First post! Sorry if I screw up acronyms or credit terminology!
I recently reviewed my credit report in detail for the first time in a couple years, and I noticed a couple things that looked odd to me about how one of my student loans has been reported. The loan in question is a private loan that I originally financed with Citibank in 2005 and it has been in repayment since 2007. A little over a year ago (so sometime in summer 2012) it was sold to Discover. This is the only one of my student loans that has ever been sold to another lender, so I am not sure how a transferred loan is normally reported - but some of this looks odd. There are several issues, so I'll list them out.
1) Citibank reported that the transfer took place in 2011 and I'm pretty certain that it was more recent than that - about a year ago rather than two. I don't think the date matters - it's just strange that it is off.
2) Citibank reported two loans, both opened in 2005 and totaling the amount that I originally borrowed. Discover is only reporting one loan, with an original amount that is less than the original amount that I borrowed originally, but larger than the original amount of either loan individually. I can only surmise that when Discover took over my Citibank loans, they consolidated the two into one and reported an original amount equal to the balance on the date that the loans were transferred. I did not request or authorize consolidation, and while I don't necessarily have a problem with this course of action, I am bothered that it was done without my knowledge or consent. Is this normal?
3) The current status of both Citibank loans is listed as 'Transferred, closed. Deferred, payment date not reported.' Is this normal when a loan is transferred? I am a little concerned about the 'deferred, payment date not reported' part of it, as I have NEVER deferred my loans.
4) Citibank reported the account status monthly on both loans from 2005 to 2011, when the loan was transferred. Discover is reporting that the loan was opened in 2005 and is also reporting the monthly status from 2006 to the present, even though they were not servicing the loan prior to 2011. When a loan is sold, does the new servicer inherit and start reporting on its entire payment history? Should the data from Citibank still be on my CR, or should Discover be reporting only from the date that they took over the loan?
5) This one is closely related to the last one: I have a 30-day late status from April 2008. Because Citibank reported two loans and Discover is reporting the same data, that one late payment is showing up on my CR three times. Is that normal? It doesn't seem right at all to me! While I can't remember specifically whether it was paid late, I am willing to take responsibility for it - just not three times for one late payment.
6) I know I just said that I'm willing to take responsibility for it, but if I can get all three removed, I'd love to, as this is the only late payment on my CR. I would like to write a GW letter asking for it to be removed. Do I write to Citibank, Discover, or both?
Sorry for the novel. My main question is whether to address EVERYTHING I just listed (and probably confuse both lenders) or just write and ask for the late to be removed, due to my otherwise excellent payment history. If both agree and remove it, are any of these other things negatively affecting my CR? Should Citibank remove its data completely or should Discover report only from 2011 to the present? Should I request Citibank to change the wording on the current status of the transferred loans? I haven't called either of them yet, I've just been wrapping my head around the issues. Thanks for any suggestions offered!
