Help please! Defaulted student loan question

[Mace10]

I was wondering if anyone could give me some much needed advice? I have a defaulted student loan (7+ years) and recently went to gather mortgage info and it was brought to my attention that I need to have it removed. Out of the three credit reporting agencies Experian is the only one showing it on my credit report. My other scores are fairly strong 776 and 758, Experian score is 668.

I'm willing to pay this loan in full now but was told by the Dept. Of Ed. that if I want it removed from my credit report that I will need to start the rehab process and that will take 9 months at the minimum before it will be removed.

My questions are:

If I pay in full and take the paid in full mark on my credit report, can I still get a loan?

Why does this only show on one credit report?

Will it show on the other credit reports if I pay?

Will my Experian score go up  with the paid in full option?

Any other suggestions or comments would be appreciated, thank you in advance.

[eastexascout]

Have you rehabbed the loan?  Other wise it's going to be extremely difficult just to get it removed.  I had one that was defaulted" and had to have it rehabbed.  9 straight months of "special" payments. 

Once you get it rehabbed, all previous reporting is "supposed" to be deleted.

Hope this helps.

[Anonymous]

If it's past 7 years, could you dispute it with Exp - should have fallen off by now?

I'm not sure what the best thing to do here is...  keep us posted!

[InvincibleSummer3]

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@Mace10 wrote:

I was wondering if anyone could give me some much needed advice? I have a defaulted student loan (7+ years) and recently went to gather mortgage info and it was brought to my attention that I need to have it removed. Out of the three credit reporting agencies Experian is the only one showing it on my credit report. My other scores are fairly strong 776 and 758, Experian score is 668.

I'm willing to pay this loan in full now but was told by the Dept. Of Ed. that if I want it removed from my credit report that I will need to start the rehab process and that will take 9 months at the minimum before it will be removed.

My questions are:

If I pay in full and take the paid in full mark on my credit report, can I still get a loan?

Why does this only show on one credit report?

Will it show on the other credit reports if I pay?

Will my Experian score go up  with the paid in full option?

Any other suggestions or comments would be appreciated, thank you in advance.

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1) Maybe. Your scores are not bad.
2) Possibly it might have already aged off the Tu & Eq reports.
3) This I don't know. SL reporting is unlike any other kind of debt. But you'll have to pay it to get a mortgage, especially if you're looking for an FHA or VA loan.
4) No. Paying it shouldn't have any effect on your score at all.