Student Loan Rehabilitation

Anonymous · ‎09-04-2014

I have completed the required 9 payments on my federal loans to rehab them and I have been told of my new payment information. The issue that I have is that I cannot seem to find out what loan entries on my credit report will be updated. I have some loans that are showing payment history each month even before the rehab, I believe those are my sallie mae private loans which will not be adjusted by the rehab. I also have sallie mae, USA funds, and Dept of Education loans that do not show any updates or payments monthly recently.

Does anyone have a suggestion on disputing the information to find out more information or the negatives to doing that? I still have not seen any updates since the rehab was completed and was told it could take 30-90 days from August 7th 2014. Would I be better off waiting for them to do the updates and then disputing the rest to see if I can get them removed?

Any suggestions would be great because the representatives at Sallie Mae do not seem to be of use at all other than the "Post claim assistance line" 800-331-2314, but they indicated that only the USA funds ones will be updated and I will still be left with DOE and SM loans in there without any updates. Is there a way to get these removed also?

Thank you in advance...

Anonymous · ‎09-09-2014

I'm in the same boat. I submitted my last payment through account control technology 07/16/2014 to complete my rehab program. My student loans were immediately picked up by Great Lakes. Great Lakes are now reporting on my credit as a new account but the old negative accounts (total of 7) are still showing as well. I have reached out to transunion today and the lady there could hardly speak English and hung up on me. I then reached out to ACT and they made me aware that Great Lakes needs to submit the information to the credit agencies to remove the negative remarks, I then called Great Lakes who told me that my issue was with the credit reporting agencies not them. I've been given nothing but the run around today and am totally frustrated. I'm so new to this as well so I’m researching dispute information to submit to the credit agencies.

Goodluck & post any updates please !

Anonymous · ‎09-10-2014

I am still in rehab, but this is what I was advised to do after I make my last payment. To my knowledge the collection agency reports as satisfied and the original loan holder must update their system as well.

Dispute the loans with each agency after I make my last payment. Once your payments are completed it is noted in the CA system immediately that the debt is satisfied. By disputing it you get faster results as they will have to report it has been satisfied. This is what I was told to do for faster updating. If not they said I may have to wait up to 90 days possibly for all thd correct info to be updated and submitted to the bureaus.

Anonymous · ‎09-10-2014

Thank you both for the updates,

I was told by USA funds that those are the only tradelines on my reports that will be adjusted as they are the "guarantor". I am concerned because the sallie mae entries are all over the place too and I am pretty sure that those are all default entries also. I did read somewhere that those will eventually fall off as well but it takes around the 90 days. When doing the dispute, would you put "creditor agreed to remove as loans are rehabilitated" or is there something else you would put for the comments?

I have disputed things before but my fear is that I will dispute them and they will be pissed off somehow and then decide not to do anything with the additional entries aside from the USA funds entries.

Maybe I should just dispute all the student loans and then they can just sort them out that way lol. Calling does not seem to get me anywhere, everyone thinks something different and there are so many companies involved, it is hard to track down the proper information.

I will post updates here once I know more. I recently disputed some DOE loans and those were updated in about 4 days or less so I imagine this will be the same result, hopefully to my benefit of course.

Thanks

Anonymous · ‎09-10-2014

The status of the loan would be disputed I believe. Basically it is showing as still in default and that has to be removed to say paid as agreed and the lates should all go to saying "ok" or "paid". I have seen some say that instead of saying paid as agreed it sometimes just says closed, but the negative marks do update to positive. My friend went through rehab last year and he said it took about 2 months for everything to update.

Anonymous · ‎09-12-2014

Ahh ok, well I know when I dispute things, they show disputed for a period of time until they get the info back from the creditor so I am not concerned with that.

I was more concerned with the fact that I have entries for Sallie Mae and USA Funds on my reports. I know the USA funds will be updated, but I wondered if the Sallie Mae ones will be deleted/updated also?

Does anyone know how I can find out?

Thanks