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New Visitor
Posts: 3
Registered: ‎03-19-2013
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Student Loan Paid Off Through Tax Refund Offset

[ Edited ]

I apologize if this has already been asked. I've been browsing the forums here for months on various topics, I just haven't found an answer to this particular senario. I am hoping someone can help me to understand my credit report.

 

In 2008, I defaulted on three Wells Fargo student loans. In 2010, my 2009 income tax refund was offset and the balance of all three loans was paid in full.

 

On my credit report today, I have three tradelines from Wells Fargo for those three loans, the current status is "Closed: Claim filed with government for insured portion of balance on loan" and for the same three loans, I also have three additional tradelines from ECMC with the status "Closed: Paid, was a collection account, insurance claim or government claim or was terminated for default".

 

Question: Why does each loan show up twice? Is there anything that I can do about this?

 

I am not sure if this helps but on my Experian monitoring account that I subscribe to,  the Wells Fargo tradelines are listed as - Potentially Negative Closed (account appears to be closed on 01/2010) and the ECMC are listed as - Current Closed (account listed as opened on 02/2010).

 

Thanks for any help you may have!

Established Contributor
Posts: 640
Registered: ‎11-20-2012
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Re: Student Loan Paid Off Through Tax Refund Offset

When you say "three hits", what does that mean? Three brand-new tradelines that just showed up?

 

 

New Visitor
Posts: 3
Registered: ‎03-19-2013
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Re: Student Loan Paid Off Through Tax Refund Offset

Correct. There are a total of six tradelines for the three loans.

Established Contributor
Posts: 640
Registered: ‎11-20-2012
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Re: Student Loan Paid Off Through Tax Refund Offset

It is possible for multiple entities to each have a tradeline for the debt. As an example. I had a tradeline from the original lender and for the guaranty agency for each loan. If the loan title had been transferred to ECMC, then it would make sense that there would be two. Was ECMC holding the loans in 2010 when the payoff happened?

 

I have no idea why it would show up now, of all times, but the question then becomes "Is this reporting accurately?" I'm not sure this is inaccurate. The loans are now reporting as Closed, as they should, since they've been paid off. Do you believe there is an inaccuracy in the reporting?

Regular Contributor
Posts: 187
Registered: ‎04-28-2012
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Re: Student Loan Paid Off Through Tax Refund Offset

[ Edited ]
At this point, since they are paid, your best option is to send goodwill letters.  I don't have specific experience with either WF or ECMC, but others on the forum may have had success with them.  Alternately, you could search the forum for others who've had luck GWing WF or ECMC.


 Question: Why does each loan show up twice? Is there anything that I can do about this?

3 lines for the original lender (Wells Fargo) and 3 lines for the collection agency (ECMC).  I know it stinks, but they can both report.

I used to post my scores here. However, I'm prone to motion sickness and the ups and downs were nauseating.
New Visitor
Posts: 3
Registered: ‎03-19-2013
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Re: Student Loan Paid Off Through Tax Refund Offset

Ok. I understand. I am new at this and I didn't realize that both the original lender and the collection agency could both report on the same account. I appreciate your feedback.

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