Hello All, This is my first post.
I've spent many hours reading and gaining advice from these forums and am thankful for how helpful it has been.
Would appreciate the wisdom of the community on this one.
I had a Sallie Mae Private Student Loan that I took out for undergrad on Oct 20, 2006. Right before 2008/2009, that period when it felt like the world was going to explode! The loan was for 25k and I began paying on it when I graduated in 2008. With the job market in the tank, I was unable to pay on it and defaulted on the loan with my last payment on Apr 22, 2013 when the loan was charged off by Sallie Mae.
I live in California and know that because I have not paid on it the statute of limitations on the loan has since run out (4years). The loan is still on my credit report but is showing as charged off and I have been able to rebound and rebuild my credit because of these forums.
The main issue is that it is still showing up on my Fathers credit report and the most deceiving thing is that the loan transferred to Navient who has tripled the loan to 75k and has been reporting the loan as paid on time every month which it is not! The loan has been charged off and they continue to report and run the interest on the loan.
My question is how should I handle getting this removed from my fathers' account. Should I dispute with the credit bureaus on behalf of my father and how would you all suggest I do so ?
If any of you have had a similar experience? Any and all advice would be appreciated.
I assume that the loan is under your name only, and that he did not co-sign.
He can dispute any reporting of the loan to his credit report if he is not a joint account holder of co-signor.
The basis for his dispute would be that the account is not his, and any reporting as either a joint account holder or a co-signor is inaccurate.
No, you cannot dispute for him unless he first gives you a legal power of attorney.
Is there some substantive reason why he cannot sign a dispute?
As a side-note, I would not refer to the loan as having been discharged based on the creditor having taken a charge-off or the SOL having expired. Neither of those events discharges the debt.
The debt remains fully due after a CO or expiration of SOL, and they do not discharge the debt.
Expiration of SOL only precludes the creditor from now obtaining a judgment, and taking of a charge-off is an internal accounting measure that moves the unpaid debt from the accounts receivevable (asset) column of their books over to a non-asset column.
You still owe the debt.
You might want to consult with an attorney before making any contact.
Are you positive this was a private loan? The reason I ask is in late 2012, Sallie Mae and Navient split. Sallie Mae kept all the private loans and all the Federal loans went to Navient. If you are positive this was a private loan, then it may just be an issue with that split and things got mixed up. I know I had a mess as a result of this switch( well still do with some incorrect reporting from Sallie Mae on my EQ, but that's another story).
If you are positive it was a private loan and can prove it, have you called Navient to inquire what they are seeing? It may just be a data entry error that you can clean up with a phone call( well will likely take several).
Thanks so much for your response. Yes I am 100% sure it was a Sallie Mae Private Student Loan. On my credit report, it shows as Sallie Mae Closed, on my fathers report it is showing up as Navient and has split into multiple accounts reporting as paid. My apprehension to calling Navient is that I don't want to reopen the loan with statute of limitations. I am thinking the best course might be to talk with an attorney and then to potentially dispute on behalf of my father with the credit bureaus.
I went through the same thing... it dinged my dads report.. embarrasing.
I paid more in late fees than the actual loan....
Can you get the loan out of default?