, DoE (or, again, the state equivalent) can do this over and over and over. SLs have no SoL and they have oodles of recourses to take in getting their money. Including, but not limited to, tax refund offset, account levy, wage garnishment, etc.

Was this a private or Federal loan(s)?

If Federal, the only way to truly fix this (since you've obviously are no longer "falling between the cracks" in the system) is to contact your guarantor and see if you can rehab the loan. That would require 9-12 months of $50 payments. Once rehabbed, the "default" and collection status will fall off (any lates still be reporting will stay) and your (new) loan will be marked "CURRENT" or "PAYS AS AGREED."

Also bear in mind that the longer you wait, the more interest will be capitalized on your loan. Defaulted SLs can balloon from, say, $1000 to $15K in a few years -- once the collection fees are added (up to 40%). Not a pretty picture.

I hope this helps!! I really feel for you!!