topic Re: Defaulted Government Student Loans in General Credit Topics

Defaulted Government Student Loans

Anonymous — Tue, 12 Feb 2008 18:09:30 GMT

I am just getting out of default on 2 governement student loans. They have not reported this to the bureaus yet. How much of an impact will this make on my credit score? What should I expect as an increase to my score?

Re: Defaulted Government Student Loans

Anonymous — Tue, 12 Feb 2008 18:56:16 GMT

It depends on how they are reporting now and if a seperate collection agency is also reporting-

Ladi2027 wrote:

I am just getting out of default on 2 governement student loans. They have not reported this to the bureaus yet. How much of an impact will this make on my credit score? What should I expect as an increase to my score?

Re: Defaulted Government Student Loans

Anonymous — Tue, 12 Feb 2008 19:02:28 GMT

It is reported as 2 seperate instances - both are under US Department of Eduction as a collection account. The individual collection agency is not reporting against the loans.

Re: Defaulted Government Student Loans

Anonymous — Tue, 12 Feb 2008 19:11:00 GMT

Listed on Equifax:

Current Status:

Account Owner: Individual Account.

High Credit: $2,000

Type of Account : Installment

Credit Limit: $0

Term Duration: 36 Months

Terms Frequency: Single Payment Loan

Date Opened: 07/1997

Balance: $2,014

Date Reported: 11/2007

Amount Past Due: $2,014

Date of Last Payment: 11/2007

Actual Payment Amount: $0

Scheduled Payment Amount: $2,014

Date of Last Activity: N/A

Date Major Delinquency First Reported: 12/2006

Months Reviewed: 11

Creditor Classification: Educational

Activity Description: N/A

Charge Off Amount: $0

Deferred Payment Start Date:

Balloon Payment Amount: $0

Balloon Payment Date:

Date Closed:

Type of Loan: Education Loan

Comments: Collection account

Listed on Experian

Status: Collection account. $2,014 past due as of Nov 2007.

Status Details: This account is scheduled to continue on record until Dec 2010.

Date Opened: 07/1997

Type: Installment

Reported Since: 08/2004

Terms: 36 Months

Date of Status: 08/2004

Monthly Payment: $0

Last Reported: 11/2007

Responsibility: Individual

Credit Limit/Original Amount: $2,000

High Balance: NA

Recent Balance: $2,014 as of 11/2007

Recent Payment: $0

Listed on TransUnion

Balance: $2,014

Date Updated: 11/2007

High Balance: $2,000

Collateral: 07 US DEPARTMENT OF EDUCATION

Past Due: >$2,014<

Terms: $2,014 for 36 months

Pay Status: >Collection Account<

Account Type: Installment Account

Responsibility: Individual Account

Date Opened: 07/1997

Date Closed: 08/2004

Loan Type: Student Loan

Remark: >Placed for collection< Estimated date that this item will be removed: 02/2011

Re: Defaulted Government Student Loans

Anonymous — Tue, 12 Feb 2008 19:32:09 GMT

Also, I have called the credit agencies and they will not give me an estimate on the impact. They also will not give me the weight of a defaulted government loan. They are not very helpful at all....and just tell me that I need to wait until it is posted.