01-23-2013 09:03 AM
Another interesting thing about this. I got my student loan interest statement for my taxes last night. I was paying $250 a month on the rehab payment and apparently that whole thing went to interest. A hefty extra deduction I wasn't counting on.
Zekester - Did your interest statement come from your original lender or the CA? I was wondering if I would get something for my takes for my $200/month rehab payment! You made my day
01-23-2013 09:18 AM
It is from USA Funds C/O Sallie Mae Post Claims Assistance.
The collection agency was GC Services and their name isn't on this anywhere.
01-24-2013 09:50 AM
I called in to the rehab number for sallie mae and was passed on to ACS who will be servicing the loan for the new lender, JP Morgan. My payments dropped $80 a month as a result of a lower interest rate on the new loan.
No changes showing on the credit report yet, and nothing in the mail from anyone at this point, but I feel like I am making progress!
01-28-2013 09:24 AM
I got my congrats letter stating,
"Sallie Mae, Inc. is a servicer of student loans for national and state guarantee agencies.
We are pleased to inform you that you have successfully completed your rehabilitation program as of 1/17/2013. Your education loan(s) listed below was purchased by the lender and is no longer in default.
The guarantor, United States Aid Funds, Inc., will notify the national credit bureaus to delete the default status. As a result of your rehabilitation, the lender/servicer that maintained the loan(s) prior to this default will be notified. It will be their responsibility to correct any adverse credit reporting that they may have made."
I already made my first payment to the new lender, so I can't wait to see what happens next!
01-28-2013 01:15 PM
They probably mean they will delete the trades they are reporting, not the original trades that defaulted. The original lender must remove the default but not the late payment reporting. The collection service that you have been working with to rehabilitate can only speak for their own trades, which they usually do delete. You will need to deal with the original lender to ask the original lender to delete the late payments and see what happens. Good luck.
01-29-2013 09:13 AM
Sallie Mae just went missing from EQ(TL for the defaulted loan). The other two still have it and all three show the collection accounts USA Funds created after the default. No new TLs at this point.
02-02-2013 09:52 PM
USA Funds is gone from all 3 now, so 2 negative TLs are gone. Still have Sallie Mae on two showing the default and the negs. No new positive TLs reporting yet.
02-05-2013 10:58 AM
The latest change was that my loan status changed in nsld to reflect that the loan is in repaymen, although they have not yet updated the lender information. My reports still show no new TL, Sallie Mae (with all the lates and the default) dropped from EQ, but not TU or EX. The USA Funds collections accounts have dropped from all 3. I updated my scores in my sig to show how things are changing. At the same time I have been working on some other issues, so the changes reflect all of that. I had a Chase CO drop off, as well as getting rid of an AFNI account that was reporting a collection on an account that had been closed a year before they verified a late occured. Making progress!
02-12-2013 08:15 AM
Another step in the process... Got an alert from EQ that I have a brand new tradeline with perfect payment history dating back to 2003. Still waiting for Sallie Mae to drop off the other two and the new TLs to show up. Happy so far!
02-13-2013 07:51 AM
Well, the new TLs showed up on this morning's report, along with a couple of surprises. Sallie Mae came back on my EQ and is reporting a year of 180 day lates. They had removed the TL a few weeks ago, and then brought it back today. It also has it listed as an open account. So this is a problem. They also updated the TLs on the other reports to show a year of 180 day lates. In the process all of the other history on the TLs was wiped out, a smattering of 30s leading up to my default. So it looks like they did some kind of refresh of the TLs. On TU and EX they still show as in default, but closed. The new one they added today on EQ is listed as open AND transferred.
The other issue is that the balance on the new TLs is being listed as 111% of the credit limit. Also, not very helpful.
The net result, FICO dropped from 686 two days ago to 612 this morning. Need more coffee and feeling a bit defeated.
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.