Credit Cards Center Credit cards from our partners
Reply
Established Member
Posts: 26
Registered: ‎07-04-2007
0

New servicer: Fedloan. How long to report to bureaus?

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!

 

 

04/20/17 - Fico Score 8: EQ 695, TU 689, EX 728; Mortgage: EQ 731, TU 740, EX 815
05/20/17 - Fico Score 8: EQ 763, TU 767, EX 753; Mortgage: EQ 796, TU 773, EX 804
Regular Contributor
Posts: 274
Registered: ‎03-13-2017

Re: New servicer: Fedloan. How long to report to bureaus?

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. 

FICO8 Scores - May 2017 595TU / 611EQ / 599EX
On Mortgage Journey
Starting Mortgage Scores (Feb 17) 523EQ / 547TU / 564EX
Mortgage Scores (May 17) 595EQ / 625TU / 616 EX
Established Member
Posts: 26
Registered: ‎07-04-2007
0

Re: New servicer: Fedloan. How long to report to bureaus?


rookie08 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.

04/20/17 - Fico Score 8: EQ 695, TU 689, EX 728; Mortgage: EQ 731, TU 740, EX 815
05/20/17 - Fico Score 8: EQ 763, TU 767, EX 753; Mortgage: EQ 796, TU 773, EX 804
Established Member
Posts: 26
Registered: ‎07-04-2007
0

Re: New servicer: Fedloan. How long to report to bureaus?

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.

04/20/17 - Fico Score 8: EQ 695, TU 689, EX 728; Mortgage: EQ 731, TU 740, EX 815
05/20/17 - Fico Score 8: EQ 763, TU 767, EX 753; Mortgage: EQ 796, TU 773, EX 804
Regular Contributor
Posts: 274
Registered: ‎03-13-2017

Re: New servicer: Fedloan. How long to report to bureaus?

Thanks for the update! 

 

FedLoan officially "took over" my loans when they disbursed funds on April 10th. If I have the same 4 month timeline, that means they won't be on my credit report until early-mid August. Our lender knows about the student loans, so I'm not hiding them, but I'm worried about my scores taking a dive when FedLoan reports the loans. 

 

By mid-August, we will have locked our loan already, so if the same thing happens for me, I should be great!

 

Come back with the update on how it impacted your credit. 

FICO8 Scores - May 2017 595TU / 611EQ / 599EX
On Mortgage Journey
Starting Mortgage Scores (Feb 17) 523EQ / 547TU / 564EX
Mortgage Scores (May 17) 595EQ / 625TU / 616 EX

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.