Late payments/Student loans

[Sebas101]

Hello everyone,

I'm currently in the process of student loan rehabilitation and unfortunately I had an offset in 2019 that started a chain reaction of late payments on my credit report.

When speaking to the rep about the process I asked if they can do anything about the late payments. They claimed that they will "advise the credit agencies to delete all derogatory marks". Has anyone had any luck with this process??

[FireMedic1]

I'll ping @calyx our SL expert to help ya out. Good Luck!

[Jordan23ww]

I went through a successful Student Loan Rehab which started around June 2020 and ended around March 2021. I had late payments with the collection agency that got the loan and with the original loan issuer.  When my rehab was completed all the late payments and bad history with the collection agency was removed from my report within 2 months as if it never was defaulted and my scores shot up a lot. However the late payments with the original loan issuer all remained on my report and are still there.  They created a new loan for me, so that has 100% on time payments, but the old loan remains with a $0 balance but with showing all the late payments for the next few years until 7 years have gone by.

I asked the original loan issuer multiple times if they could remove the late payments and they have said no, they don't do that.  So now it's just a waiting game for me. Thankfully only my Equifax seems to be hindedred by those lates. Transunion and Experian have bounced back nicely, in fact my defaulted loan isn't on my Experian report at all.  I actually hit 850 on Experian a few months ago before I applied for a new card and lost 19 points.  Hopefully they will be willing to remove the late payments for you though! Best wishes to you on your rehab and credit journey!

[calyx]

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@Sebas101 wrote:

Hello everyone,

I'm currently in the process of student loan rehabilitation and unfortunately I had an offset in 2019 that started a chain reaction of late payments on my credit report.

When speaking to the rep about the process I asked if they can do anything about the late payments. They claimed that they will "advise the credit agencies to delete all derogatory marks". Has anyone had any luck with this process??

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Yes, IF you can get them to send that in writing to you so you can follow up with the CRAs if they don't (my lender sent me a letter and I had to push the issue with EQ, the other two were fine).   Legally, lates should stay on your reports after rehab is completed (it removes the default by law, not the lates0, Though some servicers will remove the lates.