Delinquent student loan payment ACS and credit reporting

[Anonymous]

Hello everyone,

I am really overwhelmed about this. I have been making payments through my personal bank to my student loan department for 2 months now. Recently I went on my credit report and saw that the same loan was posting as delinquent for 60 days. I quickly went online and set up automatic withdrawal payments through the ACS loan. This brought my credit score by 85 points down which is now ruining my chances of getting approved for a home loan as I am in the middle of searching for. I have attempted to call my school and the loan department and they say the same thing, nothing can be done. I have never had a delinquency nor was I ever late on a payment before. I have recently graduated and had a decent score for my age, but now thanks to a $100 balance misunderstanding, my score is similar to someone who has stopped paying their loans all together (unfortunately my friend). Also I read that it will take about 5 years for my score to recover for this one incident. I am willing to do whatever it takes to make sure this report gets taken off my account. I have read about writing letters to GW but I am unsure as to who that is. Your advice and help is truly truly appreciated!

Thank you again
Alina

[SCF]

It sounds like you were making payments, but for less than the amount that was due - causing you to be late for two months.  If that's the case, it's unfortunate, but those late marks are accurate.  The good news is that you caught the situation quickly, and did a really smart thing to prevent it in the future.  You also set yourself up for a small interest rate discount if these are federal loans, since you are now using auto-pay.

A goodwill letter is a request to a lender to adjust their reporting due to the circumstances that caused the negative information on your report.  In your case, you might explain the mistake, and the steps you've taken to ensure that it won't happen again, and ask them to remove the lates.  The lender isn't required to do what you ask, and might not be willing to help, but some will respond positively.