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Defaulted Government Student Loans

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Anonymous
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Defaulted Government Student Loans

I am just getting out of default on 2 governement student loans. They have not reported this to the bureaus yet. How much of an impact will this make on my credit score? What should I expect as an increase to my score?
Message 1 of 5
4 REPLIES 4
Anonymous
Not applicable

Re: Defaulted Government Student Loans

It depends on how they are reporting now and if a seperate collection agency is also reporting-
 

 

Ladi2027 wrote:
I am just getting out of default on 2 governement student loans. They have not reported this to the bureaus yet. How much of an impact will this make on my credit score? What should I expect as an increase to my score?



Message 2 of 5
Anonymous
Not applicable

Re: Defaulted Government Student Loans

It is reported as 2 seperate instances - both are under US Department of Eduction as a collection account. The individual collection agency is not reporting against the loans.
Message 3 of 5
Anonymous
Not applicable

Re: Defaulted Government Student Loans

Listed on Equifax:  
Current Status:  
Account Owner: Individual Account. 
High Credit: $2,000
Type of Account : Installment
Credit Limit: $0
Term Duration: 36 Months 
Terms Frequency: Single Payment Loan 
Date Opened: 07/1997  
Balance: $2,014
Date Reported: 11/2007 
Amount Past Due: $2,014
Date of Last Payment: 11/2007 
Actual Payment Amount: $0
Scheduled Payment Amount: $2,014
Date of Last Activity: N/A
Date Major Delinquency First Reported: 12/2006 
Months Reviewed: 11
Creditor Classification: Educational 
Activity Description: N/A
Charge Off Amount: $0
Deferred Payment Start Date:  
Balloon Payment Amount: $0
Balloon Payment Date:  
Date Closed:  
Type of Loan: Education Loan 
Comments: Collection account  
 
 
Listed on Experian
Status: Collection account. $2,014 past due as of Nov 2007.
Status Details:  This account is scheduled to continue on record until Dec 2010.
Date Opened: 07/1997
Type: Installment
Reported Since: 08/2004
Terms: 36 Months
Date of Status: 08/2004
Monthly Payment: $0
Last Reported: 11/2007
Responsibility: Individual
Credit Limit/Original Amount: $2,000
High Balance: NA
Recent Balance: $2,014 as of 11/2007
Recent Payment: $0
 
Listed on TransUnion
Balance:  $2,014  
Date Updated:  11/2007  
High Balance:  $2,000 
Collateral:  07 US DEPARTMENT OF EDUCATION 
Past Due:  >$2,014< 
Terms:  $2,014 for 36 months 
Pay Status:  >Collection Account<  
Account Type:  Installment Account  
Responsibility:  Individual Account  
Date Opened:  07/1997 
Date Closed:  08/2004 
Loan Type: Student Loan
Remark: >Placed for collection< Estimated date that this item will be removed:   02/2011
Message 4 of 5
Anonymous
Not applicable

Re: Defaulted Government Student Loans

Also, I have called the credit agencies and they will not give me an estimate on the impact. They also will not give me the weight of a defaulted government loan. They are not very helpful at all....and just tell me that I need to wait until it is posted.
Message 5 of 5
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