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Utterly confusing

Regular Contributor

Utterly confusing

I have several loans with Nelnet and Sallie Mae.

 

I went into defeault (like an idiot), and finally had them consolidated and was on the income contingient program with Direct Loans. Then about a year later it was sold to Mohela.

 

The Direct Loans and Moehla loans are reporting as good. But the Netlet and Sallie Mae's are still on my report showing late payments, etc. They are due to fall off in 2015 and 2016. Would a GW letter to them work? 

 

What do you guys advise? Thank you Smiley Happy

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Established Contributor

Re: Utterly confusing


xosamandaxo wrote:

I have several loans with Nelnet and Sallie Mae.

 

I went into defeault (like an idiot), and finally had them consolidated and was on the income contingient program with Direct Loans. Then about a year later it was sold to Mohela.

 

The Direct Loans and Moehla loans are reporting as good. But the Netlet and Sallie Mae's are still on my report showing late payments, etc. They are due to fall off in 2015 and 2016. Would a GW letter to them work? 

 

What do you guys advise? Thank you Smiley Happy


Student Loans are confusing when they go in Default. My Transunion and Experian reports (the full ones from the CRA directly or from AnnualCreditReport.com) show that my default loans being reported by ECMC (Education Credit Management Corporation) will drop on 5/2014 (they are consolidated and balance is $0). They were consolidated in February of 2012. However, the letter I received from ECMC after inquiring about the DOFD with them, states that they can report for up to 7 years from the moment they were paid. So if that is the case, I am screwed with them for another 5 years. I am hoping that they will drop in 05/2014 as the Credit Report states -  that would be 7 years + 180 days from the Date of First Delinquency. I will report more in May when I see what happens. I wish I could give you a specific answer, but this is all I have at the moment.

FICO® EQ 717 (3/5/15); TU08 732 (3/5/15); EX: 723 (3/5/15) - Last app 3/15/15; Inquiries: A TON!

CITI ThankYou Preferred - CL: $2,000




Starting Scores: 590s on 12/2013. Hover over card image to view details! *After Amex approvals - [I was supposed to be] Gardening!*
Message 2 of 3
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Regular Contributor

Re: Utterly confusing

Thanks for your reply!

 

So the original lenders info will fall off in 7 yrs, but the new company has 7 years from the time they were paid?

 

I don't mind my current loans reporting since it's in good standing. I just have multiple old Nelnet and Sallie mae accounts in the negative and won't move for 1-2 more yrs Smiley Sad.

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