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Frequent Contributor
Kathy4NU
Posts: 279
Registered: ‎07-09-2012

Re: Student Loan Rehabilitation And The Effect On Tradelines


MaddMatter70 wrote:

making 9th payment this month, on the 15th, resisting the urge to do anything other than pay and hold my breath, I want so bad to make this one early, but I won't.  So.... I was with glhed, so I am hoping they pick it back up.  I know they have my current address/phone number:smileyhappy:


My 9th payment was due on February 18.  They let me make it 3 weeks early.  You should check myeddebt.com to make sure all your payments are posted correctly.  My December payment has not posted correctly and if not done the right way your loans cannot be picked up until they have all posted.  On Friday when I called them and let them know it had been more than 40 days since the payment was made and it is still not posted they asked me to send them a copy of my bankstatement showing the charge (I made it with my debit card).  They said they "hope" to have it corrected within 7 days of receiving the statement.  

 

Keeping my fingers crossed!



June '12: EQ 553 TU 0 EX 545
April '13 Lender Pull EQ 731, EX 692, TU 722 - all FICO

Closed on home May 22, 2013 at 2:00pm!!!
CU Visa $1000, VS $350, Chase Freedom $1000, Discover IT $2500, Home Depot: $2700, Menards $3000, NFM $3500
What's been deleted: 32 collections, 5 PR, 2 tax liens, defaulted student loans
Valued Member
BigE2000
Posts: 29
Registered: ‎12-03-2012

Re: Student Loan Rehabilitation And The Effect On Tradelines

Hi MaddMatter70/Kathy4NU...  I'm in the rehab proess and I'll share some info based on things I've read on this thread as well as from what GL has told me.  So GL currently has my loans and they said I should expect GL to continue as the servicer regardless of who picks them up.  I've found GL to be pretty honest brokers...they seem to be good.  It appears to me that a good number of people here are having some success with their rehabbed (& CR "refreshed") loans not containig negative information, which is awesome. But sometimes people are having more trouble with getting the original loan(s) that were transferred upon default, updated to no adverse info.  Say your loans were originally funded by XYZ bank, and serviced & guaranteed by ABC Co.  After you default and ABC purchases the loans from XYZ, on your credit report, the loans labeled anything with XYZ (perhaps now reading transferred/sold/$0 balance) and their negative tradelines, may be trickier to get clean post-rehab.  But again, it seems that the CR loan items post-default are the ones people are seeing the most success with.  And sometimes these results vary on who the servicer is.  I think GL is in charge of the credit reporting if they are the servicer, regardless of who the guarantor is. 

 

I wish everyone on here the best of success.  It's a blessing that we have hope to get clean tradelines but of course we're all assessed a significant penalty fee for defaulting.  But I suppose that's okay....understandably part of the process.  I'm soon to have my last rehab payment and I'll try to post an update or two on what happens.

Frequent Contributor
Kathy4NU
Posts: 279
Registered: ‎07-09-2012

Re: Student Loan Rehabilitation And The Effect On Tradelines


BigE2000 wrote:

Hi MaddMatter70/Kathy4NU...  I'm in the rehab proess and I'll share some info based on things I've read on this thread as well as from what GL has told me.  So GL currently has my loans and they said I should expect GL to continue as the servicer regardless of who picks them up.  I've found GL to be pretty honest brokers...they seem to be good.  It appears to me that a good number of people here are having some success with their rehabbed (& CR "refreshed") loans not containig negative information, which is awesome. But sometimes people are having more trouble with getting the original loan(s) that were transferred upon default, updated to no adverse info.  Say your loans were originally funded by XYZ bank, and serviced & guaranteed by ABC Co.  After you default and ABC purchases the loans from XYZ, on your credit report, the loans labeled anything with XYZ (perhaps now reading transferred/sold/$0 balance) and their negative tradelines, may be trickier to get clean post-rehab.  But again, it seems that the CR loan items post-default are the ones people are seeing the most success with.  And sometimes these results vary on who the servicer is.  I think GL is in charge of the credit reporting if they are the servicer, regardless of who the guarantor is. 

 

I wish everyone on here the best of success.  It's a blessing that we have hope to get clean tradelines but of course we're all assessed a significant penalty fee for defaulting.  But I suppose that's okay....understandably part of the process.  I'm soon to have my last rehab payment and I'll try to post an update or two on what happens.


I am not really worried about the original loan holder as my defaults were so far into default that the original loan has already agend off my account!!!  However, DOE has reported my loans for the past 7 years.  The odd thing is that they were in default the entire time and the only negative they are showing on my credit report is the past 12 months as being a collection account.  No 30, 60, 90 or 120 day lates - just showing as a CO for each month for the past 12 months.

 

I am going to assume since they are with the DOE that these trade lines will be removed once my loans get picked up.  From everything I have read on here it seems DOE removes all their trade lines once rehab is done. 

 

I made my 9th payment 3 weeks early hoping to speed of the process but it didn't.  My 7th payment did not post correctly.  I was being told it was a glitch and would fix eventually.  I was bounced backinforth saying it was the collection agency who needed to fix it and the collection agency said DOE had to fix it.  Finally talked to someone who said it would never fix itself that it had to be manually reviewed by the payment resolution department.  Payment Resolution has the confimation authorization for the collection agency and said that should be all they need but to send in copies of my bank statements too.  I did that last week and they confrimed on Friday that they have received them.   They said to give it another week to be inputed correctly.  

 

I was also told they are only reviewing loans to be picked up every 30 days now and they have no explanation of who gets picked up and who doesn't.  I am just keeping my fingers crossed that my loan gets picked up on the next round of reviews!



June '12: EQ 553 TU 0 EX 545
April '13 Lender Pull EQ 731, EX 692, TU 722 - all FICO

Closed on home May 22, 2013 at 2:00pm!!!
CU Visa $1000, VS $350, Chase Freedom $1000, Discover IT $2500, Home Depot: $2700, Menards $3000, NFM $3500
What's been deleted: 32 collections, 5 PR, 2 tax liens, defaulted student loans
Established Member
MaddMatter70
Posts: 15
Registered: ‎08-05-2012

m

9th payment made on the 15th.....no news/reporting differences yet


Starting Score: EQ608 TU531 EX568
Current Score: EQ684 TU679 EX691
Goal Score: 760 ALL


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Valued Member
BigE2000
Posts: 29
Registered: ‎12-03-2012

Re: m

Hi all.  I too recently made a 9th payment.  So we'll see.  I guess I sort of watch my reports and be on the lookout about my loan business being picked up.  This rehab option is by far the best way to go for people in default.  I just wish I would have started it earlier but I didn't even know about the program...didn't know what to do.  Alot of people are seeing great cr results, and a person doesn't want to be in defualt to the DOE for a variety of reasons.  I've seen the apps for Federal jobs and they all ask if you're in default of any Federal loans.  Anyway, best of luck to everyone.  I'll try to post more when information becomes available. 

Member
creditqueen83
Posts: 9
Registered: ‎02-14-2013

Re: m

Made 9th payment on 1-15-13. Had 6 tradelines from USAfunds on Equifax, didn't realize that transunion had TL from Sallie Mae and USAfunds. I disputed the TL on Equifax for USA funds on 2-15-2013. Today they are gone from equifax. Score went up 100 points. Sallie mae bought the loans and have not reported to equifax yet. So I am waiting to see what their L will say. I disputed the TL with Transunion yesterday. So far so good. 100 points is great!!!

New Contributor
Axa
Posts: 141
Registered: ‎02-20-2013

Re: m

[ Edited ]

creditqueen83 wrote:

Made 9th payment on 1-15-13. Had 6 tradelines from USAfunds on Equifax, didn't realize that transunion had TL from Sallie Mae and USAfunds. I disputed the TL on Equifax for USA funds on 2-15-2013. Today they are gone from equifax. Score went up 100 points. Sallie mae bought the loans and have not reported to equifax yet. So I am waiting to see what their L will say. I disputed the TL with Transunion yesterday. So far so good. 100 points is great!!!


Yes, it's terrific! What was your score before/after?

ETA: Nevermind, I looked back in the thread. Sorry I missed it (dang smartphone).


TU 759, EX 744, EQ 779
Current Focus: Gardening indefinitely
Goals: 800 Club, pay off auto loan in 2 years
New Visitor
madmaxx
Posts: 1
Registered: ‎03-01-2013

Re:Great Job

Great Job!!!  I have two more payments to go...  I hope my results are as good as yours.... anyone have a information on great lakes rehabs?  I wonder how they will treat my loan after  I make my last payment

 

 

 

 

 

 

 

 

 

 

iam complete.

Valued Member
BigE2000
Posts: 29
Registered: ‎12-03-2012

Re: Re:Great Job

Hi madmaxx, I understand that many people have great results with gl regarding tradelines post rehab; that is, if you are making payments to them while in rehab.  After your final rehab payment, regardless of who your servicer/guarantor is, your loan should be bought by another lender, but your servicer may well stay as gl. 

Established Member
MaddMatter70
Posts: 15
Registered: ‎08-05-2012

Re: m

now march 02, no new credit movement but my loan was repicked up by sun trust   so that is good, hoping credit follows suit shortly............


Starting Score: EQ608 TU531 EX568
Current Score: EQ684 TU679 EX691
Goal Score: 760 ALL


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