topic Re: Can I get FedLoan Servicing to change my 6 late payments? in Student Loans

Can I get FedLoan Servicing to change my 6 late payments?

Anonymous — Fri, 05 Jun 2020 02:41:12 GMT

I have 6 late payments with MyFedLoan, 3 of the loans are from Sep 2013 and 3 are from Aug 2014. My credit score would be a lot higher without these, even though it's still not too bad at 684.

Back in July, Aug, Sept 2016, I missed those payment.

Would FedLoan be willing to change/correct this information by re-reporting to the credit bureaus if I were to write them an email saying I was eligible for an income-based repayment plan (in which the payment would have been $0) and that it just took me a while to complete the application process (I sent the application in Oct 2016).

My understanding is these late payment won't fall off for 7 years, so 2023.

Re: Can I get FedLoan Servicing to change my 6 late payments?

Anonymous — Fri, 05 Jun 2020 05:15:22 GMT

Quick searching through the forums tells me that it's unlikely that FedLoan will do that, since they aren't private, they must report it accurately. Goodwill appears to be unsuccessful.

But it looks like some have had success with disputes:

1. Retroactive forbearance -- finesse with the credit bureaus

https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/FedLoan-Late-payments-Removed/td-p/4318509

2. Dispute

https://ficoforums.myfico.com/t5/Student-Loans/Just-called-Fed-Loan-for-late-payment-removal/td-p/4069704

I wouldn't recommend disputing accurate info, but if you have some type of letter or communication from them that could contradict your lates, that could be sent to the credit bureaus in hope of adjustment.

I think others here may have more insight

Re: Can I get FedLoan Servicing to change my 6 late payments?

Anonymous — Fri, 05 Jun 2020 07:36:52 GMT

@Anonymous wrote:
I have 6 late payments with MyFedLoan, 3 of the loans are from Sep 2013 and 3 are from Aug 2014. My credit score would be a lot higher without these, even though it's still not too bad at 684.

Back in July, Aug, Sept 2016, I missed those payment.

Would FedLoan be willing to change/correct this information by re-reporting to the credit bureaus if I were to write them an email saying I was eligible for an income-based repayment plan (in which the payment would have been $0) and that it just took me a while to complete the application process (I sent the application in Oct 2016).

My understanding is these late payment won't fall off for 7 years, so 2023.

Disputing accurate student loans particularly fed-backed loans tends to come back and bite you. They like to add on extra lates.

The 3 from 2013 are about to fall off within the next few months. The 3 from 2014 will fall off around a year from now. What type of lates were these? 60d or 90d?

The ones hurting are the recent ones and yes, those will drop in 2023, 3 more years.

Were those 60/90/120d lates? Anything 90d+ late is painful and can hurt for the full 7 years.

Just stay on top of your yearly certification for IBR and ask for deferement/forebearance when needed to prevent more lates from happening!

Re: Can I get FedLoan Servicing to change my 6 late payments?

calyx — Fri, 05 Jun 2020 15:38:20 GMT

Fedloan shouldn't be reporting unless it's at least 90d lates. If it's less than that, ask them to remove the lates and report "ND" or something else, and they might go for it.

But honestly, it sounds like an accurate report, so don't dispute it. There are a number of negative outcomes that can occur, including getting labelled for frivolous disputing.

Your best bet is a goodwill campaign, it's not likely to work, but you have nothing to lose (and yeah, ignore those old-old lates, they'll fall off soon enough as it is).

Re: Can I get FedLoan Servicing to change my 6 late payments?

Anonymous — Sat, 06 Jun 2020 03:52:03 GMT

I misread the credit report. It's not 6 seperate loans. It's 2 seperate loans that, for each, I missed payments for 3 months straight.