I had a loan through the Dept. of Education that was sold off to EdFinancial last year (as were many of DOE's loans as it turns out) I was on an income contingent repayment plan in which my monthly payments were 0.00 due to lack of employment. This arrangement has been in place for several years, not proud to say, however it's kept my account from becoming delinquent.
Once EdFinancial took over, my account suddenly became seriously delinquent. Apparently I was supposed to reapply for the Income Contingent payment program (though i hadn't ever had to with DOE) I was unaware of this fact because EdFinancial had my old address and phone number.
I've since brought my account current, but the damage to my credit is done. Even with a perfect record of paying various credit accounts, my score went from 700's down to low 500's.
I'm accepting some of the blame, as I should have updated with my new contact info- however I feel as though this happened all behind my back. Is there anyone else who's had a similar experience? I'm going to send a goodwill letter to EdFinancial explaining to them that this account was never delinquent with the previous loan servicer, and to appeal to any shred of humanity they might posess. Any suggestions? I urge anyone else with student loans to pay close attention to them as I thought i was in good standing.
Student loan trade lines are very hard to get rid of using a GW letter. The basic idea is that EdDinancial has nothing to get out of the deal and therefore would just go ahead and continue reporting. They have no use for your goodwill simply because you are not going to be a client ever, let alone a repeat client.