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Ok let me give a little background before I ask my question?
My original student loans (SLFC) defaulted. They were then transferred to EAC/GreatLakes. They offered me to rehab my loans. This was 6/2009. They just recently removed the lates from EAC/GreatLakes from my credit report. So now what can i expect from them being moved from my credit report? And also would they have anything to do with SLFC being removed also?
Any advice would be great.
Thanks
@primandproper wrote:Ok let me give a little background before I ask my question?
My original student loans (SLFC) defaulted. They were then transferred to EAC/GreatLakes. They offered me to rehab my loans. This was 6/2009. They just recently removed the lates from EAC/GreatLakes from my credit report. So now what can i expect from them being moved from my credit report? And also would they have anything to do with SLFC being removed also?
Any advice would be great.
Thanks
I'm not understanding your question. Are you asking when they'll be removed from your credit reports? Or are you asking what the effect on your score would be?
Can I expect my credit score to go becasue the lates have been removed?
@primandproper wrote:Can I expect my credit score to go becasue the lates have been removed?
To go up? Maybe. It depends on what the rest of your credit file looks like. Have the lates removed is a good thing, but if there are recent late payments/collections, or your utilization goes up - then that might cancel out any increase you'd see.
Overall - if you are still paying on your secured cards, and the balances are low, then this should be good news.
Who is you lender since you have successfully rehabilitated? That is pertinent to the answer to what happens to the reporting with SLFC. If SLFC took them back since the rehabilitation, the original trades should be completely deleted as required by the HEA (higher education act) and Metro 2. If they are now serviced by another lender, however, SLFC is required by the HEA to only to remove the default status and change it reflect transferred. The status and your history are two different things. They are not required to delete your previous late payment history. GreatLakes is required to notify your previous servicer within 30 days of your rehabiltiation and that lender is allowed 30 days to update the reporting. Hope this helps! Good luck.