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Default loan/rehab/7 years

CreditRehab101
New Visitor

Re: Student Loan Rehab

I have student loans that have been delinquent for over 10 years.  80K with Dept of Ed and 2k Perkins loan.  My credit score is 780.  I utilize credit often for my business/work.  I am afraid to do any kind of repayment or work out anything because of chance they may put them back on my credit and it show lates.  It would ruin my business.   I wonder if there is an option without it being put back on my credit.

Message 31 of 32
calyx
Super Contributor

Re: Student Loan Rehab


@CreditRehab101 wrote:

I have student loans that have been delinquent for over 10 years.  80K with Dept of Ed and 2k Perkins loan.  My credit score is 780.  I utilize credit often for my business/work.  I am afraid to do any kind of repayment or work out anything because of chance they may put them back on my credit and it show lates.  It would ruin my business.   I wonder if there is an option without it being put back on my credit.


@CreditRehab101 - Call whoever has them for rehab.    While technically, federal loans can be reported outside of the 7y window established by the FCRA, it never happens - probably due to the automated nature of CRA reporting.    When I've helped people with rehab (or consolidation), and the default is older than 7y, the old lates don't reappear.    I'm not saying it's impossible, it just doesn't happen (or is really rare).   When you finish the rehab and the (non defaulted) tradelines pop up, you'll get some really niced aged tradelines helping with your aging metrics, too.

 

Alternatively - call them, pay them off single shot, and you'll never have to worry about it again.

F8 EQ: 804 | EX: 781 | TU: 782 | Accounts: 2/6 3/12 7/24 | Reporting: AZE10
Happy practitioner of AZE7or8or9or10 | Team Finances > FICO
Message 32 of 32
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