07-05-2014 02:40 PM
07-05-2014 07:55 PM
I completed my rehab about two weeks ago and was hoping to get some much needed info. Immediately upon completion, my neg student loan trade lines were updated to paid but still show all negatives. One week later, the new loan appeared and my scores dropped! When should I expect the bad info to be gone before attempting to dispute?
Did the update remove all of the references to the default? Have the remarks like "paid by government insurance" or "in collections" been removed? If so, that it is all that the lender is required to remove. The lates that led up to the default can remain on your report until they age off. Sometimes it can take up to 60-90 days for the default remarks to be updated and removed.
07-06-2014 08:11 PM
Ok, just confused bc many on here have cited all bad stuff, late marks included have been removed after rehab. Guess I'll have to see.
Some lenders do remove all of the negative remarks, others do not. Sometimes it seems to depend on if the same lender that held the loans originally picks up your loans to service them after the rehab.
07-08-2014 03:07 PM
07-14-2014 11:46 AM
Is it the same situation if US Dept of Ed sold my loan to Mohela? I show 100% perfect payment history with Mohela but have 120 day late on my US Dept of Education loan. I wrote a GW letter to them this weekend and I'm hoping to get either the late payments removed or the entire TL removed, although that would severely hurt my AAoA I believe since I got that loan 15 years ago.
07-15-2014 12:11 PM
Over time all of the negative information on my defaulted student loans disappeared. Now FED LOAN Servicing owns and manages all of my loans. They are all current and I am still in school. I had dropped out in the late 1990's then went back in 2010. It took a year to bring my loans current and for the negative information to straighten itself out.
07-16-2014 01:44 AM
I just began the rehabilitation program for my student loans. The first payment I submitted was made with a debit card and I was charged a $6 fee. I can save those $6 each time I make a payment by setting up auto-payments from my checking/savings account.
So my question is, how many of you setup auto-payments that are taking automatically from a checking/savings? Just feeling a bit weary about it, since it is a collection agency and all. Though, I do plan on making all payments on time.
I definitely set up automatic payments with my rehab because out of sight, out of mind. I also set it up with my pay checks so that it DEFINITELY comes out lol.
09-22-2014 05:52 PM
Update. My loans have been removed and according to Credit Karma my Transunion score went up 41 points and my "Vantage Score" went up 71 points. I'm no longer in the "very poor" range, I've gone to the "poor" range. I recently also opened a secured CC with Capitol One.
I have 3 different collections on my report that equal to about $1000. I am going to pay one every month. I am sending out PFD letters just to see what happens. I am wondering if my credit score will increase when I remove the first collection? Or will it only increase when I remove all 3 collections?
10-08-2014 10:17 AM
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.