topic Re: Mohela and Direct Loans in Student Loans

Mohela and Direct Loans

FicoTron — Tue, 14 Feb 2012 17:59:26 GMT

Has anyone had their Direct Loans picked up by Mohela? Have they reported them to the bureau's yet? I made my first payment to them this month and am trying to find out weather my loans will be reported from the date they originated with Direct Loans so that I don't lose my AAoA. I would hate for them to report them as new accounts. Is that even legal to do that? I have 6 seperate loans, it will reflect badly if they report them as new. Any feedback is much appreciated.

Re: Mohela and Direct Loans

Anonymous — Tue, 14 Feb 2012 18:44:27 GMT

MOHELA has set our system to report 60 days from the date we release the loan to our servicing platform, to allow the sending servicer to report the transfer of the loan accounts.

Re: Mohela and Direct Loans

FicoTron — Tue, 14 Feb 2012 18:45:16 GMT

thanks for the prompt response but my main question is weather or not these loans will be reported with their original date when they were opened with Direct Loans. Can you get an answer for this and post it here so that more people may see the answer and not have to call in?

Re: Mohela and Direct Loans

Anonymous — Tue, 14 Feb 2012 18:43:46 GMT

When the account left your prior servicer, the "Direct Loan Servicing Center", they will report the loan account trade line as closed/transferred with the credit agencies. MOHELA will, in about 60 days begin to report to the credit agencies the loan account under our name as servicer, instead of the Direct Loan Servicing Center. Make sense? We will be sending the same loan detail that was being sent before.

Re: Mohela and Direct Loans

Anonymous — Tue, 14 Feb 2012 19:19:18 GMT

@Anonymous wrote:
When the account left your prior servicer, the "Direct Loan Servicing Center", they will report the loan account trade line as closed/transferred with the credit agencies. MOHELA will, in about 60 days begin to report to the credit agencies the loan account under our name as servicer, instead of the Direct Loan Servicing Center. Make sense? We will be sending the same loan detail that was being sent before.

Hi Mohela,

I'm trying to understand what you are saying but I'm still not seeing the answer. I'm new to all of this so in simple terms...

My Direct Loan open date was 1996. When Mohela does finally report on the CRs, will it list the start date as 1996 or 2012??

Thanks for posting here!

Re: Mohela and Direct Loans

Anonymous — Tue, 14 Feb 2012 19:22:53 GMT

Not a problem - MOHELA will report the information that is in the account as it was sent to us. So, in your case, if the prior servicer sent to us 1996, then MOHELA will report what was sent to us, 1996. We will report what was included in the file to us, from the prior servicer. This is not a new loan, it is a transfer of servicing of a pre-existing account. Does this help?

Re: Mohela and Direct Loans

Anonymous — Tue, 14 Feb 2012 19:30:49 GMT

@Anonymous wrote:
Not a problem - MOHELA will report the information that is in the account as it was sent to us. So, in your case, if the prior servicer sent to us 1996, then MOHELA will report what was sent to us, 1996. We will report what was included in the file to us, from the prior servicer. This is not a new loan, it is a transfer of servicing of a pre-existing account. Does this help?

Awesome! Yes, that helps a LOT. Thank you so much

Re: Mohela and Direct Loans

FicoTron — Tue, 14 Feb 2012 20:07:12 GMT

assuming this is true, this is huge news! Can't wait til they report. It is weird thought that Direct Loans is reporting differently on each of my reports. On EX it reports just the closed/transferred account from 9/11, on TU it was only reporting the closed account from 9/11, then out of nowhere today Direct Loans reported for the month of October 2011 that all 6 of my loans were open and in good standing as well. While on EQ, it reports the closed/transferred account, but has reported all 6 accounts as current for the life of the loans. I don't get it. Unfortunately it is only my EX report that matters to me now, which is the one I need to update...hopefully Mohela doesn't wait the full 60 days in all cases.

Re: Mohela and Direct Loans

Anonymous — Tue, 14 Feb 2012 20:05:39 GMT

My staff tells me reporting is set to occur at 60 days, however in certain situations reporting may occur between 45-60 days.

Re: Mohela and Direct Loans

FicoTron — Tue, 14 Feb 2012 20:07:54 GMT

45-60 days from when my loan was accepted on 1/19/12 or from the day I make my first payment?

Re: Mohela and Direct Loans

Anonymous — Tue, 14 Feb 2012 21:23:51 GMT

Due to issues surrounding the transfer/conversion process, MOHELA will report to the credit bureau within 45-60 days of the loan account loading to our servicing platform. After this point, MOHELA then reports to the bureau every month.

Re: Mohela and Direct Loans

LTomBerry — Wed, 15 Feb 2012 17:39:31 GMT

Mine just hit the bureaus today. I was discussing the drama in this thread.

Looks good so far. On a side note, the original loans were consolidated on my CR. Mohela broke it back up into 3 loans, all with a start date of 9/2001. My AAoA shot up like a rocket and my score went up 20 points!

Re: Mohela and Direct Loans

FicoTron — Thu, 16 Feb 2012 17:08:41 GMT

What was the date that your loans were taken on by Mohela? Just trying to see how long it actually took them to report.

Re: Mohela and Direct Loans

Anonymous — Thu, 16 Feb 2012 20:53:49 GMT

It should be from the day your loan was "loaded to our servicing platform for servicing". Technical, but very important. We can't report on the account until it appears on our servicing platform.

Re: Mohela and Direct Loans

FicoTron — Fri, 02 Mar 2012 15:34:52 GMT

Mohela told me that my loan would be reported on 2/29 to experian...still no update.

Re: Mohela and Direct Loans

FicoTron — Tue, 06 Mar 2012 17:16:42 GMT

Still checking to see if anyone has had their loan reported by Mohela yet. Just checked and all 6 of my DOE loans are now transferred/closed. HURRY UP MOHELA!

Re: Mohela and Direct Loans

Student_Loans_Kill — Tue, 06 Mar 2012 21:50:25 GMT

I wish AES, Citi bank, PHEAA, USA Funds were as ethical as MOHELA

Re: Mohela and Direct Loans

Anonymous — Fri, 09 Mar 2012 23:09:58 GMT

He is saying that it is now a new loan, but it is only one line of credit since you did a consolidation program. This means that it will reflect as a new account, but only one new loan. The other six will report as being closed and paid. This is all good for you and your credit. Congratulations. If you want to know any other information about student loan consolidation programs, you can go to this site. They have some amazing articles that could answer a lot of your questions. Mod Cut!

Spamming is not allowed in the forums. I have removed the link in all of your posts.

--fused, myfico moderator

Re: Mohela and Direct Loans

FicoTron — Sat, 10 Mar 2012 07:36:18 GMT

Yeah, thanks for nothing, I never said anything about consolidating my loans... They aren't consolidated...does anyone have any relevant news on Mohela reporting?

Re: Mohela and Direct Loans

Anonymous — Thu, 26 Apr 2012 20:16:40 GMT

Thanks so much for this answer. My loan was just transferred to Mohela. Though last October for some reason my loan started reporting as closed to the credit bureaus (totally messing up my credit). I had just mailed them a letter to fix it and was waiting for the bureaus to update....but now I have to wait longer to be sure it's updated with Mohela. As someone who made some horrible mistakes and has rebuilt their credit, that payment history is incredibly important to my credit right now.