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Member
Posts: 9
Registered: ‎02-14-2013
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What's next rehab completed and Loan purchased?

Ok hubby defaulted on his student loans. He completed the loan rehab with Allied Interstate on Jan 15th. The rehab was considered completed on Feb 7th. His credit report is showing 6 loans from USA Funds as collections and defaulted. NSLD is still showing defaulted also. Sallie Mae now has the student loans. I went on their website and the 6 loans are showing in Forbearance until April 15th. They are also sending me a letter saying the loans are in Good Standing. He completed a Direct Loan consolidation letter with the CA( dont know what happen to that). We want to start the process of buying a new home but we are waiting until his credit report is updated. I went to equifax today and disputed the collection accounts that say USA Funds, do you think this will speed up the process? How much longer before NSLD updates? Will Sallie Mae report new accounts on his credit report? Anything else we can do?

Valued Member
Posts: 27
Registered: ‎12-27-2012
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Re: What's next rehab completed and Loan purchased?

At the very least, the USA Funds will come off. Disputing them does get them off of the report more quickly. I followed that advice and they were gone in 3 days or so. It took a few weeks for my new TLs to show up and I still have my default on file and my loans were sold/rehab finished on Jan 17th.


Starting Score: 12/19/12 - USAA EXP 564 EQU 564 TU 568 MyFico 612
Current Score: 5/21/13 - USAA EXP 679 EQU 659 TU 677 MyFico EQ 667
Goal Score: 720


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Member
Posts: 9
Registered: ‎02-14-2013
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Re: What's next rehab completed and Loan purchased?

Thats good news! Did your credit score go up after USA deleted them? You said you still have your default on file.....are you referring to NSLD?

Member
Posts: 9
Registered: ‎02-14-2013
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Re: What's next rehab completed and Loan purchased?


Zekester wrote:

At the very least, the USA Funds will come off. Disputing them does get them off of the report more quickly. I followed that advice and they were gone in 3 days or so. It took a few weeks for my new TLs to show up and I still have my default on file and my loans were sold/rehab finished on Jan 17th.


 

Thats good news! Did your credit score go up after USA deleted them? You said you still have your default on file.....are you referring to NSLD?

Frequent Contributor
Posts: 355
Registered: ‎10-25-2012
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Re: What's next rehab completed and Loan purchased?

I didnt dispute mine i was just waited when the new lender got my loans all the old baddies dropped off . It took a few months but well worth it not sure if disputing them does any good
Member
Posts: 9
Registered: ‎02-14-2013
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Re: What's next rehab completed and Loan purchased?

Made 9th payment on 1-15-13. Had 6 tradelines from USAfunds on Equifax, didn't realize that transunion had TL from Sallie Mae and USAfunds. I disputed the TL on Equifax for USA funds on 2-15-2013. Today they are gone from equifax. Score went up 100 points. Sallie mae bought the loans and have not reported to equifax yet. So I am waiting to see what their TL will say. I disputed the TL with Transunion yesterday. So far so good. 100 points is great!!!

New Contributor
Posts: 73
Registered: ‎01-18-2013
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Re: What's next rehab completed and Loan purchased?

100 points! Wow what great news! I will finish my rehab in June and can't wait to have that kind of success, hoping my is as good as yours!

PresP
2/6/15: Credit Karma: 626
4/23/13: TU 615, EX 600, EQ 581
1/16/13: TU 585, EX 525, EQ 514
Goal: Purchase Second Home ASAP

Cards: Cap1 Secured - $300; Authorized User on Chase Card: $5500.
Member
Posts: 9
Registered: ‎02-14-2013
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Re: What's next rehab completed and Loan purchased?

Yes his score was a 520 now it is a 620 with equifax. We are still waiting on Sallie Mae to add the new TL hopefully it shows good history from 1997 to present!!

Member
Posts: 9
Registered: ‎02-14-2013
0

Re: What's next rehab completed and Loan purchased?

Update!! Equifax is showing Sallie Mae loans in good standing with a back date of 1997. Score went up to a another 40 points. Altogether it's up 140 points since rehabbing. Bad news Transunion and Experian still showing old TL from Sallie Mae which are negatives.....I am disputing them. Keep trying I have gotten positive results!!

New Contributor
Posts: 73
Registered: ‎01-18-2013
0

Re: What's next rehab completed and Loan purchased?

This is awesome news! I sure hope I have this type of improvement when I finish my rehab in June.

 

I have read on here that disputing them will speed it up since the creditor will not verify once it is out of rehab. Others have seen results from this in just a few days! Fingers Crossed for you! Keep us updated!

PresP
2/6/15: Credit Karma: 626
4/23/13: TU 615, EX 600, EQ 581
1/16/13: TU 585, EX 525, EQ 514
Goal: Purchase Second Home ASAP

Cards: Cap1 Secured - $300; Authorized User on Chase Card: $5500.

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