Student Loan Rehabilitation And The Effect On Tradelines

[Anonymous]

My final rehab pymt was 10/3,  on 10/10 FedLoans bought my loans, 10/21 my loans were updated in NSLDS, 10/26 FedLoans sent me my first billing statement, payment due 11/15.  They are really slow posting payments. Made a payment 10/27 through their website , also initiated pymt using bill pay from my bank on same day. Guess which payment posted first? The one I initiated using my banks bill pay feature. 

Now I'm just waiting for FedLoans to report to CRAs. My loans were from '98, so they already fell off my reports. I'm hoping for a big score jump across the board. 

[Anonymous]

If those loans backdate to 98, you may set the increase record with no loan derogs also, mine should fall off 2017 and 2019... I had a friend who rehabbed and his derogs all turned green, and he got a new set of TLs that were backdated... he increased 144 but his file was very thin and the loans constituted most of his score, if only I can get that lucky.

[Anonymous]

I am a bit confused about what reflects on the credit report after rehabbing is complete. I had read different situations from a few members. I just hung up with the representative who has been servicing my account and she told me that I will forsure have the lates removed once rehab is complete she also said  that no one has ever complained to them about not having them removed. I also have a friend who completed rehab and had all lates removed as well. 

I am wondering why they are making it seem so easy yet I keep reading the opposite from other experiences. I make my last payment this month and I am anxious. This is the only thing bad on my reports and keeping my EX and EQ out of the 700's. 

[scvbd99]

Late payment removal after rehab is a crap shoot.

The only thing that's required to be deleted from your credit report after rehab is any notation of default status.  That's it.  Any and all late payment history prior to the default can stay.  Some people are fortunate enough to have servicers that clean up tradelines more, and to varying degrees. 

I rehabbed 17 different tradelines at once.  Of those, all but 3 delted all late payment history, so I consider myself very fortunate. 

[mato01]

I had quite a few student loan tradelines before my rehab. Most of the lates were removed from the tradelines, and replaced with no reporting or X, and the statuses were updated to paid as agreed. There were a couple where I had to dispute but those were either updated to a positive tradeline or removed.

[Goodness]

It's very encouraging to hear that some people are getting lates deleted, I hope i am so lucky also.  I make my last rehab payment on Nov 18th instead of Dec 8th per TG. I have 17 accounts orginal lender wells fargo and wellsfargo/acs not sure if they are easy to deal with after rehab. My student loans are the only tradeliness keeping my scores done.

[Anonymous]

Just wanted to update my story. Started looking at houses with my fiancée and applied for a mortgage pre-approval today. I'm happy to report that we were immediately approved for well above our intended spend price and at a rate well below prime. Stick with the rehab roadmap and it WILL pay off!

[Anonymous]

Climbingonup any new tradelines? I'm still waiting.

[Anonymous]

My rehabbed loans are still not reporting. From some personal research I've concluded many creditors do not begin reporting on new accounts for 2 billing cycles. Anyone else notice this, or is it just a myth?

[Anonymous]

I know everyone has totally different experiences with rehabbing and I always had questions about what happens after you finish. It's hard to get solid insight because the outcomes seem to vary from person to person.  My loans only reported to EQ and EX they were removed from TU in 2013 not sure how or why, but I didn't question it. My loan reporting period of 7 years would have allowed for my loans to be deleted from all bureaus Dec 2014. I assumed because I went into collections that they would report for another 7 years from the date I defaulted, but I received a pleasant surprise.

I paid my last payment 11/19 on 12/4 I received notice from Navient they would be servicing my loan and on the 12th of this month one of my scores went up 74 points I am still waiting for EX to change. I just ordered a copy of my reports and the TL are totally removed so I didn't have to worry about any lates being removed. The loans were the only negative thing on my credit report and now I have no derogs. I am sure I got lucky I was never expecting them to remove the loans, but I am not sure what will happen with my scores once Navient starts reporting. I am hoping the new loan will increase my scores.