Re: Student Loan Rehabilita
tion And The Effect On Tradelines
10-18-2011 12:31 PM
I completed my 9th payment back in September. I called them to see what the next step was, they said the loan had to be picked up by a lender (standard) and then everything should "flip" on my credit report. This is good news, however, I don't necessarily trust the debt collector (general revenue)
I did get a weird letter in the mail from the guaranty agency last that said "it seems you have started to rehabilitate your federal student loans. Keep it up!" or something, but I'd already technically rehabilitated since I made 9 payments. At any rate, from the accounts here I see this taking quite a while. It'd be nice to say all the bad stuff is gonna go away and I'm going to see a 50 or more point rise in my FICO, but I'm not so sure. General Revenue seems like a chinsy sort of fly by night deal, and I KNOW for a fact they are really Sallie Mae in disguise (that second bite of the apple is tastiest!) Anyway, I'll update this thread to let you guys know what happened in my situation. I'm not holding my breath! It seems like as long as GRC is pulling money out of my bank account each month, they're in no hurry to get my loan to another lender.