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Valued Member
Posts: 31
Registered: ‎05-04-2012
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Re: Student Loan Rehabilitation And The Effect On Tradelines

POTENTIAL PROBLEM!!!

 

    I've been receiving alerts this morning from two of my credit monitoring services saying there were new changes to my report. So I decided to check it and I found out its my rehabilitated loan that is be ing reported by AES to the credit bureas. The problem is that they reported it as a collection account and both of my monitoring serv ices have marked it as "potentially negative" and by the way none of the negatives have dropped off so there has been no change to my score yet. What the hell!?!?! Correct me if I'm wrong but wasn't the whole point of the rehab to get the loan out of collections and default status and return it to good standing? I mean thats what the rep from AES told me on the phone specifically so why in the hell are they reporting this loan as a collection account? Has anyone got any experience on this?....I know I should dispute but the question is when?


Starting Score: 435 EX(Fako)508 EQ(FICO)495 TU(Fako)522
Current Score: 605 EX(FICO)605 EQ(FICO)570 TU(FICO)595
Goal Score: 750 Across the board!

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Regular Contributor
Posts: 200
Registered: ‎03-15-2012
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Re: Student Loan Rehabilitation And The Effect On Tradelines

Minor update.. My last rehab payment went to Allied Interstate on Friday.

 

They had asked me to fill out a Direct Loans consolidation form. I asked on the forum about it (no real definitive answers on the validity of it) that night. A day or two later, the same rep from Allied called back and said he made a mistake, and that I didn't need to do the consolidation form. 

 

Hmmm..?!

 

Now it's the waiting game. I might have to make an additional payment to Allied, if the loan doesn't get picked up right away. I made the guy check and make sure that would happen automatically. It will. So if my loans get picked up before Oct 28th, I'm calling to make sure they DON'T debit me for that payment. 

 

Otherwise, looking good. I'm happy to be nearing the end of this.

 

Hang in there folks. It does end.. Even though it might not feel like it! 

 

More updates to come!

2009-10 - C/Os
2011 - Debts paid, no open credit
2012 - Rebuilding started, secured cards opened, SL rehabbed - EQ myFICO 636
2014 - 10k Discover, 3.5k Freedom, AmEx Green, SL, Auto Loan - EQ myFICO 695
Valued Member
Posts: 31
Registered: ‎05-04-2012
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Re: Student Loan Rehabilitation And The Effect On Tradelines

Hey Congrats Apandabear!!! Great to hear you finished too. I'm still waiting for an update on my CR's. my first payment post rehab is due on the 15th. Kind of sucks having to start paying again when I don't feel like AES has stood up to their end of the bargain but who knows....I could be in for a huge surprise once my CR is updated. I'm still wondering if I should dispute the rehabbed loan showing as a collection account.

Starting Score: 435 EX(Fako)508 EQ(FICO)495 TU(Fako)522
Current Score: 605 EX(FICO)605 EQ(FICO)570 TU(FICO)595
Goal Score: 750 Across the board!

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Regular Contributor
Posts: 171
Registered: ‎06-15-2012
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Re: Student Loan Rehabilitation And The Effect On Tradelines

So....I think I'm picked up!

 

Final rehab payment went in on the 14th, on the 18th it showed as posted to the Default Resolution Group's website. I called to check in, they had no real news other than "it'll generally take 30-60 days". That said, over the weekend I happened to be logged into the website again and noticed that my debt balance was at zero. Promising....so today I called in, and lo and behold the account is marked "rehabilitated" as of 9/28. Whatever technological hocus-pocus that needs to happen to transfer to Nelnet for servicing is in progress. I should hear from them by the end of the week. Fingers crossed. I'd sort of had in my head that I'd probably need to make another payment to the CA, but the DRG rep seemed to think that by mid-month I should be set up with Nelnet so I can likely make the payment to them.

Now how long until the CRA's are updated? That's anyone's guess....but hey, it's progress, yes?



Valued Member
Posts: 31
Registered: ‎05-04-2012
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Re: Student Loan Rehabilitation And The Effect On Tradelines

InvincibleSummer2

That's awesome!!! Glad to hear it. I'm still waiting for a CR update myself.....well a positive one anyway.

Starting Score: 435 EX(Fako)508 EQ(FICO)495 TU(Fako)522
Current Score: 605 EX(FICO)605 EQ(FICO)570 TU(FICO)595
Goal Score: 750 Across the board!

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New Member
Posts: 1
Registered: ‎04-08-2012
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Re: Student Loan Rehabilitation And The Effect On Tradelines

Congrats APandaBear and InvincibleSummer2 on finishing the rehab

 

 I also finish  my rehab on Aug 15th and am still waiting on the adjustments to my credit report.  Time feels to be dragging on longer since i finished the rehab then when i was in the rehab.

Regular Contributor
Posts: 171
Registered: ‎06-15-2012
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Re: Student Loan Rehabilitation And The Effect On Tradelines


STH1424 wrote:

Congrats APandaBear and InvincibleSummer2 on finishing the rehab

 

 I also finish  my rehab on Aug 15th and am still waiting on the adjustments to my credit report.  Time feels to be dragging on longer since i finished the rehab then when i was in the rehab.


Totally!! Welcome to the Time Warp Club, where everything gets sloooooowwwwer.....

Congrats to you right back, also :smileyhappy:

 



Established Member
Posts: 10
Registered: ‎09-07-2012
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Re: Student Loan Rehabilitation And The Effect On Tradelines

Small Update:

 

I received a letter today from USA Funds stating:

 

On behalf of your student loan guarantor, USA Funds, we would like to congratulate you on the rehabilitation of your defaulted education loans.  At the time of this letter, your lender has purchased your loan and will be contacting you soon regarding a repayment schedule.  In addition, we will notify national consumer reporting agencies to update your credit report by deleteing the USA Funds reporting for the loans that has been rehabilitated.  Please allow at least 90 days from the date of this letter to ensure the deletion has occured.  Your previous loan holder has also been notified of this information for credit reporting purposes.

 

My Freescore credit report updates Oct. 11th, so i'll be updating soon.


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Regular Contributor
Posts: 200
Registered: ‎03-15-2012
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Re: Student Loan Rehabilitation And The Effect On Tradelines


scotth1424 wrote:

Small Update:

 

I received a letter today from USA Funds stating:

 

On behalf of your student loan guarantor, USA Funds, we would like to congratulate you on the rehabilitation of your defaulted education loans.  At the time of this letter, your lender has purchased your loan and will be contacting you soon regarding a repayment schedule.  In addition, we will notify national consumer reporting agencies to update your credit report by deleteing the USA Funds reporting for the loans that has been rehabilitated.  Please allow at least 90 days from the date of this letter to ensure the deletion has occured.  Your previous loan holder has also been notified of this information for credit reporting purposes.

 

My Freescore credit report updates Oct. 11th, so i'll be updating soon.


That's pretty awesome.. I can't wait to receive that letter!!

 

So SM bought your loans back? Did you see any inquiries from the process?

 

Let us know how the updating process goes. I hear USA Funds only updates quarterly. 

2009-10 - C/Os
2011 - Debts paid, no open credit
2012 - Rebuilding started, secured cards opened, SL rehabbed - EQ myFICO 636
2014 - 10k Discover, 3.5k Freedom, AmEx Green, SL, Auto Loan - EQ myFICO 695
Regular Contributor
Posts: 200
Registered: ‎03-15-2012
0

Re: Student Loan Rehabilitation And The Effect On Tradelines

Well, I never got that letter... No letter from my guarantor or lender. No "congratulations" or "welcome." 

 

What I did get is an email from Sallie Mae regarding my "Account Information." Still half asleep and groggy, I logged into Sallie Mae to see that my loans are back where they belong! I don't owe until the end of November. My payment actually went down $15.

 

Naturally I'm going to make a payment this month. At least what I was paying the collection agency.. We'll see how car shopping goes to determine how to pay. 

 

NSLD website did not update yet (I did check). I did not check my credit report, because that's just silly.

 

Stay tuned for more updates as they happen!!

 

2009-10 - C/Os
2011 - Debts paid, no open credit
2012 - Rebuilding started, secured cards opened, SL rehabbed - EQ myFICO 636
2014 - 10k Discover, 3.5k Freedom, AmEx Green, SL, Auto Loan - EQ myFICO 695
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