Back in January my one remaining student loan from undergrad transferred from Mohela to Fedloan.
Mohela has reported the loan transferred, and this is reflected on all 3 bureaus.
I've made 3 payments since the transfer and the Fedloan account is nowhere to be found on any of my reports (not on my most recent 3B Premier from myFICO on 4/20, and not on my most recent Credit Karma Equifax & Trans Union, dated today).
Anybody know how long it will take for Fedloan to start reporting? I am anxious to see the impact on my score; particularly hoping they report dates correctly and bring the AAoA back up for my open accounts. Also hoping they report original balance and not transferred balance for more favorable util.
Thanks for your input!
@Anonymous wrote:I can only hope FedLoan takes their sweet time on being reported on my reports.
I recently did a consolidation with them, and last month they became the new servicer of my loans. I'm in the process of buying a home so having my student loans show on my reports as paid off without FedLoan reporting right now is helping. I'm assuming my scores will drop a little once FedLoan is added to the mix. If they could hold out for a couple of months, that would be great.
Well I don't know how to make it work, rookie08, but I hope we both get our wishes! Mine to report and yours not to.
Update: After switching servicers to FedLoan in January, and after the previous servicer reported the loan closed/transferred in January, the transferred student loan finally showed up on my CK Trans Union & Equifax reports tonight -- so by my estimation, it took Fedloan just over 4 months to first report to the bureaus once they began servicing the loan.
I'll be able to pull a tri-bureau via MyFico Premier 3B at the end of the week to confirm the loan is appearing on Experian as well.
Two pieces of good news:
- They did report with the original highest balance for the loan rather than the balance at the time of transfer, so that helps on utilization.
- They are showing the original open date instead of the date transferred, so that helps on AAoA.
Just wanted to provide data points for anyone else switching servicers.
Do you have any update after you pulled your new credit bureau through myfico? I am curious if there were any significant changes to your fico scores used for mortgage loans.
@tlavery wrote:Do you have any update after you pulled your new credit bureau through myfico? I am curious if there were any significant changes to your fico scores used for mortgage loans.
Hi tlavery,
I'm sorry, I don't think I can isolate the impact of the student loan reporting on my FICO mortgage scores, because I had a lot of activity between April 20 and May 20. In addition to the student loan reporting after the transfer, I had 4 late payments (my only baddies) excluded via GW letter to Capital One, added a couple of hard inquiries and had 2 new revolving accounts totalling $30k in available credit start reporting as well.
If you are viewing the site on a desktop I do have my FICO 8 and Mortgage scores from the past 3 months in my signature. I don't think signatures appear if you are viewing the site on a mobile device.
Thanks for the reply. It is encouraging though that two out of three did see increases. I will be adding two small revolving accounts, so hopefully next month we will see a boost from that. I will also be interested to see if putting the loan in rehab has any effect. I have heard someone who said their lates dropped off until after the rehab was done only to come back after the loan was transferred to a new servicer after the rehab was completed.
The loan officer is showing the letter from the CA that has the defaulted student loan to see if they will give me a pre-approval with the stipulation that we can not close until we have made three on time payments. We will see what he says hopefully tomorrow.
I also called the FHA resource office today asking if a rehabilitation agreement met the "satisfactory payment agreement" stipulation mentioned on the HUD site as follows:
If the borrower, as revealed by public records, credit information, or HUD’s Credit Alert Interactive Voice Response System (CAIVRS), is presently delinquent on any Federal debt (e.g., VA-guaranteed mortgage, Title I loan, Federal student loan, Small Business Administration loan, delinquent Federal taxes) or has a lien, including taxes, placed against his or her property for a debt owed to the U.S., the borrower is not eligible until the delinquent account is brought current, paid, otherwise satisfied, or a satisfactory repayment plan is made between the borrower and the Federal agency owed and is verified in writing.
Cross your our fingers for me 
The thing is from what I am reading I should not need the default status removed OR have the student loan removed from the caivrs system. This is what I found in HUD document:
Delinquent Federal Debts. If the borrower, as revealed by public records, credit information, or HUD’s Credit Alert Interactive Voice Response System (CAIVRS), is presently delinquent on any Federal debt (e.g., VA-guaranteed mortgage, Title I loan, Federal student loan, Small Business Administration loan, delinquent Federal taxes) or has a lien, including taxes, placed against his or her property for a debt owed to the U.S., the borrower is not eligible until the delinquent account is brought current, paid, otherwise satisfied, or a satisfactory repayment plan is made between the borrower and the Federal agency owed and is verified in writing. Tax liens may remain unpaid provided the lien holder subordinates the tax lien to the FHA-insured mortgage. If any regular payments are to be made, they must be included in the qualifying ratios.
My rehabilitation IS a repayment plan made between me and the federal agency. I just need to be sure that it is a SATISFACTORY repayment plan. I have a call into the FHA resource office to see if they can confirm that a rehabilitation IS a satisfactory repayment plan. It if IS, there is NO REASON to do a consolidation because the loan should be approved with the student loan still in default and still being listed in caivrs.