I've been able to be diligent with my credit score and have taken it from a 440 score to a 616 in the last 18 months. One of the heavier items contingent on me getting a mortgage loan was removing 3 accounts totalling $16,000 that were Sallie Mae charge off defaulted loans that had me listed as a cosigner. I never signed for these loans but it was never enough information that I could send to them to remove my name on the account. I eventually spoke with a gentleman there in the collections dept. and he said that my name would be removed as the cosigner if I paid "x" amount (roughly 40%) in a lump sum that day. I paid that amount about 28 days ago and my mortgage person wants to know if that deletes or terminates reflective of my credit report. I'm not exactly sure what that all means but I was told I would be removed from credit reporting. Is this something I need to worry about with the notion that all it does is remain on my report but newly reported? Or will this do what was told to me and completely remove the accounts?
Anyone have any experiences similar to this?
Thanks so much,
