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05-24-2014 03:46 PM
06-10-2014 02:10 PM
I consolidated all my student loans back last oct to 2 loans instead of 18. I sent a GW letter last month asking to please delete all my closed accounts. 2 weeks later I spoke to a supervisor who said my letter was very nice and honest and she already approved for deletion.
Every time I call I talk to a new person and they all say it has been approved, noted on my account and we are just waiting for their reporting department to submit this to the credit bureaus.
Still waiting and it's killing me. I am really afraid the reporting department won't agree to this and just verify the accounts.
They did send me a letter on letter head stating all 18 accounts are paid in full due to consolidation and I will receive a response in 7-10 business days on their decision.
Anyone deal with them before? Should I just try and be patient and trust they are doing what they said they would do?
Have you had any luck? I am looking into doing the same thing.
06-10-2014 04:21 PM
They replied with saying they are NOT going to delete the loans like they previously stated. I did receive a letter saying they are correcting the loans listed in consolidation and then next to each loan it says "Delinquency: 0" so I am not sure if this means they are then going to remove the late payments?
06-10-2014 09:49 PM
Generally speaking, consolidation doesn't remove any reporting history by default. It just pays off the old loans and opens a new one. The old loans should state that they are paid in full and hang around on your report for about 10 years for positive tradelines, negative information is subject to the 7 year reporting limit just like with any other type of account.
I may have missed this in your first post, but were there incorrect lates on the old tradelines? Are the tradelines reporting closed/paid like they should be? If you can tell us exactly how the old loans are reporting, we can help you sort out if there are any errors.
06-11-2014 11:20 AM
Well it was all just really confusing. I submitted a GW letter back in May. I then called to get an update and the supervisor said she was approving to have all the consolidated accounts actually REMOVED/DELETED. She did not say she had to submit that request to their credit reporting deparment first :-/ So I was under the impression this was a sure thing. Nope. The credit reporting department did not approve this request. Damn.
So I was then told that they could not remove the accounts, blah blah blah. I knew it was a long shot but it was pretty upsetting to be told they were going to and then not do it. So another supervisor said she would put in a request to have late payments removed but to not get my hopes up....
After several calls and requests of documents for our lender, I finally recieved a documents stating they did report in error and then listed all my loans with "Delequency:0" At first Ex and EQ supervisors were not sure if that meant as of now or if it meant to remove ALL late payments. So we did a conference call with both agencies. Each rep at Fed Loan Servicing confirmed, that yes all late payments are to be removed!! Yes!!
So Ex is currently fixing those lates as we speak and Eq has already fixed them!! Sooooo happy!
These loans are not listed on TU so I wont even try to call them about it ;-)
06-11-2014 11:30 AM
I faxed them. To EQI faxed to Dorothy Fletcher the account
Did you mail/email/fax your letters?
executive. To EX I faxed to the disputer customer department. They say it can take 3-5 business days but I faxed them yesterday at 1pm and called this morning and they had already reviewed the documents.
06-12-2014 02:23 PM
I should remove my post. I became late during the process of consolidation, is this what happened to you?
I made a payement in Feb and then began consolidation through fed loan servicing. It took so long that I ended up being 90 days behind. And I have called and sent in paperwork SO many times to prevent this, and by June BAM hit my credit. I was told they have sent in a request for retro and I should hear back by June 27. The MAIN issue for me is that even though 9 loans were included in consolidation, 1 is still not paid in full, Sallie Mae saying that they did not receive payment for that loan. This process is killing me. I wish I had known to apply for debt forbearance BEFORE all this began, but alas I wasn't told until the end of May to do so. And now I have been told that even a retro forbearance won't keep the 90 days late off my credit. The 1 left over loan is now in forbearance and I am going to wait and see if it will be marked as paid, and then start calling again.
What paperwork did you end up faxing? I only have the consolidation letter, I have nothing from Sallie Mae.
06-12-2014 02:44 PM
I ended up faxing in the letter they sent me stating they reported incorrect information and listed each loan showing paid in full and also "Delinquency:0" EQ could not use the document because they took it as no Delinquency as of Oct 2013. EX actually did fix all the late payments but I am sure as soon as Fed Loan servicing updates my accounts it will go back to how it was :-(
But I am not sure what they are doing. They tell me one thing and then do another. They really screwed up on my loans and credit report. if have 18 closed/paid accounts with them showing horrible payment history. I should have been in deferment but they were showing me as late each month and wont fix it. Then the end of last year when I was going through my consolidation (took forever!) they told me I did not need to make payments, then BAM! I was hit with 30/60/90 days past due for aug/sept/oct of last year. Loans were finally consolidated oct 2013.
I just feel stuck. Those 18 accounts are KILLING my scores. It just makes me want to cry. With those negative accounts I highly doubt I will be able to get my scores to the mid 600's that is needed for our home loan. 7 years is a LONG time to pay for their mistake.
06-12-2014 02:55 PM - edited 06-12-2014 02:56 PM
It's extremely frustrating my score went from 743 to 569 the day the 9 loans hit, I can only imagine how you are feeling. It made me want to cry as well, we need a new car and I really don't want a high interest rate. And we don't own our home yet because of the same reasons.
Hopefully someone who has been here can give you better answers. My situation is a little different, I think I may have to get a lawyer in on this. But I don't know what they can do either.
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