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Hi, my loans from the US Dept of Ed were transferred to Fed Loan Servicing in July, however Fed Loan Servicing has not reported my repayments to any of the three credit bureaus. This has resulted in my credit score dropping roughly 50 points, as all of my previous student loans now say "Account transferred to another office" and showing $0 balances.
Do you know who I should contact and/or how long it takes for transferred loans to begin showing up on a credit report?
Thank you in advance for any help possible. I hope to get this resolved quickly.
It can take 60-90 days for new tradelines to start reporting, depending on when everything gets through the servicer's computers and how often they report to the CRAs (some only report once a month on a specific day, for instance). Since you're getting close to the 3 month mark, it may not hurt to contact them and see if they can tell you when to expect the information to be updated.