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Hey myFICO Familia,
I completed my Student Loan Rehab last year and all my negative, defaulted accounts except one "US DEPT OF ED/GLELSI" with 9 late payments of 120+ days remain. Nelnet picked up the defaulted loans and report positive from when I started school.
How do I get "US DEPT OF ED/GLELSI" this account to be removed or am I just unlucky?
@Anonymous wrote:
Hi,
Do you mean the default accounts are still there or just that the accounts from before the default still show up on your credit report?
Rehab removes the default, but it does not remove the old accounts with the lates unfortunately.
@Sabii "Rehab removes the default, but it does not remove the old accounts with the lates" — Pardon my ignorance but wouldn't the default account be the one with lates?
No, you can have lates and not default. The default actually makes the account negative, the lates mean that your tradeline is still ultimately "positive," just with a few dings (battered and tarnished, as it were).
I would send a goodwill letter to Great Lakes - explain that you rehabbed and that you are seeking a goodwill removal of the lates *or* the tradeline altogether. Great Lakes is one of the servicers I more often see positive information with regards to goodwill, so I think you have a good shot at it. Otherwise, it's 7 years until the lates fall off.
@calyx wrote:No, you can have lates and not default. The default actually makes the account negative, the lates mean that your tradeline is still ultimately "positive," just with a few dings (battered and tarnished, as it were).
I would send a goodwill letter to Great Lakes - explain that you rehabbed and that you are seeking a goodwill removal of the lates *or* the tradeline altogether. Great Lakes is one of the servicers I more often see positive information with regards to goodwill, so I think you have a good shot at it. Otherwise, it's 7 years until the lates fall off.
Hi @Calyx, @Sabii, or anyone
Can you both answer the below questions:
A. If you can answer this, would I want to dispute the account or late payments? Apologies for the ignorance!
@Mookey67 wrote:
That is the trade line prior to the default which is how it is suppose to read. Since default doesn’t occur until 270 past due on federal loans, if you dispute it then it will more than likely update and add worse delinquent marks up to default. Since it hasn’t updated since 2016, I would just leave it alone. Hope this helps
@Mookey67, @Sabii and All,
You have all helped affirm my suspicions. I was thinking if I disputed they could possibly update my report with worse delinquent marks. As someone on here once said, "Don't poke the sleeping bear". It sucks these 120/day late marks will hurt my score by 60+ points until 2022-2023 but I guess being an ignorant college kid haunts you for a while eh.