When will this be off reports?

[Ryanpm90]

Hello all,

I am rather frustrated by this situation. This account is for a Sallie Mae private student loan originating in 2011. Little back story, I stopped attending school for a couple years starting in 2015 which caused this loan to slip out of deferment and become delinquent. On my credit reports directly from the three bureaus, it shows 60 days late for July 2015. I have no idea when this is due to drop off my credit report and it is seriously harming my scores.  I did make one small payment in March 2017 (right before Sallie Mae sold the debt to someone else, I know I shouldn't have made that payment) so the SOL will be March 2023. However I am also confused by the fact that the company that now owns the debt tried to sue me last year and the case was dismissed without prejudice. Does this likely mean the company doesn't have all the information needed to sue? 

Thank you to anyone who can offer some insight. 

[Ilinferno]

If you look up your info on annualcreditreport.com for each bureau it will give you the date that it should drop off on each. From there you can request early exclusion 6 months out from TransUnion, 3 months out from Experian and don't bother with Equifax who is mad at the world for their tiny wiener and takes it out on everyone's credit report.

[FireMedic1]

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@Ryanpm90 wrote:

Hello all,

I am rather frustrated by this situation. This account is for a Sallie Mae private student loan originating in 2011. Little back story, I stopped attending school for a couple years starting in 2015 which caused this loan to slip out of deferment and become delinquent. On my credit reports directly from the three bureaus, it shows 60 days late for July 2015. I have no idea when this is due to drop off my credit report and it is seriously harming my scores.  I did make one small payment in March 2017 (right before Sallie Mae sold the debt to someone else, I know I shouldn't have made that payment) so the SOL will be March 2023. However I am also confused by the fact that the company that now owns the debt tried to sue me last year and the case was dismissed without prejudice. Does this likely mean the company doesn't have all the information needed to sue? 

Thank you to anyone who can offer some insight. 

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Strange part. It went right to 60 days late twice on 2 separate occasions with paid on time before the 60's showed up. No 30's. And no entries from August thru Dec of 2015. Time for @calyx to explain this one.

[Ryanpm90]

Yes exactly. I do not want to disturb anything as the current debt owner is not listed on my credit report and they have racked up many thousands in interest charges, not to mention the account is close to the SOL. I am unsure of where to go from here but finding out when the Sallie Mae account will be removed from my credit report would be a good step in the right direction. 

[calyx]

It's pretty standard for student loans to not show until 60 or 90d deliquency for federal loans (it's usually 90d, but there are many, myself included, who had 60d reported).   My best educated guess is that even though it's a private student loan, they haven't really changed the reporting since they handled federal loans (where the 60 or 90d late reporting comes from).

Since it's private, it will be treated like any other private debt - SOL & FCRA reporting and all.   So it should fall off of your report 7y after your DOFD, which appears to be Nov 2015 (so Nov 2023).    I would recommend pulling your consumer reports from annualcreditreport.com, since they should have the DOFD or "time until" reported.

I can't tell you why the case was dismissed, but "without prejudice" means that they can sue you for the debt again, so that's still an option for whomever holds or is collecting the debt.

[Ryanpm90]

Thank you for the response. I did pull all three reports this morning from annual credit report. None of them show when it is scheduled to be removed. Also, wouldn't the DOFD be June 2015, meaning it's removed from my reports in June of 2022? 

[FireMedic1]

The final DoFD appears to be 01/17. First late before charge off or 01/24. 07/15 was just a late payment.

[calyx]

I can't speak 100% to EX, because it appears they've changed their reporting (and I have mostly hardcopies from them from when I had past due loans - it's been a while), but it appears they may have a "first reported" line in their reporting that would be the DOFD.

Equifax definitely has a DOFD field on all of my accounts, though - is that empty for your account?

And DOFD would apply to the later date since the account was paid.  1/2017 is 60d late and first delinquency reported so it's either that or 12/2016 (or eve 11/16 depending on reporting - my accounts had a bit of wiggle room with the 60d and how each CRA read it).

[Ryanpm90]

Thank you again. I did get that pulled up on Equifax, according to them the DOFD was November 2016. It's weird though because I know for a fact that the account first went deliquent in 2015, but of course Sallie Mae hid that information to extend the dates. Is there a way to prove the account first went delinquent in 2015? 

[calyx]

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@Ryanpm90 wrote:

Thank you again. I did get that pulled up on Equifax, according to them the DOFD was November 2016. It's weird though because I know for a fact that the account first went deliquent in 2015, but of course Sallie Mae hid that information to extend the dates. Is there a way to prove the account first went delinquent in 2015? 

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The only way you'll be able to get that updated is if you can convince Sallie Mae to update and report the "OK" dates as lates.    You could also file a complaint with the CFPB if Sallie won't update it to be correct.     I cannot tell you why they marked it OK through 2015 & 2016, and I don't know what kind of evidence it would take to make them update it.   The fact that you made a payment in March 2017 may hinder you as well.

I had to correct a DOFD with Experian, but I had prior reports (which were correct) and the other two CRAs' reports to back up my correct DOFD (and it was only a few months).