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Actually, I misread the report. The loans reported weren't in the consolidation. Thanks for the info, though.
I'm quite sure that I consolidated my loans before I defaulted. However, they're now showing on my report as at least 4 different accounts, which is severely affecting my payment history. Are they allowed to report them as separate loans---even though I consolidated? Just want to know before I contact them. It's a fed loan.
@cr101 wrote:I'm quite sure that I consolidated my loans before I defaulted. However, they're now showing on my report as at least 4 different accounts, which is severely affecting my payment history. Are they allowed to report them as separate loans---even though I consolidated? Just want to know before I contact them. It's a fed loan.
It should be showing as a single consolidated loan if you consolidated all of your loans together (sometimes people only consolidate some of their loans). You can check your file at nslds.ed.gov, which should show you which loans were consolidated and when.
Actually, I misread the report. The loans reported weren't in the consolidation. Thanks for the info, though.
@Anonymous wrote:
So the other loans are still in default, correct? Are you going to rehab them? Or did you want to go over the pros and cons of rehabbing vs consolidation?
Just let is know and we'll try to help.
i can't rehab any of my loans anymore. i'm just going to pay off the 2 smaller loans bc the settlement is equal to about 1 year of the garnishments. iirc from my convo with them, i can make addtl payments on top of the garnishment to remove the default. but, that wouldn't remove the derogs from my credit file. all 3 of my loans are listed as "transferred to other agency/closed". do you know if there are guidelines around fed loans being removed from reports? i'm thinking of asking the original collection agncy to remove it after i show proof that i ultimately paid it off. that would remove 2 out of 3 bad accounts (and leave the big loan that's in forebearance).
Unfortunately there are no special guidelines for federal loans. They won't be removed even if paid off. They will Stay on your report I believe 10 years after paid or closed but the derogatory info will remain for 7 years from the date of default or transfer to the other agency. You can request a goodwill deletion but I doubt it will be granted. Sorry because I know that is not what you want to hear.
Mookey is correct - there is no special way for getting the derogs removed.
The collection accounts will fall off of your report 7y from the DOFD that caused your second default (if they're paid).
You can write for goodwill deletions - I've been lucky to get them (after I brought everything current), but most servicers & guarantors won't delete. There is no harm in trying, though.