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Valued Member
Posts: 29
Registered: ‎03-12-2017
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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?

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Valued Contributor
Posts: 1,666
Registered: ‎06-30-2016
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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.


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