topic Re: old late payments on still-open account in Student Loans

old late payments on still-open account

Anonymous — Wed, 24 Jun 2015 14:34:59 GMT

hi, i'm new here, but a longtime lurker and i finally have a question i thought i'd post about.

i have a open account for a studnet loan from grad school. there was dark stretch during the great recession where i stopped making payment, because i had very little money and most of what money i had i sent home to my mom and sis who were out of work due to the economy. not sure why i didn't try to make a better arrangment than jut not paying. i guess i was really stressed and scared facing all the new realities. until that point i'd never been out in the real world, so to speak...just school.

anyway, the first of those missed payments will be seven years old in july. since the account is open (and current!), i understand that they will stay on my report despite their age since it's an active account. is that right? is there anything i can try to get them removed before i finish paying off the account? the good news is that other than those payments, all of my reports are spotless.

thanks in advance for the advice!

Re: old late payments on still-open account

Anonymous — Wed, 24 Jun 2015 14:38:26 GMT

also, this particular account only appears on my experian report. i can't find it on my transunion or equifax reports. the account is valid and the payments were indeed late. not sure why it's not showing up on all three accounts. any ideas why that is?

Re: old late payments on still-open account

Skye12329 — Wed, 24 Jun 2015 15:58:30 GMT

The old history of the late payments should fall off after 7 - 7.5 years. So around August those late payments should fall off. As for not showing up on the other 2 bureaus its possible they either fell off or just didn't get reported as being late.

Re: old late payments on still-open account

Anonymous — Wed, 24 Jun 2015 22:22:08 GMT

interesting. i called experian and the person i spoke with said that since the account is still active, the old late payments wouldn't fall after 7 years because i'm still paying off the account. i just got off the phone with a credit specialist and he said even though the account is still open, the late payments will in fact drop off once they are seven years old. i'm a little confused, bit i'm hoping the credit spec. is right!

Re: old late payments on still-open account

Jeff532003 — Sat, 27 Jun 2015 07:27:53 GMT

Don't ever listen to the folks who work at experian. You'll see on the forums here that they always seem to be the least knowledgeable. But yes your payments should fall off after 7 years plus 180 days

Re: old late payments on still-open account

Anonymous — Sun, 28 Jun 2015 23:17:00 GMT

Lates/missed payments are supposed to fall off at 7 years, regardless if the account is open or closed.

Also keep in mind you can request early exclusion from the CRA's, TU up to 6 months early, EX and EQ up to 3 months.

Look around the "Rebuilding your Credit" section for early exclusion, aka EE.