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Student Loan Rehabilitation And The Effect On Tradelines

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FicoTron
Established Contributor

Re: Student Loan Rehabilitation And The Effect On Tradelines

nice...see, this is what I WANT to hear.  Its just that there are conflicting statements in this thread, which is why it is just frustrating not to know.  But like I mentioned before, its seems like with Direct Loans, all negs go away, like in your case.

 

So you looked at all of your reports after it came off and there were absolutely no negs in any way on there?

EX-774 (Amex Fico) 8/12
EQ-725 (Fico) 1/12
TU-729 (Fico) 3/12
Message 31 of 880
tburns
Regular Contributor

Re: Student Loan Rehabilitation And The Effect On Tradelines

Made my 9th payment Friday. I also talked to ACT Thursday who's handling the rehab and they verified I had made 8 qualifying payments so far, so yesterdays would be my 9th Smiley Happy. They also checked my file and said it 'looks' like they have all the information and referances they need to hand it back to Direct Loans once payment is received.

 

They also said it 'might' take up to 45 days to transfer so I should be prepared for a 10th payment before then but might be quicker since it's early in the month still.

 

Hopefully everything goes smoothly. Looking forward to updates from cfinkman since he's in the closest situation as I am with being in Direct loans also. Want to see how the CR will look afterward.

Message 32 of 880
FicoTron
Established Contributor

Re: Student Loan Rehabilitation And The Effect On Tradelines

tburns - i had a similar thing happen after my 9th payment.  I made it in early june, then i got a letter asking for the final payment which i already had made.  they explained that all nine were recieved and to not make that payment, and disregard the letter.  I just got something in the mail yesterday from DOE saying that they forwarded the info to the treasury dept to stop taking my federal tax return, which is great news...I've been forking that over for the past 5 years.  I am still waiting to hear from direct loans, which should be within the next 2 weeks to confirm the turnover and negotiate my payments.  Nothing else yet to report, but I am keeping a close eye on the dates, I would hate to blow this whole thing on a mistake on their end, so I'm making phone calls to the DOE and DL from here on out.

EX-774 (Amex Fico) 8/12
EQ-725 (Fico) 1/12
TU-729 (Fico) 3/12
Message 33 of 880
FicoTron
Established Contributor

Re: Student Loan Rehabilitation And The Effect On Tradelines

Update:  Got a letter today from DOE dated 7/13 congratulating me on the rehab.  They also said that I am eligible for all loans, deferments, etc as I was when I started the loan.  Most importantly, it also stated that they will update all bureau's that I am no longer in default status.  Lastly it plainly said that Direct Loans will be contacting me soon to work out the payments.

 

So all in all, the contact from them has been solid, all questions have been answered by the documents they have been mailing me.  I'll be sure to check back in when my reports are rid of a the 7 default status tradelines...

EX-774 (Amex Fico) 8/12
EQ-725 (Fico) 1/12
TU-729 (Fico) 3/12
Message 34 of 880
tburns
Regular Contributor

Re: Student Loan Rehabilitation And The Effect On Tradelines

Congrats. let me know how the CRA report it once it's updated. I received a letter from DOE yesterday saying "Congratulations, only 1 payment to go" but it was dated the 13th so I already made that payment. Just waiting now.

 

They did have a phone number listed.

Message 35 of 880
Anonymous
Not applicable

Re: Student Loan Rehabilitation And The Effect On Tradelines


@cflinkman wrote:

tburns, that is a weird situation, I'm wondering why they ever fell off of your report in the first place, they aren't supposed to.  The only thing you can hope for is is they put the original starting date of the loan, that would help, otherwise, it isn't hurting you now.

 

On another note, I'm glad people are noticing this thread, hopefully we can get a record of a lot of rehabbers so people in the dark can get an idea of what they have in store for them, no matter what the loan type...keep the replies coming.


 

Student loans can remain on your credit report for a long time, but they cannot remain forever. 

Message 36 of 880
Anonymous
Not applicable

Re: Student Loan Rehabilitation And The Effect On Tradelines

I did this through NCO and paid 9 consecutive payments and they removed all negative information off my credit report. They are good about it Smiley Happy

Message 37 of 880
FicoTron
Established Contributor

O6 - I was talking about his unpaid loans... those don't...

O6 - I was talking about his unpaid loans... those don't fall off unless paid, and  at that point, he hadn't paid them.  As far as I know

EX-774 (Amex Fico) 8/12
EQ-725 (Fico) 1/12
TU-729 (Fico) 3/12
Message 38 of 880
FicoTron
Established Contributor

Re: Student Loan Rehabilitation And The Effect On Tradelines

aot2002 -  can you go into a bit more detail?  did your report still show that you had been late in the past, or was it totally rid of anything negative from this?  also, did it report as being opened at the time you took the first loan?

EX-774 (Amex Fico) 8/12
EQ-725 (Fico) 1/12
TU-729 (Fico) 3/12
Message 39 of 880
laz98
Senior Contributor

Re: O6 - I was talking about his unpaid loans... those don't...


@cflinkman wrote:

O6 - I was talking about his unpaid loans... those don't fall off unless paid, and  at that point, he hadn't paid them.  As far as I know


i've never heard that.  my experience a long time ago was that it came off my reports just fine.  later when i had the money, i did go back & pay it in full.  they seemed quite surprised that someone would do that Smiley Happy

Message 40 of 880
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