GATE Student Loan

Anonymous — Tue, 01 Feb 2011 03:11:45 GMT

Hello, I'm new to posting on FICO Forums and I would first like to comment that these boards are a wealth of information and we are all grateful to have them.

Getting to my inquiry, I was hoping that someone on this board can shed some light on my predicament. In 2003/2004 I took out two loans through the GATE Program at college. Alas, I was put in a bad financial situation, dropped out of school, and more or less forced myself to forget about the loans. As the story seems to go I find myself now trying to rebuild my credit. My problem is that I have not been able to locate who is servicing this loan. It has been defaulted for quite a while so rehabilitation with the original creditor is not an option. The gaurantor was National Collegiate Trust who referred me to First Marblehead who then referred me to OSI Education Services which coincidently is now owned by the infamous NCO Financial. When I finally get to NCO they cannot find said loans and refer me to the National Loan Locator through the Department of Education. The only problem with this is that the loans are private student loans so they would not show up in a national database as they are not gauranteed by the govt. It seems that my loans have been transferred a mimimum of 3 times with no one knowing precisely where they are. My credit report only shows the initial chargeoff through National Collegiate Trust with no evidence of where it was sent to. I need to start some sort of payment on these loans to appease my "potential" mortgage lenders as I am trying to get approved for a new home loan. Is there anyone out there who has defaulted on GATE student loans and if so have you had the same frustrating experience that I have had.

Any help is so greatly appreciated; Thank You in advance.

Steve

Re: GATE Student Loan

Tazman81 — Tue, 01 Feb 2011 16:06:29 GMT

Hi Steve:

Welcome to the boards. You are correct, many times a mortgage company will want you to start making good on a debt so that the debt collector doesn't try to take you to court and sue you for payments larger than what the mortgage company would want you to be paying out. Anyhow, you are on a good start. Unfortunately, when a debt starts to get so old, there is a lot of leg work on your part that would need to be done.

Though the companies may not have the information in their "current" computer system, I am certain they have an archiving process that they can research to locate this debt. Since the current company doesn't seem to have a record, you should start working your way backward and ask the previous company for the paper trail showing that the debt was transferred. They should be able to produce this informtion to include the date, who it was transferred (or sold) to, along with the amount. You can then take this informtion to the next company. You will likely need to escalate this above a regular customer service representative because they likely do not have access to records so old as it is not required for them to in the standard operation of their jobs.

topic GATE Student Loan in Student Loans

GATE Student Loan

Re: GATE Student Loan