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I had a student loan from Sallie Mae that I stopped paying in October 2010 when my husband lost job. I went into rehab program in 2011 and then after completing rehab it was sold to AES.
Sallie Mae has now marked loan status as Current, with a balance of $0, but the followng lates still show and credit reports (except Equifax which wiped credit history) show account as a derogatory item. Bottom line, I have ten late payments on this account. Question, when does this fall off? First late (12/2009) or will they fall off one by one until 09/2017 which seems a bit unfair.
OK | OK | 90 | 120 | 120 | 120 | 120 | 120 | 120 | 120 | 120 | 120 |
10/10 | 11/09 | 12/09 | 01/10 | 02/10 | 03/10 | 04/10 | 05/10 | 06/10 | 07/10 | 08/10 | 09/10 |
They'll fall off one at a time as they age. Whether or not it's fair, it's certainly accurate.
You could try to GW the lates off. They're not obligated to do that, but if you ask, nicely, they might say yes.
@Anonymous wrote:They'll fall off one at a time as they age. Whether or not it's fair, it's certainly accurate.
You could try to GW the lates off. They're not obligated to do that, but if you ask, nicely, they might say yes.
Great post. Definitely doesn't hurt to ask for a goodwill adjustment, as suggested. Otherwise, be prepared to wait the late payments out.
i did my remove 30 days late .....be honest with them and sent to Advocate Senior something.........i got them all clean up after 2 weeks contact.....
If these were federal loans just serviced through Sallie Mae and you did a full rehab and they were picked back up by another servicer then part of the contract you recieved was for them to completly remove all negative data....Basically they would remove anything except for the origionation date, the date it was paid off (i.e. the date it picked up by another servicer) and a $0 balance. They shouldn't be showing any negative info at all....
If this was a private loan then those rules do not apply.
they were federal loans. I will contact consumer advocate (got info from another post) and beg them to remove.
Good luck SusieSusie
you shouldn't HAVE to beg them to remove.
They should have been removed per you completeing the rehab of a student loan program. When they contacted you and set up the rehab they should have said it then that the info would be removed. I would contact whomever did the serviceing of the rehab and ask them why it wasn't removed. Sallie Mae wouldn't be the one that removes it but rather the ones that handle the rehab (I think).
Certainly I don't mean to nitpick, but where are you getting that all the lates are to be removed? Every federal student loan site I've seen says that "the default staus is removed", but there is nothing that says that all the lates leading up to the default will automatically come off as well.
There are stories of specific lenders making the call to remove the lates, but there's no federal rule that says that they have to. YMMV, depending on your lender.
All the paper work I received when I rehabbed both mine and my wifes said that since they were rehabbed federal loans all negative info was to be removed.
I was under the impression this was the case for all...Mine were through Direct loans and hers were through Sallie Mae. Her negative info was removed as well as mine. I thought that was the case for all Federal student loans and not a case by case situation from what they told us and from what we heard from others.