@Anonymous wrote:
First time posting here, so apologies if this is somewhere. I am a little bit confused about an account with a charge off that has different data on different credit reports.
I had a private $20,000 loan through Great Lakes. It was closed and transferred to KeyBank. My life was a mess at this time and although I kept up on other student loan payments, this one was always bad. It only got worse with medical emergencies, unemployment, family death, and me being still rather young and naïve. I feel pretty terrible about it all, but I settled with the CA (I think KeyBank is a CA, at least). In December 2017, I paid ~$6,000 against ~$21,000 balance. I attempted to negotiate PFD, but did not get anything in writing....
Since 2018, I have made all payments on time and my FICO score is recovering: EQ 691, EX 704, and TU 697 (pulled this month). However, I worry that there are errors and inconsistencies in how this particular event has been reported, but I am not sure how to go about fixing it. Here is the information about each account.
GLELSI/Key Education Res – Date opened 10/20/2006. Original Balance $20,000.
- EQ: See first EQ listing under KeyBank
- EX: 6x60s, 1x90 in 2014, 1x60, 1x90 in 2015; and 1x60, 1x90 in 2016. Side note: This is listed as open. I contacted EX and they are going to have this account listed as closed because it was transferred.
- TU: 1x60, 1x90 in 2015; 1x60, 1x90 in 2016. Remarks “Acct closed due to transfer; transferred to another office.”
KeyBank NA – Date opened 10/20/2016. Original Balance $20,000. DFOD – 6/1/2016. On Record Until 3/2023 or 5/23 depending on CR.
- EQ: This is very confusing. There are two KeyBank accounts opened on the same date for the same amount listing different baddies and comments.
- First Listing (OC, I think): 1x60, 1x90 in 2015; 1x60, 1x90 in 2016. Account Status: Pays as Agreed. Activity Designator: Transfer or sold
- Second Listing: 6x60s, 1x90 in 2014; 1x60, 1x90 in 2015; 1x60, 1x90, 1xCO in 2016; and COs for 2017 December 2016 – December 2017 – Charge off. Account status: Charge off. Comments: Account paid for less than full balance. Paid charge off.
- EX: CO 1/2017 – 1/2018, Closed in 2018. Status - “Paid in settlement. ~$21,600 written off.” Comment “Account paid in full for less than full balance.” Please note, I paid ~$6,000 against the ~$21,000 balance. There should have been ~$15,000 written off.
- TU: 6x60s, 1x90 in 2014; 1x60, 1x90 in 2015; 1x60, 1x90 in 2016. Date closed 11/2016. Remarks “Settled – less than Full Balc; paid in full/was a charge off.”
I only pulled one $20,000 private loan. So, I am functioning as though this was transferred from Great Lakes to Key Bank (although the reporting for EQ is weird). Here are my questions. I apologize if they are relatively rudimentary. All my other accounts are pretty consistent from report to report, so I am flummoxed if there is an issue and what to do.
- Can I have baddies listed on both the OC and CA for the same time period? It seems like it’s double reporting, but I am not as familiar with reporting requirements.
- The reporting seems wildly different from agency to agency. Is there one that is more favorable for my score? Is there anything I can do at this point?
- Can something be listed both as settled less than full balc and PIF?
- Should I have Experian update the comments with the correct amount KeyBank wrote off?
- Should I reach out to Great Lakes and Key Bank and ask for all statements to make better sense of this?
Any advice would be appreciated! Hoping to get a mortgage soon and am trying to clean everything up.
Yes, you can get the double whammy of both an OC and CA both reporting, it sux. If you had been able to do rehab, you could have had the CA/default removed, but that is in the past.
The accounts *should* drop 7 years after DoFD. Since you kept trying to bring it current in 2014/2015/2016, that pushes out the drop date to probably 2023.
If you pull(ed) your credit reports from annual credit report, you can find the "estimated date of removal" on TU, "on report until" on EX and the "date of first delinquency" on EQ (to caluclate when it should drop).
It is a little hard to follow the way you typed it to figure out when the DoFD or when they should drop, so that is why I mention it.
And to amswer the pif/settled question, that is exactly how it should report. You settled, paid the settlement in full, and it was charged off, so that reporting sticks.
Good luck!
Edit: just realized you said provate loan (great lakes also does fed loans), so you couldn't have done rehab. Sorry!
