Advice on handling last derog trade line. Dept of Education Great Lakes lending TL.

[Anonymous]

I have one remaining derogatory trade line. I'm not sure if I should, or even can do anything about it. Advice is appreciated.

my other 2 student loans fell off from all 3 reports.

I'm applying for a mortgage in 30-60 days.

I completed rehab for my student loans, the only remaining negative trade line is a Dept of Education Great Lakes lending TL. This is only reporting to Equifax and Trans Union.

Reporting as follows:

Equifax- 120 past due, worst delinquency- none, 0 balance, close date -N/A, open date - 08/2012, last activity- 03/15, last reported 08/2019, 0/0/0 for lates, DoFD- 04/2015.

TU- 120 past due, worst delinquency- 120 past due, 0 balance, close- 02/2016, open- 07/2012, last activity- 01/2015, remarks - account closed due to transfer, 0/0/8 lates, DoFD- 03/2015

[M_Smart007]

Have you tried GW deletion letters?

[Anonymous]

I'm hesitant to try. I don't want them to update all 3 reports and add more lates or anything. 

[Anonymous]

---

@Anonymous wrote:

I'm hesitant to try. I don't want them to update all 3 reports and add more lates or anything. 

---

Have you pulled your CRs from annual credit report? Usually SL lates start at 60d or 90d late, so your DoFD may be different than you think. 

If you pull those reports, TU will list "estimated date of removal". If it is within 6 months if aging off, you can ask for Early Exclusion. So, if it is 3/2022 for "estimated date of removal", you can request EE on 9/1/2021 at the absolute earliest, but hopefully it will have an earlier date for the "estimated date of removal".

EQ will list the actual DoFD (it is not the also liste "date major delinquency first reported"), add 7 years to that date and it will age off on its own a month or 2 before then.

At least for a mortgage they take the middle mortgage score, so if you can get early exclusion from TU, that should help since they are not on EX.

Also, if you just rehabbed your SLs recently, it took 6 months for everything to get worked out with removal and reporting of the SLs that were FedLoans for my SO, if that says anything (they move slowly).

GW requests will not work if they are not paid off due to the Higher Education Act in regards to reporting.

[RobertEG]

The Higher Education Act includes provisions that totally exempt certain federal studentl loans from the normal 7 year credit report exclusion provisions of the FCRA until the loan has been repaid.

As such, your federal student loan may not be subject to any exlusion of reported delinquencies, charge-offs, or collections until the loan has been repaid in full.

[babygirl1256]

@Anonymous Contact TU for an early exclusion 6 months within the scheduled deletion date . . . EQ only allows 1 month early exclusion. 

[OmarGB9]

---

@babygirl1256 wrote:

@Anonymous Contact TU for an early exclusion 6 months within the scheduled deletion date . . . EQ only allows 1 month early exclusion. 

---

But that doesn't apply to unpaid student loans, as mentioned above. FCRA is overriden by the Higher Education Act.

[babygirl1256]

@OmarGB9 Thanks . . . I absolutely learn something new everyday on this forum!!! 

[Anonymous]

---

@OmarGB9 wrote:

---

@babygirl1256 wrote:

@Anonymous Contact TU for an early exclusion 6 months within the scheduled deletion date . . . EQ only allows 1 month early exclusion. 

---

But that doesn't apply to unpaid student loans, as mentioned above. FCRA is overriden by the Higher Education Act.

---

They may not exclude it, but it doesn't hurt to try if there is a listed "estimated date of removal". Both me and my SO successfully had 20+ federal SLs EE'd via TU 6 months early between us. YMMV, as always.

[Anonymous]

I hope the goodwill works for you. I have 8 sl accounts with 90 day lates and was preaapproved for the second best rate. Have you discussed with a lender? I was able to submit my report and discuss my specifics without getting a hard pull.