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11-29-2012 10:17 PM
Why can't Nelnet be good to past trade lines? Rehabbed or not, they do not adjust any previous history.
The tradelines are what I worry most about.
I'm comfortable in my job, maying money, and have paid off my debts. My $250K in student loan debt is obviously a lot, but it's the only thing I owe to anyone, and I knew I was getting into that. But I have 17 trade lines from my student loans, and not knowing what'll happen to them when I finish my rehab is just killing me.
12-01-2012 10:47 AM
Looking for the date the clock starts against you. Ex: Sallie Mae student loan account -First question, Is it the last activity date on the account or is it when they opened/ closed the account ? Trying to remove red flags on credit report. 2nd question, How and who do you contact to remove the red flags? Credit bureau's? Sallie Mae? Both?
Excellent site. Thanks for any info.
12-01-2012 11:00 AM
Wow, I have read every single post the last couple of weeks and I feel very lucky. My journey has been pretty much hassles free since I started rehab and my scores have improved drastically with the help of this forum.
Here is my journey from the depths of SL default and low 500s FICO score to where I am at today
Feb 2012: Started loan rehab with Windham Professionals
Oct 2012: Made 9th payment with Windham Professionals on 10/18
Nov 2012: Nelnet picked up loans on 11/14
Nov 2012: Nelnet reporting positive trade line on 11/26 backdated to when SL originated
12/1: All negative trade lines on Experian removed by Colorado Student Loans (Guarantor) and EX FAKO score went from 641 to 724 (I know to take it with a grain of salt) but when I apped wit AMEX a couple of weeks ago they said my EX FICO score was 647 so I am hoping for the best on that one
I am still waiting for TU to update and hopefully they don’t give me much hassle like I have read for others. Either way I have spoken to Colorado Student Loans and they said to give them a call if they don’t update by mid-month and they will help with the removal.
I'm super stoked and will be relieved when the final negative TL is removed and I can continue with my credit life
12-03-2012 10:39 AM - edited 12-03-2012 10:49 AM
Does anyone know how to check if you are on the treasury offset list? I only received something from DOE that my student loans are in default and may be subject to offset but nothing after that. Once they were sold to CBE I contacted them to set up the rehab plan. CBE advised to file for an extension but I have to file my taxes for my daughter's FAFSA so she can get her financial aid award for the following year-thankfully what she's been getting in Pell/State grants covers her tuition at the community college and we've been saving her child support so she'll have tuition for the 4 year university so no loans. I told her that's the biggest gift she can give herself...a debt free education.
OK, found an answer myself lol. For others that are wondering you can call the Treasury Offset Program-Financial Management Service at 800-304-3107. There is an automated system that you can input your SSN into and it will tell you if you have a debt listed for offset. It says that the system updates daily so I will check periodically.
12-03-2012 11:27 AM
12-03-2012 06:12 PM
Hi gang! Thank you for all of your time and posting to this thread. Very impressive. I know results vary but I'm hoping to gather a few opinions on what I could expect post-rehab, and perhaps some of you could share or prognosticate at bit. I wonder what's likely to happen. I had a few Great Lakes FFEL loans default in Nov '06 and since then, the account histories for each loan are mixed....either No Data or Collection Account. Strange. So I'm currently finishing rehabilitation and I'm quite anxious about the account histories, or tradelines....what may become of them once I'm done with this. Thanks in advance for any thoughts, and congratulations to all of those who have bettered their situation with this program and got the best results possible.
12-04-2012 01:36 PM
Got my letter fron HESC today!
Stated "The NYSHESC is providing this letter as confirmation of payment in full on the educational loan account listed. This notification is also sent if your account was purchased by a lender through rehabiliation, as the debt owed to NYSHESC is paid in full. Defaulted student loans are reported to all national credit bureaus. NYSHESC will notify these credit bureaus to update your credit file to indicate that your loan is paid in full. If the debt has been rehabilitated, the loan is deleted from your credit history".
I am so happy to get the letter! It's dated November 25, 2012. I wonder how long it's going to take to update with credit bureaus?
12-04-2012 01:59 PM - edited 12-04-2012 02:00 PM
Congrats on the rehab. It took less than a month for Experian to be updated for me and I'm just waiting on TU to update. The range they usually give is up to 60 days and in some cases a little earlier or later.
12-04-2012 02:05 PM
Yes that's what they told me when I called last week. Everything so far went smooth. My loan was picked up on the November 19th and haven't heard from them yet. Hopefully, it updates less than 60 days so I can make my FICO goal before the year ends.