I have an old student loan through nelnet that was refinanced, but nelnet kept tagging me as late after they didn't hold the loan anymore.
Anyway, I unsuccessfully tried disputing it. So I've been waiting for it to age off. Problem is, I'm not sure when that will be. I notice they tagged me again with a payment on time mark in march of the following year, I think just to jack me up a little more and make me have to wait longer. I never sent them any payments after the refinance. (Nelnet is the most incompetent and careless student loan servicer I've ever dealt with)
When did you refinance the loan? The lates from 2013 won't disappear solely because Nelnet is no longer the servicer. Also I agree, Nelnet is the worst.
As a timeline, you can expect usually 7 years, sometimes 7.5, once it is closed. To me, I would say 7y from Jan 2015, as that is when it says closed. You don't have a DOFD since it went current (March 2014) after the deliquency occurred.
Looks like this closed in a paid as agreed status so each late is dropped as it hits its 7 year mark until the account becomes a complete positive after the final one is gone.
The report shows only monthly delinquencies, with the chain of delinquency first reported as a 30-late in Jan 2013.
That means the account likely became delinquent in Dec 2012, as a reported 30-late has a date of one month after initial delinqency.
The exclusion of monthly delinquencies is covered under FCRA 605(a)(5), and is 7 years.
A 7 year plus 180 day exclusion period applies only to charge-offs and collections, and not to monthly delinquencies (see FCRA 605(a)(4)).
FCRA 605(a)(5) is a general exclusion provision that applies to "any other adverse item of information," such as monthly delinquencies.
It does not provide details as to the begin date of the 7 year period.
CRA interpretation of the exclusion of monthly delinquencies is that all monthly delinquencies in a common chain (i.e., based on the same initial date of delinquency) will become excluded after 7 years from the date of initial delinquency.
In the posted scenario, the date of initila delinquency would be Dec. 2012, with a first 30-late reported as Jan 2013. All the reported monthly delinquencies reported on the same chain of delinquencies will become excluded after 7 years from the date of initial delinquency, which would be as of Jan 2020.
I'm assuming you meant July instead of January, but I get what you're saying. Thanks for the response.
The 'Newest' late looks like Oct 2013... that will drop off in 7 years.... Nov 2020
Is the balance $0.00? Student loans don't just 'go away' even if they are off your credit.
Nelnet was paid off in a refinance. I moved it to Fedloan Servicing.
Certain types of federal student loans are exempted from all of the normal credit report exclusion provisions of the FCRA until paid, and also require reporting to the CRAs based on exemption and requirment provisions of the Higher Education Act.
That means that if it is such a federal student loan, you cannot get a voluntary good-will deletion, and there is no credit report exclusion date/period running that will exclude derogs after, for example, 7 years.