Wrong Student Loan delinquency

[Anonymous]

Just wanted to shout out to everyone the importace of checking your credit reports for your student loans as well as your credit cards. I decided to really focus on my credit score after buying a laptop at bestbuy over the holidays last year. I decided to get their CC as part of some promotion, got a really low credit limit which barely covered the laptop, got in the mail the reason why the limit was low, credit score in the mid 600s, with serious delinquency being a major reason. I figured at the time (shows you how credit naive I was) it was because a few credit cards I could only pay the minimum and not the entire balance. Decided this year to try and boost my score so got my credit report and saw the red flag as well as the bright red serious delinquency on the scale balance FICO gives for the score. Anyway I felt a bit ashamed of the delinquency and didnt look at it properly, it was for one of my student loans which reported a 30 day late and >90 day late. I looked into this further and realized it didnt make any sense as all my loans have been deferred.

Contacted my student loan company and they say they have no such account registered to me and they confirmed I have never been late with any payments. Just initiated disputes with all 3 credit agencies, I cant believe if it wasnt for best buy I would have had that hang over my account for a number of years. 

Any ideas, from anyone who has gone through this, how long this process takes?

[IOBA]

As I understand it, the CB has 45 days to get back to you regarding a dispute.   

How did you dispute it - as not mine?

I'd get a letter from your lender as well, that states what accounts you do have and that none have ever been late.   That is something you can submit to the CB's too.

It's a blessing that you found out now vs later.   Let us know how things progress!  It's one of the ways we learn.  

[Anonymous]

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@IOBA wrote:

As I understand it, the CB has 45 days to get back to you regarding a dispute.   

How did you dispute it - as not mine?

I'd get a letter from your lender as well, that states what accounts you do have and that none have ever been late.   That is something you can submit to the CB's too.

It's a blessing that you found out now vs later.   Let us know how things progress!  It's one of the ways we learn.  

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Yeah disputed it as not mine, strangely enough both TU and EX replied investigarion complete - no change. I called my loan company to ensure the accound wasnt mine and they agreed, they said they are still waiting for the credit bureaus to send them a dispute form to complete. Weird they completed their investigation without even contacting my loan company. 

Guess Ill have to write to them and enclose a letter from my loan company, didnt think it would be this hard, figured at least they would talk to my loan company

[IOBA]

Scholesy - the CB probably did an e-oscar (?) verification.  Basically their computer talks to the  lender's computer and verifies you have a debt.   It may not have matched up debt to debt...and if your lender's computer said yeah, we know this dude...investigation complete.

[Anonymous]

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@IOBA wrote:

Scholesy - the CB probably did an e-oscar (?) verification.  Basically their computer talks to the  lender's computer and verifies you have a debt.   It may not have matched up debt to debt...and if your lender's computer said yeah, we know this dude...investigation complete.

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Good to know, I had no idea. Kinda ridiculous I guess I expected a proper investigation, Im having my loan company send me a letter saying im in good standing with no delinquencies and sending it to each credit bureau. I just want it off, its 1.5years in age and is tanking my TU score. Interesting that different bureaus rate things higher. It hasnt done much to my EQ score.

[IOBA]

Scholesy - let us know how things work out!

[Anonymous]

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@IOBA wrote:

Scholesy - let us know how things work out!

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So far its bogus. Still waiting for my loan company to send me another letter to send to the credit bureaus. I changed my inquest to never late as opposed to not mine as I just want it off. I asked them to send me a letter saying I was up to date with no delinquencies and instead they sent me a letter saying you paid $XXXX to loans and you owe another $XXX your next payment isnt due untilm 2013 etc etc. Totally useless.

On another note if this goes to plan how long does it take for it to come off my report. Its not another few months is it?