topic Re: Student Loan Payoffs Not Reporting Yet in Student Loans

Student Loan Payoffs Not Reporting Yet

hoosier64 — Wed, 13 Sep 2023 20:37:24 GMT

My student loans are held by Edfinancial. Edfinancial hasn't sent any updates to the credit bureaus since March. Anyone else having trouble with Edfinancial reporting current balances or paid off loans? When I previously made payments during the covid pause, they sent the update to the credit bureaus on the 8th and I'm still not seeing updated balances reporting from paying off my loans a month ago.

Re: Student Loan Payoffs Not Reporting Yet

James3 — Thu, 14 Sep 2023 01:51:29 GMT

Have you tried filing a dispute with all three bureaus if the loan is paid off?

Re: Student Loan Payoffs Not Reporting Yet

hoosier64 — Thu, 14 Sep 2023 03:22:52 GMT

I don't want them to remove the tradelines. I'd rather wait another month or two before thinking about disputing the balances. But I would be more inclined to dispute the balance if this is a one off rather than Edfinancial just being slow in general with updates since loan interest and repayments are starting back up.

Re: Student Loan Payoffs Not Reporting Yet

James3 — Fri, 15 Sep 2023 00:31:26 GMT

I had a similar issue with Nelnet. After 90 days of my report not updating I disputed the balance history shown. That was last week, so no news to share on the outcome. I saw in the news somewhere that the student loan handlers are overwhelmed with payments restarting next month.

Re: Student Loan Payoffs Not Reporting Yet

Adkins — Mon, 18 Sep 2023 10:50:45 GMT

I also have edfinacial and I haven't had an update since March too. I've since paid off my last loan. I sent them email inquiring about a CRA update last week and they replied back with a generic reporting information but not when they would report. I'm very hesitant to dispute them as I don't want them removed from my CRAs. I'm just waiting, for now.

Re: Student Loan Payoffs Not Reporting Yet

smallspender — Tue, 21 Nov 2023 14:58:30 GMT

The same thing is happening with me. I fully paid off in October but the last reported payment was in March. I used Credit Sesame to check my score but Transunion, Equifax nor Experian has updated to show it as paid off

Re: Student Loan Payoffs Not Reporting Yet

TULO30 — Thu, 23 Nov 2023 17:16:06 GMT

Any update? Has the correct balance been reported? How did it impact your credit score?

Re: Student Loan Payoffs Not Reporting Yet

hoosier64 — Fri, 08 Dec 2023 15:56:00 GMT

@TULO30 My student loans still haven't been updated. I'm going to mail in disputes on Tuesday (waiting to see if it updates this billing cycle on the 8th).

Re: Student Loan Payoffs Not Reporting Yet

Adkins — Sat, 09 Dec 2023 08:20:01 GMT

@TULO30 wrote:
Any update? Has the correct balance been reported? How did it impact your credit score?

No updates yet for me either. I've decided to wait until the new year. I'm very wary of filing a dispute, since the last time I did that with TU they completely removed the trade line. EQ and EX did update correctly though.

Re: Student Loan Payoffs Not Reporting Yet

hoosier64 — Sat, 09 Dec 2023 20:47:58 GMT

Adkins,

I held off disputing for the same reason. After re-reading the Fair Credit Reporting Act, I'm going to dispute directly with information furnisher (EdFinancial). Will update once I get a response in a month.

Re: Student Loan Payoffs Not Reporting Yet

Adkins — Sat, 23 Dec 2023 18:22:09 GMT

@hoosier64 wrote:
Adkins,

I held off disputing for the same reason. After re-reading the Fair Credit Reporting Act, I'm going to dispute directly with information furnisher (EdFinancial). Will update once I get a response in a month.

I received a CK notification of a closed account. My EdFinancial account is showing as updated paid, with a close date mid August.

Re: Student Loan Payoffs Not Reporting Yet

hoosier64 — Mon, 25 Dec 2023 18:16:42 GMT

Did you submit a dispute, Adkins? Or did Edfinancial update it on their own?

My TU Report was updated by Edfinancial a few days after they received my written dispute. I'm hoping the other two will update this week.

Re: Student Loan Payoffs Not Reporting Yet

Adkins — Tue, 26 Dec 2023 01:52:30 GMT

@hoosier64 wrote:
Did you submit a dispute, Adkins? Or did Edfinancial update it on their own?

My TU Report was updated by Edfinancial a few days after they received my written dispute. I'm hoping the other two will update this week.

I did not submit a dispute to any of the CRAs.

Re: Student Loan Payoffs Not Reporting Yet

hoosier64 — Fri, 19 Jan 2024 01:41:33 GMT

All CRA's have now updated. Didn't get as much of a score increase as I was hoping for. The simulator said I would get +5 / +10 / +10 for paying down all but a small balance, but I only got +0 / +2 / +4 to my FICO 8. I did get a $2,500 CLI from Discover which was previously rejected with a note that my loan balances were high.

Re: Student Loan Payoffs Not Reporting Yet

Thorin809 — Tue, 23 Jan 2024 17:20:25 GMT

@hoosier64 wrote:
All CRA's have now updated. Didn't get as much of a score increase as I was hoping for. The simulator said I would get +5 / +10 / +10 for paying down all but a small balance, but I only got +0 / +2 / +4 to my FICO 8. I did get a $2,500 CLI from Discover which was previously rejected with a note that my loan balances were high.

What were your balances? I'm in a somewhat related situation, where my loans were sold and are now double reporting. I'm wondering if I'll get any boost.

Re: Student Loan Payoffs Not Reporting Yet

hoosier64 — Fri, 26 Jan 2024 15:43:07 GMT

Before making the large payment, I had four loans for around $76k total. Three of them had more than 90% utilization. I paid off three in full and the fourth one with the lowest interest rate down to 7% utilization.

Re: Student Loan Payoffs Not Reporting Yet

CaneVariant — Thu, 09 May 2024 07:02:42 GMT

Same issues here. Loans with Ed Financial still reporting as open with balances. The bureaus have them all confused but they are all ~ 25 years old and reporting pays as agreed. I just got my 11bk discharged and the only positives on my reports are these and a few cards I closed because Cap1 doesn't let you product change. Thoughts on following others on this threads lead of reaching out to Ed to update? Cheers!

Re: Student Loan Payoffs Not Reporting Yet

Momof5 — Sun, 19 May 2024 18:39:41 GMT

I applied for PSLF towards the end of last year. That got my notes transferred to Mohela. I noticed that there has been no update on the Nelnet tradelines since Nov 23. I just disputed ALL of the accounts (they all showed balances). I'll keep y'all updated on what happens.

Re: Student Loan Payoffs Not Reporting Yet

Momof5 — Mon, 27 May 2024 15:26:18 GMT

To those interested, on May 26, ALL of the nelnet accounts updated to $0 balance/closed on EQ but still show balance/open on TU. On EX, all but one has updated to $0 balance/closed/never late.

Re: Student Loan Payoffs Not Reporting Yet

Adkins — Sat, 01 Jun 2024 05:52:48 GMT

@CaneVariant wrote:
Same issues here. Loans with Ed Financial still reporting as open with balances. The bureaus have them all confused but they are all ~ 25 years old and reporting pays as agreed. I just got my 11bk discharged and the only positives on my reports are these and a few cards I closed because Cap1 doesn't let you product change. Thoughts on following others on this threads lead of reaching out to Ed to update? Cheers!

If they are reporting positively, I would leave them alone, especially if they are your only positives. They will update, eventually.