Credit Card Center Advertiser Disclosure

Reply
New Member
Posts: 3
Registered: ‎06-11-2017
0 Kudos

Settled 3 charged off private student loans- how do I get my information accurately updated to CRAs?

I recently negotiated settlements for 3 private student loans that had been charged off / reported as bad debt. Payment was made on 6/22/17 and the CA (Asset Recovery Solutions) told me to call back in 30 days to request receipt eligibility. I did this and they sent me 3 letters explicitly stating that my accounts had all been settled in full. My credit report shows that while the accounts were all last reported by the CA on 7/1/17 they were still listed as charge-offs and showing unpaid balances. What would be the best way to go about getting my credit report to accurately reflect what the letters from the CA so clearly show? The letters are succinct and explicit: The total current balance is listed as $.00" and the body of the letters reads:

 

"Asset Recovery Solutions, LLC hereby acknowledges that your account referenced above has been settled in full. Nothing contained within this letter changes or in any way limits any of your legal rights, including your rights as set forth in our first letter to you about this account."

 

What would be the best (I wish I could say fastest but nothing about credit repair comes quickly) way to get this information updated accurately on all of my credit reports?

 

Regular Contributor
Posts: 150
Registered: ‎04-14-2017
0 Kudos

Re: Settled 3 charged off private student loans- how do I get my information accurately updated to C

Just dispute on the basis of inaccurate balance and attach the letters.  Since you are attaching proof, I wouldn't expect it to take the full 30 days, but then again, maybe it will take longer to get physical eyes on the documents.

New Member
Posts: 3
Registered: ‎06-11-2017
0 Kudos

Re: Settled 3 charged off private student loans- how do I get my information accurately updated to C

Thank you! I used Credit Karma to dispute with Transunion and two days later I got the dispute results... Not only did the dispute work, the accounts were removed entirely!  I thought they would just show up as settled in full but nope, gone is the entire ugly history of those 3 student loans! They had been completely delinquent/charged off for years, with the date of first delinquency as October 2010. Even though it hasn't been quite 7 years (that's a couple of months off) could that have been the reason they were deleted entirely?

 

I disputed online with Experian (no update yet, Credit Karma was just ridiculously fast I guess) and had to resort to sending a letter with the necessary documentation to Equifax - I could not for the life of me get their online dispute to work, argh.

 

With the 3 negative accounts completely removed Credit Karma says my transunion score increased by 57 points (729) and myFICO 64 points (700)! Transunion was my lowest score and now it's technically in the "Good" range. I am so excited, I might be able to actually get the new-to-me car I so desperately need!

Regular Contributor
Posts: 150
Registered: ‎04-14-2017
0 Kudos

Re: Settled 3 charged off private student loans- how do I get my information accurately updated to C

My tradelines were deleted entirely on TU and EX, so I don't think the date has anything do with it.  I saw some good increases with mine being deleted as well, but there were also other things happening, so I'm not sure exactly how much my score increased.  I am still battling with EQ on mine as they updated the comments to PAYS AS AGREED and the dispute results also said that the payment history would be deleted, but it wasn't nor were the remarks of how many days late I was.  Now I am on round two with them hoping that they actually delete them. I know they don't have to, but since they said that they were going to...

Frequent Contributor
Posts: 321
Registered: ‎09-08-2007
0 Kudos

Re: Settled 3 charged off private student loans- how do I get my information accurately updated to C

IHATETHISSTUFF, Can you share the original amount owed and the accepted payoff?

4/25/11 FICO: EQ 761....EX 770.....TU 744
3/6/2011 FICO: EQ 710... EX 718... TU 710
09/09 FICO: EQ: 525

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
‡ Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.