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When a loan rehabilitates after default, it is sent back to a servicer. Each individual loan that defaulted will show up as an individual loan when rehabilitated.
@dlee wrote:When a loan rehabilitates after default, it is sent back to a servicer. Each individual loan that defaulted will show up as an individual loan when rehabilitated.
Yeah, I know. I'm just hoping that the original default status from the original servicer (SM) get removed too, even though Nelnet is going to be picking up the loans.
When your loan(s) are rehabilitated, they will be sent to a servicer. They will transfer as individual loans, as they originally were prior to default.
Hello everyone! I completed my rehab in April and it looks like my credit reports have updated but my Equifax is showing my rehabbed loans with Mohela under potentially negative and as closed as follows:
Is this correct or can it be disputed since the status says pays as agreed?
Closed Accounts
Account Name | Date Opened | Balance | Date Reported | Past Due | Status | Credit Limit | |
MISSOURI HIGHER EDUC Show Details | 08/22/2004 | $0 | 05/22/2013 | PAYS AS AGREED | |||
MISSOURI HIGHER EDUC Show Details | 08/22/2005 | $0 | 05/22/2013 | PAYS AS AGREED | |||
MISSOURI HIGHER EDUC Show Details | 08/22/2005 | $0 | 05/22/2013 | PAYS AS AGREED | |||
MISSOURI HIGHER EDUC Show Details | 08/21/2005 | $0 | 05/21/2013 | PAYS AS AGREED | |||
MISSOURI HIGHER EDUC Show Details | 08/21/2002 | $0 | 05/21/2013 | PAYS AS AGREED | |||
MISSOURI HIGHER EDUC Show Details | 08/21/2003 | $0 | 05/21/2013 | PAYS AS AGREED | |||
MISSOURI HIGHER EDUC Show Details | 09/21/2006 | $0 | 05/21/2013 | PAYS AS AGREED | |||
MISSOURI HIGHER EDUC Show Details | 08/21/2004 | $0 | 05/21/2013 | PAYS AS AGREED | |||
MISSOURI HIGHER EDUC Show Details | 09/21/2006 | $0 | 05/21/2013 | PAYS AS AGREED | |||
MISSOURI HIGHER EDUC Show Details | 08/21/2002 | $0 | 05/21/2013 | PAYS AS AGREED | |||
MISSOURI HIGHER EDUC Show Details | 08/21/2003 | $0 | 05/21/2013 | PAYS AS AGREED |
"Pays As Agreed" is how it should be reporting. What you don't want to see in the status field after rehab is anything that indicates the default including language about assigning the debt to the government, filing a claim on it, etc. It looks to me like your reports updated properly.
Are the old lates still there? The letter of the law allows lenders to leave the late marks that lead up to the default, and if they are still there, that would explain why Equifax is tagging the account as negative.
Yes, the old lates are on there still. Oh, well! At least the pays as agreed is reflected, right?
I defaulted on consolidated loans, one subsidized and one unsubsidized. While I was assigned to CBE, the statements they mailed me always listed just one lumped balance. Dept of Ed was reporting each loan as two separate collections TL.
After rehab, both the collections TLs were deleted off of EQ and EX after I filed a dispute. The references to default, permanently assigned to govt, insurance claim filed all were removed from the pre-defaulted TLs. None of the lates were removed from the pre-default TLs but I was never told they would.
I was picked up by Nelnet and they are reporting two TLs dated back to the origination date of my consolidated loans. I have an open dispute with TU over how all the Dept of Ed TLs are reporting so waiting for that result to come through.