10-02-2013 07:47 PM
I have been very thankful to have found this forum when I was going to through the loan rehabilitation program... it gave me hope! I have had a rave of negatives on my credit report and I have paid all put 3 medical bills off. Some accounts were deleted after I paid them, then disputed.. and others remain but were updated as "paid". NOTE that paying off something on your credit score will NOT increase your credit score. It will only allow the company to update your credit report saying that you paid.
Anywho. I began the loan rehabilitation progarm in February 2013. My payments are only $55/month and my 9th payment is in 6 days! I can't wait!
Helpful information for those that are waiting on their 9th payment and wondering about when the negatives will be removed from your credit report.. I have called ECMC a few times and here is what I have been told:
1) Your loan will stay in DEFAULT status until it is picked up by a lendor.
2) Your loan will be assigned a lendor within max 30 days after your 9th payment.
3) When a lendor is assigned to you, the lendor will notify you by mail. Call the lender and setup a payment plan with them or a defferment if you are in school.
4) About a week after your lender is assigned to you, you will receive a letter from ECMC stating you have completed your loan rehabilitation and you should see your credit report updated to its pre-default status within 45-60 days.
NOTE: This is because ECMC only reports to the credit agencies ONE time per month (the first Sunday of the month). Then, the credit agencies have about 30 days to update your credit report. So, the entire process can take a while.
AN ALTERNATIVE TO WAITING: ECMC literally told me that once I make my last payment, contact each credit agency and dispute the ECMC/student loan charges on my credit report. By law, both ECMC/student loan companies will have to update your credit report within 30 days of you filing or the negative reports will automatically fall of your credit report.The lady at ECMC says that she sees people use the disputing method as a quicker way to get their credit report updated.
On 10/9 I plan to dispute the ECMC/student loan reports on my credit report. I will update you my findings and also let you know how much my score improved when they were removed.
NOTE: ECMC is listed on each agencies report (2) times. Additionally, Citibank is listed ANOTHER (2) times each. So, a total of (4) negative reports will fall off of each credit report (Equifax, TransUnion & Experian).. a total of (12) negatives removed altogether.
I hope this helps someone else in my shoes.. and GOOD LUCK!
10-05-2013 07:27 PM
Please let us know what happens. I am about to make my 8th payment and in November will make my 9th payment and complete the program. My oldest account on my credit report is my 3 US Dept. of Education accounts and I think it is killing my score showing in collections. I have done so much to improve my score over the last 2 years but I just can't seem to get that score going where I need it to to buy a home. This is really a toll on me as I am feeling hopeless in owning a home in the near future. I am really praying this helps once I complete it and that would be the best Christmas gift I could receive.....
I have not had a late payment in 2 years on anything and cannot wait for this to show as a positive.
10-08-2013 02:47 PM
I am on month 7.....
I will make my last payment on Nov.6.....
ECMC said the tradelines should be updated in 30 days and the loan should be sold by then as well.
Happy, Happy, Happy