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Derog Student Loan Marks Make a Surprise Return

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Regular Contributor

Derog Student Loan Marks Make a Surprise Return

I've spent the last few years rebuilding my credit profile, getting my student loans in good standing and paying down card debt. However, right after I was approved for the Chase WOH card ($17.3k limit), 54 derog markings hit only my TransUnion account and tanked my score (almost 90 points back down to 650). Looking at my report, they all seem to be 6-7 years ago, but they haven't been on here for quite some time. Anyone else have this happen? It's absolutely tanked my score and I'm afraid it's going to adversely affect some of my cards. TIA

CO Platnium - $500; CO Quicksilver - $8,500; CO BuyPower - $500; Target MC - $7,000; Chase Amazon Prime - $2,000; Care Credit - $20,000; PNC Core - $7,500; Citi DoubleCash - $6,300 - AmEx Everyday Preferred - $15,000; Citi Simplicity - $21,000; Chase World of Hyatt - $17,300; PayPal LOC - $8,000; PNC Cash Rewards - $25,000

Hidden Trade Lines - Chase Ink Cash - $19,600; Amazon Business Prime - $5,000; Chase Ink Preferred - $10,000; AmEx BBP - $2,000

Total CLI - $175,700
8 REPLIES 8
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Legendary Contributor

Re: Derog Student Loan Marks Make a Surprise Return

Is it a federal student loan?

If so, certain federal student loans are totally exempt from the exclusion of derogs at the normal FCRA exclusion period of 7 years until the student loan is repaid.

 

Additionally, certain federal student loans also have mandatory requirement under the Higher Education Act that derogs be reported.

It is possible that the creditor just realized that they were not being reported as required......

Message 2 of 9
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Regular Contributor

Re: Derog Student Loan Marks Make a Surprise Return

They were federal loans. All have now been consolidated into a few loans and have been current for the last 18 months. I messaged the lender to review the situation and hopefully we can come to a sufficient resolution. 

CO Platnium - $500; CO Quicksilver - $8,500; CO BuyPower - $500; Target MC - $7,000; Chase Amazon Prime - $2,000; Care Credit - $20,000; PNC Core - $7,500; Citi DoubleCash - $6,300 - AmEx Everyday Preferred - $15,000; Citi Simplicity - $21,000; Chase World of Hyatt - $17,300; PayPal LOC - $8,000; PNC Cash Rewards - $25,000

Hidden Trade Lines - Chase Ink Cash - $19,600; Amazon Business Prime - $5,000; Chase Ink Preferred - $10,000; AmEx BBP - $2,000

Total CLI - $175,700
Message 3 of 9
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Frequent Contributor

Re: Derog Student Loan Marks Make a Surprise Return

Ouch that hurts just reading it. Keep an eye on your Chase account. If they see that my guess is they might close your new WOH card. Never for certain but just watch them. As to the student loans damm those loan companies are a pain the ass. Mine just disappeared the other day from my Equifax report caused a 22 point loss. This is not the first time either. It will reappear at some point again like the last 4 times creates havoc on scores. I’m not even late on them either. So I feel part of your pain. Good luck and with hope maybe it will do a disappearing act ya never know.
Message 4 of 9
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Regular Contributor

Re: Derog Student Loan Marks Make a Surprise Return

I'm reaching out to the loan company and seeing if there's anything that can be done. I'm gonna fight hard to get this done. Worst comes to worst, they should hopefully fall off next year as it'll hit 7 years, but no telling if they'll try and hold it against me for another 3 or 4 years. 

CO Platnium - $500; CO Quicksilver - $8,500; CO BuyPower - $500; Target MC - $7,000; Chase Amazon Prime - $2,000; Care Credit - $20,000; PNC Core - $7,500; Citi DoubleCash - $6,300 - AmEx Everyday Preferred - $15,000; Citi Simplicity - $21,000; Chase World of Hyatt - $17,300; PayPal LOC - $8,000; PNC Cash Rewards - $25,000

Hidden Trade Lines - Chase Ink Cash - $19,600; Amazon Business Prime - $5,000; Chase Ink Preferred - $10,000; AmEx BBP - $2,000

Total CLI - $175,700
Message 5 of 9
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Legendary Contributor

Re: Derog Student Loan Marks Make a Surprise Return

The Higher Education Act includes sections that specifically exempt certain types of federal student loans from the excusion provisions of derogs under the FCRA until the loan is totally repaid.  

Thus, if it is such a federal student loan, worst case will not be that they will become excluded at the normal 7 year period, but that they will remain until the loan is repaid.

 

Message 6 of 9
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Regular Contributor

Re: Derog Student Loan Marks Make a Surprise Return


@RobertEG wrote:

The Higher Education Act includes sections that specifically exempt certain types of federal student loans from the excusion provisions of derogs under the FCRA until the loan is totally repaid.  

Thus, if it is such a federal student loan, worst case will not be that they will become excluded at the normal 7 year period, but that they will remain until the loan is repaid.

 


I ran my CR report and their status is "Current: Paid or Paying as Agreed." So they are reported as paid, so I'm hoping I can work some magic.

CO Platnium - $500; CO Quicksilver - $8,500; CO BuyPower - $500; Target MC - $7,000; Chase Amazon Prime - $2,000; Care Credit - $20,000; PNC Core - $7,500; Citi DoubleCash - $6,300 - AmEx Everyday Preferred - $15,000; Citi Simplicity - $21,000; Chase World of Hyatt - $17,300; PayPal LOC - $8,000; PNC Cash Rewards - $25,000

Hidden Trade Lines - Chase Ink Cash - $19,600; Amazon Business Prime - $5,000; Chase Ink Preferred - $10,000; AmEx BBP - $2,000

Total CLI - $175,700
Message 7 of 9
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Legendary Contributor

Re: Derog Student Loan Marks Make a Surprise Return

Paying as agreed means you are not delinquent.

It does not mean that the entire loan balance has been repaid.

Message 8 of 9
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Regular Contributor

Re: Derog Student Loan Marks Make a Surprise Return

Well there's a happy ending to this luckily. All of a sudden my TU score shot back up almost 90 points this week, so I guess they fell off. I'll be keeping an eye out on this, but all seems to be right with the world.

 

Sometimes the good guys win one Smiley Happy

CO Platnium - $500; CO Quicksilver - $8,500; CO BuyPower - $500; Target MC - $7,000; Chase Amazon Prime - $2,000; Care Credit - $20,000; PNC Core - $7,500; Citi DoubleCash - $6,300 - AmEx Everyday Preferred - $15,000; Citi Simplicity - $21,000; Chase World of Hyatt - $17,300; PayPal LOC - $8,000; PNC Cash Rewards - $25,000

Hidden Trade Lines - Chase Ink Cash - $19,600; Amazon Business Prime - $5,000; Chase Ink Preferred - $10,000; AmEx BBP - $2,000

Total CLI - $175,700
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