Question for the Experts

[Anonymous]

First time posting here. Been addicted to reading these forums over the past 3 months as I've finally realized how bad my credit was and began the journey of repairing it. Not doing too bad so far....I've gone from the low 500's to the mid 600's just by paying down debt and cleaning a couple collections up.

Here is my current dilemma. I had about 12 student loans totalling almost $200k that went into default years ago (around 2009-2010). As it stands now, I've got them 100% paid and gone forever  The biggest problem is all the negative information still left over on my reports. I understand that my inattention and lack of paying as agreed was bad. REALLY BAD!! But those 12 loans changed hands about 4 times through the whole process and ballooned into about 38 different negative tradelines with bad history.

As I stated, I've now paid them off completely and none of them are reporting with any balances, which is good. I'm just being punished 4 fold for the same delinquent loans. I've looked and researched the open dates, DOFD, dates due to fall off, etc. A few will go away in about a year, but many of them are here to stay until 2019-2020. I don't know if they lose some of their sting over time or not? But it would be nice to see some of them go away a little sooner than that if possible.

I know about GW letters. Haven't gone that route yet. My specific question, after all that rambling, is whether or not having discrepancies between the reported days late between the 3 bureaus is a reason for dispute?? For example, on 3 of my loans, TU and Ex report first delinquency on 9/2010 and a 90 day on 11/2010. Over on Equifax the same 3 loans are all 1 month behind, with DOFD on 10/2010 and 90 day lat on 12/2010. Is this something that I could possible use to get the tradelines completely deleted, since there is no balance remaining and they are paid off?

Thanks in advance for any help. And thank you to all the posters on here...the knowlede is vast and immensely helpful!!!!!!

[Anonymous]

Variances between CRs is not a justifyable reason for dispute unless the information is incorrect.   If the loan was late on 9/2010 and they didn't report it as late until 10/2010 that is not justification for dispute.  You can attempt to GW them off.  Ideally you would have rehabbed them instead of paying them off.

[Anonymous]

I'm no expert by any means, I too have followed this forum forever but just recently joined in, but if i might ask, what provider were your loans through?

[Anonymous]

I figured as much. Just looking for any little reason to get rid of some of these!!

It's somewhat irritating that I could have rehabbed them, put them into some long forgiveness repayment plan, and paid a low amount for a long time and have remaining balance forgiven.

Instead, I paid them in full, more $$ then they would have gotten had I rehabbed them, and now they're going to haunt me for years. UGH!

And to the other question, some are ACS/BOA, some are Nelnet, some are Dept of Ed once in default, and a few were Texas Guaranteed.

[Anonymous]

Even though disputing a closed account dispite there being no justification for dispute can result in removal as some OCs and CAs don't respond to disputes on accounts that are PIF or settled, MyFICO doesn't not condone such frivilous disputes.  

[RobertEG]

Even if your dispute establishes a clear inaccuracy in reporting, that is not basis for having any other information or the account itself deletied

Disputes relate only to the specific information asserted to be inaccurate.

Additionally, the reporting of inaccurate information per se is not a violation.  A violation only occurs if a party reports information that they know to be inaccurate.

The purose of the dispute process is to allow for correction of inaccuracies, not to get accurate repporting deleted.

To that end, the furnisher of the disputed informtion can always correct any information that is inaccurate.  Deletion is only required if they cannot either verify that it is accurate as reported or they cannot corrrect the inaccuracy.

[Anonymous]

Got it. Not trying to break the rules. Was simply asking if the discrepancies between the credit bureaus on these loans were a valid reason for a possible dispute. 

I honestly don't know how to even verify whether they are accurate or not to begin with. My original loans that I let go into default were transferred so many times I can't keep track. Regardless, thanks for your input.