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Finished student loan rehab. Fico score up 57-74 points

Frequent Contributor

Re: Finished student loan rehab. Fico score up 57-74 points

First, the agent hung up on you because essentially you were trying to file dispute under false pretenses. You have to state a reason to fine a dispute, you can't just dispute things you want to go away. The lates were accurate. There's nothing to be done about that.
Additiinally, Federal loans are different in that legislation requires them to report accurately. Sometimes the will recover lates after rehab, sometimes not. Having them removed is not your right, only the default itself.
This was many years ago and you've also consolidated. They are very unlikely to change anything now. The upside is it was so long ago it will be removed soon and you will see a huge jump in your score. You can wait until 2020. Or starting about 6 months before, you can start to ask the credit bureaus for an early Exclusion. I'm not sure if this works with federal student loans but that might be worth a try.
Otherwise I would say wait.



Message 11 of 13
Established Member

Re: Finished student loan rehab. Fico score up 57-74 points

Maybe I didn't make myself clear, that loan was being reported as open and currently greater than 120 days late and it had been consolidated and paid in full, therefore it is not open and late.  Anyway, Equifax and transunion did remove it and I am working on getting Experian to remove it also.  Some credit reports DO have errors on them.....

Message 12 of 13
Frequent Contributor

Re: Finished student loan rehab. Fico score up 57-74 points

Yes, credit reports can have errors on them. I'm also aware that rehab happens when you've defaulted meaning that the account could have had old 120 lates. Now that you've clarified you mean new ones, yes they would be removed and the account should report as closed.
However, the account removal may not be permanent as there is nothing stopping them from adding the accounts back with accurate information. Additionaly 120 lates do not lose their impact over time, so if old ones remained or returned, you're not likely to see a huge score jump. Hopefully it will just stay off. If not, you could always ask for early exclusion, if that's possible with federal loans.
Best of luck.



Message 13 of 13