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Student loan rehab question

Valued Member

Student loan rehab question

I rehabbed and consolidated my student loans last year. My credit report shows both of the closed accounts still as negatives, which from what I've read- that's normal. One of the accounts still shows as a 120 day late though and from what I understood, rehabbing them should have taken off my lates? Is that incorrect?

 

Also- the last reporting date on one shows at March 2017 and I rehabbed/consolidated last year, so should it still be reporting?

Starting Scores: EQUIFAX- 599 TRANSUNION- 601 EXPERIAN- 627


Current Scores: EQUIFAX- 665 TRANSUNION- 675 EXPERIAN-668
Capital One Secured $500 | Credit One $450 | Victoria's Secret $250 | Finger Hut $400 | Care Credit $500
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Valued Contributor

Re: Student loan rehab question


KRH513 wrote:

I rehabbed and consolidated my student loans last year. My credit report shows both of the closed accounts still as negatives, which from what I've read- that's normal. One of the accounts still shows as a 120 day late though and from what I understood, rehabbing them should have taken off my lates? Is that incorrect?

 

Also- the last reporting date on one shows at March 2017 and I rehabbed/consolidated last year, so should it still be reporting?


Consolidation is not a rehab - did you make the full 9 month payments based on 15% of your discretionary income? If not, then the default and lateness all remain.

 

If you did a true rehabiliation, the collection accounts should have been removed and the accounts restored to a good standing removing any record that they have been defaulted and "paying as agreed" as the status. No lates prior or after the default are removed.


EX08 659 EQ08 660 TU08 695 Starting: mid 300'sGoal: 700
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