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I ordered my power report to see if a few things that were on my report were removed...looks like most of it did!
I did find this and was looking for some help decifering it. I am trying to figure out when it will fall of my credit report.
Here is was is listed:
Credit AccountWf Efs
May, 2007 |
Sep, 1999 |
Aug, 2006 |
XXXXXXXXXXXXX0001 |
$6,951 |
Installment |
Maker |
All Banks |
The "Claim filed with government" notation makes me think this was a federal student loan. If that is the case, it may never fall off your credit report. There is no statute of limitations on federal loans, and they are very difficult to discharge, even in bankruptcy. They may disappear after a number of years, but eventually they will be transferred to a new collection agency, or some other activity will put them right back on your report (in most cases).
I'd reccomend going to the website I mentioned in my other post, nslds.ed.gov and getting a good handle on what loans you owe and who holds them. With federal loans, you have the option to rehabilitate them by making 9 months of on-time payments to the collection agency. At the end of the rehab, your loans will be taken out of default status, and sold to a servicer who will report new, clean tradelines for you. The collection accounts will also disappear permanently.
The best way to handle improving your credit with federal loans is to rehab them and then make a plan to pay them down on-time.
This loan was not listed on that site. I do have 4 federal loans that I am currently paying on, and doing a good job with. they are listed on that site, as well as a loan that was paid off and a perkins loan that is in default currentl. The 4 were in default, but I got on a rehab program, made my 9 payments on time, and am now back to a good status on those.
Since its a private loan, it follows most of the same rules as other debts, although depending on your state, the statute of limitations might be different. Negative information comes off your report about 7 to 7.5 years after it occurs. So each late would start to fall off this year, and the then account would be removed based on its date of last activity.