I have been posting a lot since joining the other day and I feel like I should know more about this than I do since I worked for Experian before joining the military for a year. I'm in the middle of trying to close using my VA loan and I need 3-5 more mortgage points because I cause my score to go loswr by contacting Chase about an old charge off. They updated the date and my mortgage score went down 12 points. I have recovered 7 or so of those by paying cards down. I have a student loan that is closed with US Dept of Education that is showing a failure to pay or whatever. I failed to renew my deferment or whatever because I had three massive strokes and was medically retired. For about 2 years my wife had to take care of me and I generally couldn't remember anything or do much due to the disabilities caused by the strokes. My wife says we did the rehab thing where we made payments, but those two accounts are still showing very negative from as recent as 2015. Were the lates supposed to be removed after the rehab? If I dispute them and I don't get it resolved quick enough can I call the bureaus and cancel my dispute so I won't causea problem with my loan? I'm hoping I can call them and they offer to remove it and if not I wil dispute it and hope they disappear, but I want an out since I can't close with an active dispute.
FCRA 611(a)(2) requires a CRA to forward a copy of your dispute to the furnisher of the information within 5 business days of their receipt of the dispute. Thus, it is likely that the party who reported the information has already received a copy, and is now under their own period to respond back to the CRA. Cancellation may be difficult unless it is done immediately after filing.
I would call the CRA and ask what policies they have for "cancellation," as there is no specific subsection of the FCRA that permits such action.
Rehab of a federal student loan permits removal of the "default" status, but does not explicitly require deletion of the derogs that were previously reported. Provisions of the Higher Education Act mandate reporting of delinquencies to the CRAs for certain types of federal student loans, and rehab does not provide an exception that then removes that statutory reporting mandate.