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Valued Member
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Registered: ‎07-23-2015
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Same Student Loan with Multiple Trade Lines?

I have recently consolidated my student loans with Great Lakes. Before that my loans were the Stafford loans and they all had the same account number. When I defaulted on them it shows that 8 different tradlines with the same account number has 60 day lates on them. That is killing my score! Is there a way I can fix this? Equifax and Transunion show this 1 account with 8 different trade lines.
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Registered: ‎09-08-2007
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Re: Same Student Loan with Multiple Trade Lines?

For many years now, all my consolidated loans show as individual loans on my reports. They kill you with this. It shouldn't be allowed.

4/25/11 FICO: EQ 761....EX 770.....TU 744
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Re: Same Student Loan with Multiple Trade Lines?


Zeus0886 wrote:
I have recently consolidated my student loans with Great Lakes. Before that my loans were the Stafford loans and they all had the same account number. When I defaulted on them it shows that 8 different tradlines with the same account number has 60 day lates on them. That is killing my score! Is there a way I can fix this? Equifax and Transunion show this 1 account with 8 different trade lines.

Hey Zeus.  Can you clarify the timeline of events?  I am thinking that this is the case, but am not for certain.

 

*  At one time you had several different Stafford loans.  Each was a different loan, and at that time each appeared on your credit report as its own account.

 

*  Then you got into payment difficulty with them, and ended being late on each loan (by a Day 60 late).

 

*  At some point later you consolidated your loans.

 

*  You now have one big open loan (with a perfect payment history and a recent "Date Opened") and several closed loans (each with a Day 60 late).

 

Is that all correct?

Valued Member
Posts: 48
Registered: ‎07-23-2015
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Re: Same Student Loan with Multiple Trade Lines?

Correct that is how it happened. This goes back to 2006. Everything got consulated in 2014.
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Re: Same Student Loan with Multiple Trade Lines?


CreditGuyInDixie wrote:

Zeus0886 wrote:
I have recently consolidated my student loans with Great Lakes. Before that my loans were the Stafford loans and they all had the same account number. When I defaulted on them it shows that 8 different tradlines with the same account number has 60 day lates on them. That is killing my score! Is there a way I can fix this? Equifax and Transunion show this 1 account with 8 different trade lines.

Hey Zeus.  Can you clarify the timeline of events?  I am thinking that this is the case, but am not for certain.

 

*  At one time you had several different Stafford loans.  Each was a different loan, and at that time each appeared on your credit report as its own account.

 

*  Then you got into payment difficulty with them, and ended being late on each loan (by a Day 60 late).

 

*  At some point later you consolidated your loans.

 

*  You now have one big open loan (with a perfect payment history and a recent "Date Opened") and several closed loans (each with a Day 60 late).

 

Is that all correct?


So back in 2006 you had several different student loans, and they each appeared back then as a different account.  Then you got into trouble with them and developed many accounts with late payments.  You now have many closed accounts with late payments,

 

It sounds like you are objecting to this.  I understand it bites getting into trouble on a lot of accounts, and then having a record of it on your report, but it sounds like this is a truthful record of what happened.

 

Time itself will fix the lates.  I didn't ask you when the late payments happened, but if the last late payment was in (say) 2011, then you should be expecting the last of your lates to fall off your report sometime next year.

Valued Member
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Re: Same Student Loan with Multiple Trade Lines?

Not denying it. But what I don't understand is from 2006 from 2011 I have different student loans with the same account number. They were just from different semesters. Why isn't all the accounts under one tradeline since they all have the same account number. It looks like I was late with 8-10 accounts when in reality it was just one account with one payment.
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Re: Same Student Loan with Multiple Trade Lines?

Were you making payments on your loans while you were in school?

Valued Member
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Re: Same Student Loan with Multiple Trade Lines?

No started paying late when I was unemployed and I didn't have enough to pay the amount every month
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Re: Same Student Loan with Multiple Trade Lines?

I see.  And the loan handler asked you to make only one payment, rather than several?

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Re: Same Student Loan with Multiple Trade Lines?

And when did all the lates happen?

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