How often does Great Lakes report to the CRA's?

Anonymous · ‎10-11-2015

Just paid down my debt from 20k to 8.7k and I was wondering when this would reflect in my credit report?

For the longest time my installment plan never went down. I paid enough to not add interest to the principal, but it never went down. Was on Income Based Repayment with a payment of $0, but I still paid enough to not add interest to my principal. Now that $100 a month puts me back on track for repayment in 6 years or so with 75% of the payment going towards principal, I was hoping my credit score would bump up a little.

SCF · ‎10-12-2015

Most companies will report once a month, so I would expect it to take ~30 days for your report to update. They may report around the time your monthly statement is generated. This won't have a huge impact on your credit because utilization on installment debt is a very small factor in your score. It will have a huge impact on the amount of interest you pay over the life of the loan though, so good work!

Anonymous · ‎10-13-2015

I figure'd it wouldn't have a huge impact, but I think my amount borrowed was the same as the balance for nearly 2 years .

I may have another opportunity to pay it off as my late grandmothers house has sold, but I am having second thoughts. The debt is secured and paying $100 every paycheck is destroying the principal faster than I expected, and closing the account would probably do more harm than good at this point.

If i continue paying $200/month, I'll be squared up with the federal government in just over 4 years and I'll only end up paying something around $1500 in interest, which isn't bad. My sister started with 25k in debt and is somewhere around 33k with interest that has accrued.