Student Loans

[jwpezd]

Anybody have any experience with their rehabbed loan being picked up by suntrust? My wife just found out that's who was getting it. Rehab company said loan should be picked up by 27th and CR should be updated within 60 days. Anybody familiar with how all this works? I am pretty confused and my wife hasn't really given me any info.

[elleng81]

My loan was picked up by Suntrust in November 2012. It turns out it is AES. My CR was updated to report positive payment since 2006 and shows up as Suntrust/AES. I'm still trying to figure out the validity in the original lender (Mohela) reporting 120 days late (last reported 6/2010). I was under assumption that it was to be deleted. Everytime I call they tell me they reported it to the CRs on December 3 and the CRs have 60 days to report.... I'm not sure if I'm just confused and AES\Suntrust is the positive tradeline they are referring to or if they really should be removing the 120 day late....

[soILseminole]

both my loans were picked up by AES/Suntrust after rehab. Im not sure exactly what your question is, but AES/Suntrust opened 2 new positive TL on my report. The negative TL's remain on my report, though as updated to "120 days past due" with a $0 balance (which still baffles me). The late payment history is still there. 

Hoped this helped, a little...BTW, 1st post for me!

[jwpezd]

Did your scores go up after they were picked up??

[bahbahd]

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elleng81 wrote:
My loan was picked up by Suntrust in November 2012. It turns out it is AES. My CR was updated to report positive payment since 2006 and shows up as Suntrust/AES. I'm still trying to figure out the validity in the original lender (Mohela) reporting 120 days late (last reported 6/2010). I was under assumption that it was to be deleted. Everytime I call they tell me they reported it to the CRs on December 3 and the CRs have 60 days to report.... I'm not sure if I'm just confused and AES\Suntrust is the positive tradeline they are referring to or if they really should be removing the 120 day late....

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Were you 120+ days late to MOHELA on 6/2010? Well, then it is valid reporting. There is nothing about the rehabilitation process that stipulates all negative remarks on previously defaulted tradelines will be replaced with positive notations. Yes, they should change the status from default to something else. Don't confuses status with payment history. You can try to GW MOHELA.

[jwpezd]

Soilseminole welcome to the boards! How did this impact your scores??? Also my wife shows the loans in collection as well as regular reporting. Will the collection go away and the reporting change?

[soILseminole]

thank you! this website and forum is by far superior to all other credit sites ive seen.

as for my score, i cant answer honestly because my loans finished rehabbing 2 years ago...and to be totally honest, i was not very creidit "savy" back then (young and dumb). As for your situation compared to mine, i believe the "collection" part will change to something like mine, "120 days past + $0 balance". just my guess so dont hold me to that. And i would guess there will be a slight score bump because it is not a collection anymore, although it still dings/and is seen as negative on your reports.

hope this helps

[jwpezd]

Her lates occurred back in 2007 and 2008 so I am assuming she will get a big bump due to age of lates and removing three collections. Those lates will be aged quite a bit by then

[soILseminole]

my lates were in 06-07 and still show on my report. from everything ive read on here, they are not required to remove the late payment remarks, just remove the default status. the kicker is, they changed my current status to as mentioned before...which may not be "default" but is still derogatory. If i were you, i wouldnt be expecting a huge jump in score because there might and very well be negative info still left over.

[mspiggybank]

My rehabbed loan got picked up by SunTrust, too. My first payment is due Feb 4. I've already paid it, but nothing is showing on my report yet.