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Member
CoolKid01
Posts: 27
Registered: ‎05-15-2013
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department of Edu reporting

Hey everyone I've got the Department of edu reporting on my Credit Report 3 diffrent times, to me it looks like a took 3 diffrent loan out which in fact was only 1, anyway to consolidate these into just 1 or had luck doing so.

 

thanks!

 

Member
CoolKid01
Posts: 27
Registered: ‎05-15-2013
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Re: department of Edu reporting

should I contact the department of edu or credit bur

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SCF
Posts: 1,108
Registered: ‎06-09-2008
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Re: department of Edu reporting

Each student loan disbursement is often recorded on your credit report as a new account.  Lenders will also seperate different types of loans (subsidized vs. unsubsidized, for instance).  So, even though it seems like you only got one loan, what you probably have on your report is two types of loans for one semester disbursed in July 2003 and then one additional disbursement in February 2004.  Do the amounts add up to what you borrowed?  Do they match the information on the National Student Loan Data System (nslds.ed.gov)?

 

Having multiple positive tradlines that are quite old is actually a boon to your credit, so I would only consider consolidating them if you want some other benefit, like combining loans from multiple lenders to one lender for one payment or taking advantage of Public Service or another type of forgiveness program.

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bahbahd
Posts: 731
Registered: ‎08-12-2011
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Re: department of Edu reporting

[ Edited ]

It also appears that these loans are PIF since they all are reporting $0 balance. It is not possible to consolidate loans that are paid off. Consolidation is paying off many loans by rolling them into one new loan with a particular lender. Even if there was a balance and you did consolidate, these three accounts would remain on your CR.

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b_seeker
Posts: 390
Registered: ‎03-24-2013
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Re: department of Edu reporting

Loan consolidating (Assuming it could be done in this case, which it can't) would actually open up an additional tradeline anyway and those would still be on your CR as mentioned. Consolidating isn't meant to take tradelines off your CR, its meant to lower payments/allow fewer payments being made. Not sure why you want to turn three 10 year old accounts into 1 anyway. . .



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jluthma2
Posts: 4
Registered: ‎05-29-2013
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Re: department of Edu reporting

I am new to this and am very ignorant. I think I have a similar issue, yet it is a little different. I pulled my credit score and report the other day. My score is a 752, which I know is pretty good, I was looking for a way to get it a little higher maybe. On the report that came with my score, I was reading under the section called "what hurting my FICO score". It says that I have too many total accounts (30 accounts) and too many accounts with current balances (14 accounts). A couple of my 30 accounts are old credit cards that I opened up in college my freshman year in order to get a free pizza... (I know it was stupid now but at the time it was a free pizza). At least I was lucky enough not to ever use them so they have been closed due to inactivity after so many years. So I have those still showing up. The big issue is with my Dep. of Edu. reporting. It shows up as 8 different accounts. I have learned from the other post that this is common because I took out a different loan after each semester. But then a couple months ago my loans were transferred to Granite State Mgmt. So I have 8 lines showing up still from my Dep. of Edu. loans that show $0 balances, but now it show up under the new company as 8 more lines. So my main question is how can I get rid of some of these lines that are no longer being used or is time the only thing that will get rid of these? Any information/advise would be appreciated no matter how little. Thanks!

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bahbahd
Posts: 731
Registered: ‎08-12-2011
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Re: department of Edu reporting

[ Edited ]

jluthma2 wrote:

I am new to this and am very ignorant. I think I have a similar issue, yet it is a little different. I pulled my credit score and report the other day. My score is a 752, which I know is pretty good, I was looking for a way to get it a little higher maybe. On the report that came with my score, I was reading under the section called "what hurting my FICO score". It says that I have too many total accounts (30 accounts) and too many accounts with current balances (14 accounts). A couple of my 30 accounts are old credit cards that I opened up in college my freshman year in order to get a free pizza... (I know it was stupid now but at the time it was a free pizza). At least I was lucky enough not to ever use them so they have been closed due to inactivity after so many years. So I have those still showing up. The big issue is with my Dep. of Edu. reporting. It shows up as 8 different accounts. I have learned from the other post that this is common because I took out a different loan after each semester. But then a couple months ago my loans were transferred to Granite State Mgmt. So I have 8 lines showing up still from my Dep. of Edu. loans that show $0 balances, but now it show up under the new company as 8 more lines. So my main question is how can I get rid of some of these lines that are no longer being used or is time the only thing that will get rid of these? Any information/advise would be appreciated no matter how little. Thanks!


Normally you should start a new thread with questions this complicated. This merits it's own discussion. I personally would ignore the "too many accounts" comment. It sounds like a false negative. There is nothing wrong with having old closed out CC accounts that closed due to inactivity. (I may have been better to hardly uses them, pay them off completely just to have very long open tradelines.) There is also nothing wrong with having 8 student loan accounts that  are sold and become another 8 (totaling 16) student loan accounts on your credit report. Your Average Age of Account will be rock solid, meaning you can get new lines of credit and your AAoA won't incur a huge hit. As long as your payment history is all positive for all of these accounts, you will benefit greatly. 752 is a pretty good FICO score. You should be happy with where you are at and just let things fall off naturally with time.

 

Edit: The only things you should be worried about removing from your credit reports are real negatives, like: late payment remarks, collection accounts, charged off accounts, judgements, leins, auto repos, etc.  As long as the debt or account is really yours, any account with a healthy history is fine in my opinion. 

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SCF
Posts: 1,108
Registered: ‎06-09-2008
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Re: department of Edu reporting

jluthma, you don't really want to get rid of those lines.  The positive payment history and age of those accounts is having a much larger positive impact on your score than having "too many accounts" open.  MyFICO will always find something wrong with your report, but the dings you have mentioned are minor compared to larger issues like having late payments, or high balances on revolving accounts.

 

Do you have any CCs still open?  If so, reduce the balances on those as much as you can, ideally you'd want to have only 1 card report a balance, and for that balance to be somewhere around 1-9% of the limit.

Regular Contributor
tammyjk
Posts: 161
Registered: ‎02-17-2011
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Re: department of Edu reporting

I am going through the whole mortgage process so I had to straighten out improper reporting by Sallie Mae/ Dept of Ed.  You have to dispute it through the credit agencies.  You can attempt to do it through Dept of Ed but it will be quicker and easier through the credit reporting agencies.  In my case they messed up : the amount, duplicate accounts, account numbers.  Everyone that looked at my report almost had a heart attack.  Luckily, I've almost got it all straight now and the mortgage is proceeding.

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New Member
jluthma2
Posts: 4
Registered: ‎05-29-2013
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Re: department of Edu reporting

Thanks for the info.  I have a several credit cards open in my name (I have never missed a payment or even carried a balances on any of them in my 7 years of history and do not plan on it). I have just two major credit cards that I use for 99% of my spending. I then also have cards like Kohls, Elder Beerman, JCPenney, and Banana Republic that I will use from time to time when I can get an extra 10% off or something. But they are hardly ever used. In an attempt to only have one or two cards reporting, would it make sense when I do use my Kohls card, to pay it off before I get my statement so that it doesn't show anything on it? Thanks!


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