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Requirements for Federal SLs to report

Contributor

Requirements for Federal SLs to report

I have searched and cannot find it.  Does anyone have links or documentation on the guidelines for Federal-backed SLs to report delinquencies?  I ask because I can see upon searching that federal SLs don't get Goodwills.  I'm just trying to find out what the legal requirement is for those.

 

Background, I consolidated when I should have rehabbed.  Before I found myfico and before I realized the ramifications of student loans on my credit report.  I now have many, many late payments (some up to 180d), reporting on the closed SL accounts that I consolidated.  

F8 10/6/17: TU 578, EQ 591, EX 598 11/29/17: TU 584, EQ 602, EX 619
MortgageFICO 10/6/17: TU 632, EQ 616, EX 590 11/29/17: TU 652, EQ 629, EX 628
CK 1/19/17: TU 498, EQ 499 10/2/17: TU 551, EQ 548 11/29/17: TU 625, EQ 625
Goal: Home Purchase
Message 1 of 4
3 REPLIES
Contributor

Re: Requirements for Federal SLs to report

I should have been more specific.  What is the legal requirement for a federal student loan (specifically a Closed account) to report late payments? 

F8 10/6/17: TU 578, EQ 591, EX 598 11/29/17: TU 584, EQ 602, EX 619
MortgageFICO 10/6/17: TU 632, EQ 616, EX 590 11/29/17: TU 652, EQ 629, EX 628
CK 1/19/17: TU 498, EQ 499 10/2/17: TU 551, EQ 548 11/29/17: TU 625, EQ 625
Goal: Home Purchase
Message 2 of 4
Valued Member

Re: Requirements for Federal SLs to report

I have the same problem. I consolidated 15 Federal Loans into 2 in October of 2015 with a bunch of very bad lates. 

My understanding is that they will continue to report for the standard time (up to 7.5 years) and may affect your Fico Score less at certain yearly milestones.



Starting Scores: EQ - 624/TU - 627/EX - 645 (2/10/17)
Current Scores: EQ - 696/TU - 704/EX - 707 (9/6/17)
Goal Scores: 725 on all
Message 3 of 4
Frequent Contributor

Re: Requirements for Federal SLs to report

Stafford = Seven Years

Perkins = Life

In the garden since 11/15/17 = Last FICO Update: 12/07/17 = CL 28,300 = EX 660 = TU 667 = EQ 717 = Make credit great again!

Message 4 of 4