Hello all. I need some knowledgeable help understanding this collection action by original creditor, please. It's not been placed with a CA (AFAIK). All dates are according to TransUnion.
I have a Perkins student loan from the university opened in 11/2018. It went deliquent (zero payments) and was subsequently closed in 8/2020 and placed in collection for approximately $25,000. I don't know the exact DOFD because it does not show DOFD on my TransUnion report (the only bureau reporting the tradeline). However, it does indicate the proximal date of deletion is 01/2026.
This week the original creditor updated the information. This is what confuses me: The OC reduced the balance reported to $20,000 (the original loan amount. TU now reports as current with (not deragotory) with a 120-day late deliquent status..
Have they altered or removed the collection status?
TU still indicates a removal date of 1/2026. But does that refer to the tradeline of late payment status?
Thank you.
Would be easier if you posted the actual info with personal info removed. If you have made a payment then they would by law have to update the balance to the current one. If its reporting current with 120 day late status then the next move is a CO. Also if you have made arrangements with them to pay they could have removed the collection status.
Thanks for the reply and suggestion. I believe that all the pertinent information has been accounted for, but I am willing to clarify any doubt. I did not print the report due to printing malfunctions. Below is the information:
Date Opened 11/29/2018 Responsibility :Individual Account Account: Type: Installment
Loan Type: UNSECURED
Date Updated:08/03/2021
PaymentReceived:$0
Pay Status
Account 120 Days Past Due Date<Terms:$19,764 per month, paid Monthly for 1 months
>Maximum Delinquency of 120 days in 07/2020 for $19,764 and in 08/2021 for $19,764<
High Balance:
High balance of $19,764 from 02/2020 to 11/2020; $19,764 from 01/2021 to 08/2021
Estimated month and year that this item will be removed:
01/2026
I have made no payments, no arrangements, and made no contact with the OC anyone working on OC behalf. Ever. My June 2021 report listed the payment status as "in collection"
It appears to me that the OC lowered the payment due by forgiving the fees and penalties and counted this as a payment to update the collection activity.
But that is just my guess by the information provided. In the June report TU has it coded as a COL and remarks are CLA.
In the August update TU has it coded as 120 [days late] and I don't recall is remarks were removed or remain CLA
Thank you
Ok according to the new info it still is in charged off status and with the comments of COL removed says that they have recalled the collection from whomever they had assigned it to. if this is a federally backed SL this might be the time to rehab it if you have ability to make payments on it.
To my knowledge this account was never charged off and was never indicated as such on TransUnion. To my knowledge, it never left collections.
It's not federally back to my knowledge.
Can they update this as a payment received? I'm still confused despite your explanation
Thank you