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Student Loan Rehabilitation And The Effect On Tradelines

Member

Re: Student Loan Rehabilitation And The Effect On Tradelines

I am so upset... I must be the only person in this thread who hasn't seen any sort of increase since I rehabbed my loans... Actually I lost points maybe -18 points between Equifax & Transunion in total since my new trade lines have reported... 😢 I truly give up... This has been one stressful and extremely disappointing experience... Everything is reporting incorrectly... No one seems to know why or have any freaking answers either.. So I am done, I didn't have the same wonderful rehabilitation experience as everyone else... My dreams of buying a home, I guess I can kiss them Goodbye 😢😢😢 I wish everyone else better luck than I had...
Signing off.....
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Message 871 of 880
Member

Re: Student Loan Rehabilitation And The Effect On Tradelines

Cococutie don't give up. If there are inaccuracies you have to dispute them in writing and be persistent! I saw 109 increase in my Equifax score after I disputed. Still waiting for Transunion and Experian to respond to my dispute.


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Current Score: 675
Goal Score: 700


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Message 872 of 880
Established Contributor

Re: Student Loan Rehabilitation And The Effect On Tradelines


Cococutiee wrote:
I am so upset... I must be the only person in this thread who hasn't seen any sort of increase since I rehabbed my loans... Actually I lost points maybe -18 points between Equifax & Transunion in total since my new trade lines have reported... 😢 I truly give up... This has been one stressful and extremely disappointing experience... Everything is reporting incorrectly... No one seems to know why or have any freaking answers either.. So I am done, I didn't have the same wonderful rehabilitation experience as everyone else... My dreams of buying a home, I guess I can kiss them Goodbye 😢😢😢 I wish everyone else better luck than I had...
Signing off.....

Coco, what is reporting inaccurately? Mine did too, for a time, but it was not that difficult to fix it. I'm happy to try to help troubleshoot if you can maybe expand on what you're seeing a bit.

Also, rehabbing won't in and of itself cause a huge score jump. Your scores will still be dependent on the rest of your credit info, so for example if your utilization is high then that will still affect your scores. It might not be the rehab causing the temporary drop. Your scores are, to be honest, pretty good so you wouldn't see a ginormous jump. The biggest gains are seen when scores are really low before finishing rehab - nature of the beast. 

Hang in there. Try not to be stressed. It's still better than having loans in default. 

Message 873 of 880
New Member

Re: Student Loan Rehabilitation And The Effect On Tradelines

I posted this as it's own post as well, but thought I would try here as well because there's so much great advice and experience on this particular threat.  So, apologies if that's not a good thing to do...I'm new to posting.  Also, thanks to everyone in this thread...I've pretty much read the whole thing and it's helped a LOT so far.  Smiley Happy

 

I have 2 "sets" of negative tradelines - 9 US Dept of Education lines from a defaulted student loan and 8 lines for 1 60 day late in December of 2008 with Sallie Mae/Navient.  So annyoing that there's 17 tradelines for what is actually 2 payments, but I digress.  I defaulted on the Dept of Ed loans around May of 2013.  I don't remember exactly when I started the rehab process, but I completed that in September of 2014.  My credit scores all went up, but I honestly can't say exactly how much was attributable to the rehab and how much was attributable to opening a credit card and using it very responsbily during this time period.  

 

Fast forward to about a month ago - I started reading here (after applying for a mortgage and being limited to FHA, not because of bad scores, but because of all these negative tradelines) and went ahead and disputed both the Navient/Sallie Mae late payment (to my knoweldge, I had an in-school deferrment at the time of the late payment, which was the grounds for dispute) and the negative info leading up to the default (grounds being "it was rehabbed").  

 

Transunion responded  immediately - all deleted.  I just got a scorewatch today and my TU 8 score went up 70pts.  Hooray!  Experian wasn't reporting the Dept of Education loans, but I did go ahead and dispute the SM/Navient lates, and I'm still waiting on that.  My real problem is Equifax.  Oh, Equifax.  

 

Equifax responded pretty quickly on (May 4th) with something that looked very similar to TU's response - all information (on both the lates and the negative info prior to default) would be deleted.  Yay, right?  Wrong!!!  I pulled my credit report on May 8th and the Sallie Mae lates were gone, but the Dept of Education negative info was still there.  So, I called today to see when that would be removed.  The agent told me that they would have to open another dispute, but that info would be deleted as soon as possible, but within 30 days.  After that call this morning, I refreshed my credit report on Equifax.com and to my surprise, ALL of the negative info on both sets of loans was back up, but all of the positive history was gone.  I just called, and their agent informed me that negative information about late payments, etc, is not "historical data" and the "historical data" is what Equifax agreed to delete.  UGH!!!!!!  I mean, seriously!!!?  The "evidence" I submitted with my dispute was solely about the negative information, not about the positive information.  Why on earth would they delete all of the good info and leave the negative?  So, now I have 2 disputes open with Equifax and who knows what's going to happen....

 

Has anyone had a similar experience?  I do not understand "historical information" = "positive information only."  Any advice/tips/tricks/soundbytes appreciated!!!  Thank you.

Message 874 of 880
New Member

Re: Student Loan Rehabilitation And The Effect On Tradelines

It's very annoying...

 

I wenbt through rehab twice. Last time about 8 years ago. As soon as I finished rehab, all my negative payment history turned to positive - smooth sailing. Then 2008 happened, defaulted, etc.

 

This time I went through rehab, finished about a year ago, nothing changed on my credit. Great Lakes holds my loan now, and they're reporting as it should.

 

I contacted Great Lakes regarding by 8 bad lines. I know they can't do anything, but maybe point me in the right direction. They said contact Direct Loans(or whatever they are now). I did - and they say "contact Great Lakes. Your balance is $0" which makes no sense because it's out of their hands.

 

I disputed with Equifax online as "never late" - OK. they deleted the entire payment history. Less than I deal. I want the greens!

 

I have an account with Lexington Law (been just fine for me), but I have my student loan stuff set to 'ignore'. I figured they would resolve themselves, which has not happened.

 

I think the first time I did rehab, the loan stayed with US Dept. of Education, so things progressed as they should. They don't hold the loans anymore, so the process is kind of convoluted.

 

I don't think Dept. of Education will respond to disputes if your balance is $0, and the CRA will just go with whatever you tell them. "not mine", "never late", etc.

 

Thinking of maybe just letting LL dispute them through to deletion or otherwise. Feel like a lost cause at this point.

Message 875 of 880
New Member

Re: Student Loan Rehabilitation And The Effect On Tradelines

Hang in there! It would be nice if there were some consistency between all three CRAs. Just a word of warning when disputing with Equifax - make sure you're explicit in what you want removed. I thought I was and ended up with all of the good info gone and just the late remaining. I still think it's beyond comprehension that they took my evidence and explanation of my dispute and did what they did.
Message 876 of 880
Member

Re: Student Loan Rehabilitation And The Effect On Tradelines

So all of my disputes are finalized with all 3 CRAs and the rehab worked great for me.  All missed payments and any evidence of default was removed from all 3 bureaus and now only positive information is showing "PAID AS AGREED" since the date that all 7 of my (previously defaulted) student loan accounts opened back in 2007.  My score jumped 100+ points with each CRA and now my FICOs are in the 620-650 range.  I am not going to let these accounts default again and time to climb towards that 700 club!

 

I AM SO HAPPY!!!


Starting Score: 545
Current Score: 675
Goal Score: 700


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Message 877 of 880
New Member

Re: Student Loan Rehabilitation And The Effect On Tradelines

Congrats!

 

Who held the defaults, and who holds the loans now? That seems to make all the difference. Mine went like yours the first time around - not so much on the 2nd go, as the loan changed hands from US Dep. of Education to Great Lakes.

Message 878 of 880
Member

Re: Student Loan Rehabilitation And The Effect On Tradelines

I defaulted with US Department of. Education and my accts were assigned to Performant Recovery to handle the rehab process. After my 9 payments, I was picked up by Navient. Smooth sailing now!


Starting Score: 545
Current Score: 675
Goal Score: 700


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Message 879 of 880
Moderator Emeritus

Re: Student Loan Rehabilitation And The Effect On Tradelines

It's time to retire this thread. It was begun four years ago.

 

Anyone is welcome to start a new discussion on this subject.

Message 880 of 880