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Are these loans reporting correctly?

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
New Contributor

Are these loans reporting correctly?

I am really hoping that someone has some insight or experience with this situation- its driving me crazy thinking they are reporting wrong.

I have many older student loans with delinquencies on them that were consolidated into 2 loans... and they are showing closed with a 0 balance, BUT in the area where is says pays it just says 120 days delinquent, it does not say paid or pays as agreed even though technically they are paid since they were paid off from the consolidation.
Is this correct?
(No one seems to know the answer to this- help!)

Also... many of these have no payment history showing... they say NR in the boxes where you would normally see the 30-60-90 etc.

Should I dispute these with the CRAs or are they correct?
These are killing my scores.

Chapter 7 DC 10/23/18
Starting FICO 8 11/22/18

Current FICO 8 04/18/19

GOAL 680 by 12/19
Gardening until 10/19 minimum
Student loans and car payment reporting positive

Message 1 of 19
18 REPLIES 18
New Contributor

Re: Are these loans reporting correctly?

Loans can destroy you're credit report if you are behind on anything. While you reconsolidated you're debt ( which is a great way out of a stinky situation) you need to get verbal/written communication stating the loan is PAID IN FULL from the company. If they can provide that it is P.I.F then you should dispute the date, and provide evidence that its closed.

 

Great job!

Message 2 of 19
Established Contributor

Re: Are these loans reporting correctly?

If you have lates at some point in the loan that was 120-day lates, then this is correct. Older lates may not show up in the payment history as not all the CMS systems show older than 2 years of payment history. If you have a MyFico subscription under the Older or More Details section, you should see dates listed for delinquencies. I believe you can also see these if you order your yearly reports from annualcreditreport.com.

 

They will stay for 7 years from the first one in the chain of lates. Probably the best you can do with these now is to try some goodwill letters to get them removed, but I have not heard of many people having much luck with these and student loans. Never hurts to try and you may get lucky.

Started Rebuild 4/2018: EX 616| TU 604| EQ 621

Current 04/18/19:


Goal Score: 750+
Message 3 of 19
Established Contributor

Re: Are these loans reporting correctly?

Did you get out of default? I don't know the answer. However, the difference between consolidation and rehabbing is that consolidation does not remove history of a default. The lates might just stay there.
Also, if you had a Forbearance or deferment it reports as blank. Or if they just don't have or want to report for that month. That's fairly common for older payment history. As long as they don't say it's late when it's not.
You could dispute it but I'm not sure you'd get far.
They are however, not allowed to goodwill lates. For federal loans they are required by law to report them accurately. You might just have to wait it out.



Message 4 of 19
Established Member

Re: Are these loans reporting correctly?

Hello!
Thanks OP for  creating this thread.  
Hope you don;t mind if I also ask about my situation.
My loans show a $0 balance but are not showing as closed.
Last activity is 2013 with several 90 day lates. 
I have already disputed, with no luck.  There is a statement on report stating that I disagree with the data.
I can dispute this again, but since this would be my 3rd dispute on this item, the CRAs are not obligated to go through the full process to verify.
Given activity dates and above info, am I better off letting this be?
Here is a screenshot of report:

Screen Shot 2019-02-08 at 6.37.52 AM.jpgScreen Shot 2019-02-08 at 6.38.19 AM.jpg

Message 5 of 19
Established Contributor

Re: Are these loans reporting correctly?

The loan shows a $0 balance but it's also about $76,000. Did you pay that off? If not, you do still owe something. Federal loans never just go away. I would suspect the loan defaulted.
If you're not sure you paid it off, check the National Student Loan Database, NSLDS, to see where it is now. I can talk you through your options to get it out of default. If you did pay it off, you should be able to get a letter from the servicer that you were dealing with, with the date the loan was satisfied. Then you send that in with your dispute and they'll correct it.



Message 6 of 19
New Contributor

Re: Are these loans reporting correctly?

My loans were rehabbed, then consolidated. So technically they were paid off, correct?

The problem I am having is that their STATUS still shows at least 4 payments delinquent- Shouldnt this be updated to say paid since these loans were PIF in the consolidation?

It looks like the above poster has the same question.... maybe I am not explaining what I am asking clearly.... if you look at the PAY STATUS on the loans... shouldn't this specific area say PAID OR PAYS AS AGREE since the account is PIF due to the consolidation? (As the other poster seems to be having the same issue as me- says 120 late)

Chapter 7 DC 10/23/18
Starting FICO 8 11/22/18

Current FICO 8 04/18/19

GOAL 680 by 12/19
Gardening until 10/19 minimum
Student loans and car payment reporting positive

Message 7 of 19
Established Member

Re: Are these loans reporting correctly?

Hi Sabii,

 

The loan is still in repayment.  I do not see that it was ever in default.  FSA is showing an RP status.
Great Lakes took over the loan in 2012. 
I continued paying as usual but they are saying that during this time, I became 90 days late. 
This resulted in 7 months of 90 days lates.
I did not know that I was behind...and I'm still not sure if I ever was.
This could certainly have been my error...but I'm simply not sure.
As best I can tell, something got crossed during the changeover from Dept of Ed to Great Lakes.
I have disputed several times but comes back as legit...and they contimue reporting it as an open loan...although a $0 balance.
One note, Great Lakes is really bad about sending out statements.  There are many months that I do not receive them until after the due date has passed.  Obviously, I send payments in with or without a statement...
So wondering if there is much more that I can do.




Message 8 of 19
Established Member

Re: Are these loans reporting correctly?

YES...kathyups.  We are in the same boat.  
But in my situation, there was no consolidation. 

The loan simply changed servicers and something got crossed during the change.
I suppose I could go to my old bank and ask for payment proof...but in my case...not sure if worth it.

Very frustrating!

 

Message 9 of 19
New Contributor

Re: Are these loans reporting correctly?

Shar37- Mine were once with Great Lakes too... I had my payments automatically withdrawn every month because I had problems with their statements too. They are who I went through for my rehab. When I completed the rehab with them, they updated my account as paid/no lates.
It's the other servicers accounts that I am having trouble with... it sucks lol

Chapter 7 DC 10/23/18
Starting FICO 8 11/22/18

Current FICO 8 04/18/19

GOAL 680 by 12/19
Gardening until 10/19 minimum
Student loans and car payment reporting positive

Message 10 of 19