Weird student loan reporting -- should I GW or ask for a correction?

[455]

Hey everyone. Totally new over here, so please excuse my improper terminology and (perhaps) naive question. 

My credit history is marred substantially by some trouble I had paying my student loans after graduating with a masters at the height of the financial crisis and working in a low-paying internship. I was given the loans under Access Group and was 120 days late (I know, I know!), when AG sold off all their student loans and stopped financing educational loans altogether. The loans are now managed by FedLoan Servicing, where I have been paying them back at an accelerated rate without a single late or missed payment for about 18 months. In other words, I am totally current and pay as agreed. 

On my credit report, Access Group is still reporting the loans as 120+ days late, even though the account was closed by them. I'm totally current on those payments, but you wouldn't know it looking at my report! 

I guess my question is: Is this a mistake or are they entitled to report the late payments at the time of the account closing, though I am current with the very same loan through the new lender?

My feeling is that since I didn't have anything to do with their decision to sell off my account, it seems a bit unfair to give me no recourse through which to bring the account to current on my reports. But I also acknowledge that I got my own foolish self into this mess by being so late in the first place. 

Would it make the most sense to ask for a GW adjustment or should I dispute the report? 

Would love any advice! Thank you! 

[p-]

---

@455 wrote:

Hey everyone. Totally new over here, so please excuse my improper terminology and (perhaps) naive question. 

My credit history is marred substantially by some trouble I had paying my student loans after graduating with a masters at the height of the financial crisis and working in a low-paying internship. I was given the loans under Access Group and was 120 days late (I know, I know!), when AG sold off all their student loans and stopped financing educational loans altogether. The loans are now managed by FedLoan Servicing, where I have been paying them back at an accelerated rate without a single late or missed payment for about 18 months. In other words, I am totally current and pay as agreed. 

On my credit report, Access Group is still reporting the loans as 120+ days late, even though the account was closed by them. I'm totally current on those payments, but you wouldn't know it looking at my report! 

I guess my question is: Is this a mistake or are they entitled to report the late payments at the time of the account closing, though I am current with the very same loan through the new lender?

My feeling is that since I didn't have anything to do with their decision to sell off my account, it seems a bit unfair to give me no recourse through which to bring the account to current on my reports. But I also acknowledge that I got my own foolish self into this mess by being so late in the first place. 

Would it make the most sense to ask for a GW adjustment or should I dispute the report? 

Would love any advice! Thank you! 

---

Welcome to the forum.  The answer depends on how exactly they are reporting it.  For example, if the accounts show as paid/closed but the payment data says 120 for the months that were late, they are reporting correct.  But, if the current status is open, 120 days late, they are reporting incorrectly.  

Assuming the latter is the case, you might consider disputing with the comment that the account is closed, transferred to x and current.  Enclose a statement from the new servicer showing the account is current, and ask that the old account be deleted.  It probably won't, but you might at least get the status fixed.  If that doesn't work, you might try contacting the ombudsman for assistance.

If it is reporting correctly, your only hope is a GW letter.  I have to say it's very hard to get lates off of a student loan.  I have some that have haunted me for years, and will continue until they finally age off.  My account shows paid in full and closed, but with lates in the payment data.

Good luck!