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Advised by a counselor to let CA fall off report in a year..good advice?

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mcas85
Established Member

Advised by a counselor to let CA fall off report in a year..good advice?

Hi all, I recently decided to call a student loan help center. The person I spoke with recommended to me letting my default private student loan fall off my report, since it is only a year a way from doing so and also past the statue in my state for any lawsuits to be brought against me. Is this good advice? If I start making a payment will it reset the whole 7 years? Am I better off waiting for it to fall off my report, then when I have the funds settle or try to pay in full? Thanks !

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Anonymous
Not applicable

Re: Advised by a counselor to let CA fall off report in a year..good advice?

Depends on your goal, if mortgage next year then let it fall off. If mortgage this year consider settling.

Let it fall off, you can ask for early exclusion 3-6 mos before its due to fall off.
Message 2 of 3
Anonymous
Not applicable

Re: Advised by a counselor to let CA fall off report in a year..good advice?

Entering into a payment plan can reset the 7 yrs since its now a new obligation. If your settle, only make one payment with that settlement agreement in writing. Dont offer payments.
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