topic Re: dispute on student loan dropped my FICO in Student Loans

dispute on student loan dropped my FICO

Anonymous — Mon, 15 Sep 2008 17:06:58 GMT

MY FICO DROPPED 28 points one the below dispute:

I had a student loan through CHELA/NCS and i defaulted therefore it was paid off by the gov. On my credit report it should as

REMARKSERMANENT GOV/CLAIM

PAY STATUS: 60 DAYS past DUE

CLOSED aCCT: 7/2006

and the last 48 months: was reported with 5 times 30 late, 1 time 60 days, (last repted was 2005)

AFTER DISPUTE:

REMARKS: filed with GOV

PAY STATUS: 120 days past DUE

CLOSED ACCT 7/2006

and NOW the last 21 months: was reported as 0times 30 day late, 2 times 60 day late, and 11 times 90days late.( last reported is 2008)

WHAT CAN I DO?????? How can they report 120days past due when the account was closed in 2006. CAN i dispute this it does not make sense!!!!!!!!!!!!!!!!!!!!!!!!!! How can they report on an account that was closed in 2006!

Re: dispute on student loan dropped my FICO

Anonymous — Mon, 15 Sep 2008 17:51:43 GMT

Sounds like they're reporting that you never paid after DOE closed the account. A closed account can still be late.

I think the only way you can dispute is if you did, in fact, pay off the account at some time between when DOE paid the claim and the last late payment in 2008. DOE paying off your debt and you paying off your debt are two different things in terms of the OC. When DOE pays a claim, that is not necessarily the end of what an OC can report--it's still late until you pay it off.

I would think that you also should have DOE tradelines showing similar information which are probably exacerbating the situation, but correct (assuming you haven't paid).

I think you're probably stuck with it unless you paid this off, and it's just an error.

Re: dispute on student loan dropped my FICO

Anonymous — Mon, 15 Sep 2008 18:00:13 GMT

well i paid them off through CAL Student Aid and CHELA has a zero Balance. Cal Sudent aid reports settle acct. I'm just wondering if i could do someting about the recent dispute reporting now??? i guess you never know what to and what NOT to dispute..

Re: dispute on student loan dropped my FICO

Anonymous — Mon, 15 Sep 2008 18:15:11 GMT

Well then, sounds like you DO have a dispute!

I would go back to the OC and see what they say. You'll be talking to them about the date that you paid off this debt with CAL Student Aid and CHELA. That's the date after which there should be no more late payments reported.

I've had lots of experience with a dispute making things look worse, and it taking a long time to sort it out, particularly with student loans. Good luck!

Re: dispute on student loan dropped my FICO

Anonymous — Tue, 16 Sep 2008 14:19:18 GMT

well i called ACS and they said, they would reslove something in 3-4 days i should get an email from them. I will let you all know what happens. Hopefully this helps others that are in my situation!

thanks for the feedback!!

Re: dispute on student loan dropped my FICO

LynnInMN — Tue, 16 Sep 2008 19:57:32 GMT

What they are reporting was your final status when the loan defaulted. It does not mean you are currently 120 days late...that was your status when the claim paid was completed. This is the wayy student loans have always reported and disputing it made it worse.. Continue to dispute it more and they will look even harder and update it again . Techinically you are 270 days past due when a default claim paid.....most lenders report 90 or 120 days when they could report more. This is a case where you should have left well enough alone.