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Frequent Contributor
kjel
Posts: 367
Registered: ‎11-27-2012
0

Re: Student Loan Rehabilitation And The Effect On Tradelines


DaniBananiie wrote:
Do you think I should dispute the late payments that show up on my credit report? I'm sure that'll push me to the 730+ plus club, instead of being stuck at 715..

Only if the payment history is inaccurate or you have documentation from the servicer that the lates would be removed as part of the rehab process.

 


Starting Score: TU: 549 | EQ: 549 | EX FAKO: 541
Current Score: TU: 641 | EQ: 680 | EX: 649
Goal Score: 700


Regular Contributor
hopingsoon
Posts: 231
Registered: ‎03-09-2013
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Re: Student Loan Rehabilitation And The Effect On Tradelines

Hey Kjel

 

I think I remember reading that your new lender or servicer started reporting a new tradeline right away. What happens to the original tradeline, closed with a zero balance? 

 

I ask because I just received notice that my loans have been picked up by Suntrust. AES will continue to service them. They removed my collection TLs right away but as it stands right now, no one is reporting my current status with these loans now that they have been rehabbed. I'm wondering if now that Suntrust has picked them up if I'm going to see two new positive TLs appear on my report from Suntrust. If that happens I'm curious about two things... 1. Will the new TLs be dated for the original date on those SLs before default/rehab and 2. what happens with the original TLs that say student loan assigned to government, 120 days late, closed, zero balance?? Do they stay on there like that until they age off?



Starting Score: FAKOs EQ 537 TU 497 EX 517
Current Score 7/11/13: FICOs EQ 650 TU 659 EX 655
Goal Score: 675 Who am I kidding? Goal Score: 750+ :smileyhappy:


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Frequent Contributor
kjel
Posts: 367
Registered: ‎11-27-2012
0

Re: Student Loan Rehabilitation And The Effect On Tradelines


hopingsoon wrote:

Hey Kjel

 

I think I remember reading that your new lender or servicer started reporting a new tradeline right away. What happens to the original tradeline, closed with a zero balance? 

 

I ask because I just received notice that my loans have been picked up by Suntrust. AES will continue to service them. They removed my collection TLs right away but as it stands right now, no one is reporting my current status with these loans now that they have been rehabbed. I'm wondering if now that Suntrust has picked them up if I'm going to see two new positive TLs appear on my report from Suntrust. If that happens I'm curious about two things... 1. Will the new TLs be dated for the original date on those SLs before default/rehab and 2. what happens with the original TLs that say student loan assigned to government, 120 days late, closed, zero balance?? Do they stay on there like that until they age off?


Hi! Congrats on getting picked up, that's half the battle lol. The rest of the fight is over reporting.

 

Nelnet picked up my loans and the two new TLs (subsidzed/unsubsidized) are reporting under Dept of Ed/Nelnet with an open date of January 2011 which is when my consolidated loans were issued. The only payment history that is showing is for April and May with an OK status.

 

The collections account TLs from Dept of Ed were only reporting on EQ & EX. After 60 days and two end of month dates as well as receiving a letter that the default status would be removed I disputed through EQ & EX directly and got the collections TLs deleted. For some reason the collections TLs never reported to TU.

 

I am still left with the two original TLs from Dept of Ed reporting with a $0 balance, account transferred. The negative payment history still displays but there is no notation of default, claim filed, or collections. I suppose it will stay there until it ages off.

 

I have filed a dispute through TU because there was an additional Dept of Ed tradeline with an account number matching my SSN and reporting a balance with no payment history equal to what Nelnet is reporting, It hasn't come back yet so it's a wait and see. I did get a 39 point bump on EQ, my TU hasn't refreshed yet. EX Fako also saw a bump.

 

Hope this helps!


Starting Score: TU: 549 | EQ: 549 | EX FAKO: 541
Current Score: TU: 641 | EQ: 680 | EX: 649
Goal Score: 700


Regular Contributor
hopingsoon
Posts: 231
Registered: ‎03-09-2013
0

Re: Student Loan Rehabilitation And The Effect On Tradelines

Thanks for the info! I'll keep my fingers crossed that I get a score watch alert in the next few weeks with a nice bump once these loans start reporting again.



Starting Score: FAKOs EQ 537 TU 497 EX 517
Current Score 7/11/13: FICOs EQ 650 TU 659 EX 655
Goal Score: 675 Who am I kidding? Goal Score: 750+ :smileyhappy:


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New Member
dcastava
Posts: 2
Registered: ‎05-29-2013
0

Re: Student Loan Rehabilitation And The Effect On Tradelines

So I rehabbed my loan through AES on May 11th.  My loan was immediately picked up by AES but as of today nothing has been updated.  From reading the forum it seems as though it takes 30-60 days.  My question (and ignorance) lies with my credit reporting.  Again, from reading the forum it seems as though that most of the payment history will revert back to a Pays On Time status (or the equivalent).  Correct?  What happens with the Sallie Mae account that I have open that is who had the student loan prior to AES and they are still reporting the pre consolidation late payments and so forth on my credit report.  I last dealt with Sallie Mae on Jan 2007.  How can I get that record removed or modified.  Any advice would be appreciated.  This forum has been a great resource for me so far.

Established Member
StazzyBoo
Posts: 30
Registered: ‎08-29-2012
0

Re: Student Loan Rehabilitation And The Effect On Tradelines

As of this morning my Experian is 712! 700's club, woo hoo! Equifax is the worst 576, but my Myfico is 659, Transunion is 649. I know Chase in CA only pulls Experian b/c I tried applying once before and they are they only showed up on my experian report. So I decided to take my chances and apply for Chase Freedom Credit Card and I got immediatly approved with $500 credit limit, 0% APR for 1st year, no annual fee, and 5% cashback on select purchases and 1% cash back on everything else. I am beyond exctatic. I started with below 500 score with experian just 2 years ago, rehabillitation, lots of hard work and sweat finally got me into 700's, now I just need Equifax and Transunion to catch up. Having low balance on both my credit cards will help boost my score on other reports, but the age of accounts will go down a little bit :smileysad:  But it will pay off over time! I know the exact days my credit card reports, so I pay it off to 0 balance 5 days before and don't use till after the day it reports, I use full limit almost every time but my bills are always paid on time and usually $0 balance when it reports, 500 credit limit increase will look good on my report and ratio of debt will boost the score!

 

Word of advice, find out which creditors pull your best credit report in your state (some pull all three like Capital One, Barclays and Chase only pull Experian-but this depend on the state, so do research).

Aug 2011: EX: Below 500's EQ: Below 500's TU: Below 500's
April 2013: EX: 561 EQ (myFICO): 606 TU: 614
May 2013: EX: 689 EQ (myFICO): 623 TU: 615
June 2013: EX: 712 EQ (myFICO): 659 TU: 649 EQ Direct: 576

Finished rehab August 2012. Equifax no longer shows any deliquency, Experian has one deliquent account, and Transunion has 2 reporting.
New Member
bglynn07
Posts: 3
Registered: ‎05-16-2013
0

Re: Student Loan Rehabilitation And The Effect On Tradelines

Just wanted to throw an update on here. I was working with Progressive Financial i made my ninth and final payment to the on may 28th. I received a letter in the mail from the department of education telling me to send my monthly payment to their Atlanta office. 4 days later i was sent a letter from progressive reminding me of my monthly payment. that was around june 6th. The payment is due on the 15th. Yesterday afternoon i called the department of education spoke to a reprensentive and was told that my loan was now with fed loan servicing, and i was given their phone number. She told me that she could fax or mail me a letter to give to the credit reporting agencies saying to update the accounts to paid up to date and no late payments. I chose fax and I am expecting the letter tomorrow at work. I then called back to find out who the payment was going to and a guy said they just delete the accounts altogether. I think iwould perfer to keep the accounts paid with no lates but we will see what actually happens.

 

So i then called fed loans. they were nice enough and said my loans were in the tranfer process the guy on the phone then looked it up and said all the information will be available tomorrow and a letter and acount information will be sent out tomorrow and to mail the check to them i will be all set. Pretty good news I think

 

So for any questions i will do a short after action report

 it took about 15 days to be picked and placed into a system. The Progressive (debt collector) said it was best to get the last payment in at the end of the month the companies who pick up your loans do so at the beginning of each month.

 

The Department of education is the ones you need to speak with about getting the tradelines deleted. But the woman on the phone said she will fax me a a letter and can send it to the credit bureaus or i can. I think I will ask her to and then do it myself as well. On Thursday I am going to spend some time talking to experian equifax and transunion and see what is the best and fastest route is to update the trade lines.

 

The last bullet point is the new company reporting. I am hoping to get this squared away buy the middle of July that could be high hopes but I just need a decent number boost. The new company said they only report new information on the loan, so if I can get the department of education to report the loan being open since 1999 and then being paid up to date and the new loan people to report paid as agreed I will consider myself extremely lucky.

 

If there are any questions or any information someone needs let me know I know I was and still am dying for imformation a response and to move forward

Valued Member
BigE2000
Posts: 29
Registered: ‎12-03-2012
0

Re: Student Loan Rehabilitation And The Effect On Tradelines

[ Edited ]

Hey gang, I haven't visited for a little while but I'd like to give a quick update.  After rehab was completed via GL in late March, I finally checked two of my credit reports.  Oh, GL stayed on as my servicer so they are probably the ones reporting, not the new lender.  Both Experian and Equifax have the date opened as when the loans were issued, years ago.  Experian's account payment history tradeline only dates to when rehab was completed whereas Equifax's goes back to '06 or so.  So I'll take it.  The old tradelines with negative info were old enough to fall off so I didn't have any of those complications.  But the new tradelines have no adverse data.  That's just so great and I'm very thankful that this process worked. 

 

However, on 2 of my reports I have another unrelated issue that I'm in the midst of getting straightened out, and it's hairy....so my credit report work isn't yet concluded.  But to everyone on here who was kind enough to share information and tips, thank you so much.  And to everyone who is still in the rehab process....hang in there and keep moving foward....this process appears to work pretty darn well and consistently for a lot of people.

 

Update: I checked and the new student loan business is reporting on TransUnion...nothing bad.  Oh, I forgot to mention that tradeline-wise, the new reporting is a single item/tradeline, not muliple ones like before. 

New Visitor
hardingamber
Posts: 1
Registered: ‎09-27-2012
0

Re: Student Loan Rehabilitation And The Effect On Tradelines

Call AES and double check! I was told by ECMC that AES would be servicing my loans for US Bank. But I called them and the lady told me they only service JP/Chase student loans! I'm actually with SAF. I completed my last payment on 5/20/13 and my loan was picked up on 6/14 but I have yet to see anything on my report yet or the NSLDS and SAF doesn't have me in their computers yet. 

 

From all that I've researched, ECMC is going to delete their info but I'm going to have to dispute the original loan holder (Wells Fargo) to try and get those off. I had two very small loans (3k and 4k) and they've been reported seperately, and by the OC and ECMC. However I am fairly positive they've been combined now so I'm interested to see how this plays out. I will update when everything pans out!

New Member
StacyMacy
Posts: 4
Registered: ‎05-20-2013
0

Re: Student Loan Rehabilitation And The Effect On Tradelines

Hello everyone! I'm about to make my last payment of my rehab in two weeks! So excited. I cant wait to see how it affects my credit score. My loan was originally through Sallie Mae and got picked up by USA Funds which I tried to rehab but they required me to make a payment one day and then again the next day and i just couldnt at the time and they refused to wait a week so THEN it got picked up by West Asset Management. Right now I have two tradelines for Sallie Mae and two for USA Funds. Four total. My students loans are the only thing bad on my report unless you consider aaof, ect. I will keep everyone updated and thanks to everyone who shared their experience. I thought I ruined my credit. With only being 24 you can imagine how discusted i was until i found this forum.

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