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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
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......
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.
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.
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.
@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.
Paying as agreed means you are not delinquent.
It does not mean that the entire loan balance has been repaid.
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