Is this an "illegal" duplicate? I can't find a definition anywhere...

[Anonymous]

I defaulted on a Perkins loan that was in my University's name. 12/2005 this loan was purchased by the US Department of Education. Unfortunately, it was not consolidated with my other loans so it is currently in rehab. This loan is now being reported twice on my EQ and TU reports(a TL in my University's name and a TL in the US Dept of Edu's name). I contacted the University and they sent me a letter saying that "the loan was purchased back to the US Dept of Education 12/2005, and [I am] currently in good standing." I also contacted the CA who is rehabbing the loan and I was told ALL entries would be removed upon completion of the rehab. I went ahead and disputed it on EQ because the University loan is being reported as an OPEN account over 120 days past due (I mailed them the University's letter)...while the Department of Education loan (the one that is being rehabbed)is showing as a closed COLLECTION account.

Okay here is my dilemma on my TU report the University loan appears like this:

UNIVERSITY #XXXXX

Balance: $1,795
Date Updated: 04/2005
High Balance: $1,800
Past Due: >$1,795
Terms: $40 for 120 months
Pay Status: >Collection Account
Account Type: Installment Account
Responsibility: Individual Account
Date Opened: 10/1999
Date Closed: 05/2003
Loan Type: Student Loan
Estimated date that this item will be removed: 03/2009

My fear is that if I dispute this duplicate they may not removed it and then I ruin my chances of having it removed in December when my rehab is completed. I've read on this board how sometimes duplicates can be reported, because they show your payment history. Is this the case with this account?

Here is how the US Dept of Education's TL of the same loan appears on my account:

US DEPT OF EDUCATION #XXXXX
Balance: $1,413
Date Updated: 05/2008
High Balance: $1,800
Collateral: 07 UNIVERSITY OF XXXXXX
Past Due: >$1,413
Terms: $1,413 for 36 months
Pay Status: >Collection Account
Account Type: Installment Account
Responsibility: Individual Account
Date Opened: 10/2005
Date Closed: 01/2006
Loan Type: Student Loan
Remark: >Placed for collection
Estimated date that this item will be removed: 02/2009

[LynnInMN]

This is being reported correctly.  You defaulted on the schooll and the USDOE subrogated the loan.  Both are entilted to report. 

[Anonymous]

If both are entitled to report shouldn't the University loan have a $0 balance? Also, is there anything I can say to the University to have them remove the TL? When I called them they told me they don't know anything about the loan other than the original amount was $1,800. They were really nice about the whole thing, and even sent me the letter to send to the CRAs. I'm waiting to see the outcome of the EQ dispute.

[Anonymous]

bump bump bump

[Anonymous]

I work on the non-Perkins side of the student loan world, so this might not be exactly the same for Perkins- but I'd guess it's close since credit reporting guidelines and rationale for them apply to all types of credit.

If the Perkins loan was "subrogated" or assigned to ED, the first holder (university) would probably need to delete the tradeline, and ED would report from there.

However, there  is a code non-guaranteed loan holders can use to show assigned to internal or external collection (status code 97). If the Perkins holder can use that code, it would still show as a tradeline, but I'd say  the balance should zero out since credit reports don't want double balances showing.

[Anonymous]

EQ just closed the dispute for the second time in 2 months - stating they've verified the account. They haven't even reviewed the letter my University sent me to send to them (I know this because I sent that along with a copy of my drivers license so they could correct the spelling of my name). The agency that is rehabbing my US Dept of Education loan has to be updating this file which is unfair considering they are reporting for this loan as well. I wanted to get a decent rate on a mortgage loan before my rehab is up in December, but since they updated this TL this month it appears that I'm CURRENTLY over 120 days late on this account.

Btw here's how the duplicate loan appears on my EQ report:

OPEN ACCOUNTS:
University of XXXXXX
Account Number: PEXXXX
Current Status: 120+ DAYS PAST DUE
Account Owner: Individual Account
High Credit: $1,800
Type of Account: Installment
Credit Limit: $0
Term Duration: 120 Months
Terms Frequency: Monthly (due every month)
Date Opened: 1999/10
Balance: $1,812
Date Reported: 07/2008
Amount Past Due: $1,812
Date of Last Payment: 10/2002
Actual Payment Amount: $0
Scheduled Payment Amount: $40
Date of Last Activity: N/A
Date Major Delinquency First Reported:
Months Reviewed: 42
Creditor Classification:
Activity Description: N/A
Charge Off Amount: $0
Deferred Payment Start Date:
Balloon Payment Amount: $0
Balloon Payment Date:
Date Closed:
Type of Loan: Education Loan
Date of First Delinquency: 08/2002
Comments:

CLOSED ACCOUNTS:
US Dept of Education
Account Number: XXXX
Current Status: COLLECTION ACCOUNT
Account Owner: Individual Account
High Credit: $1,800
Type of Account: Installment
Credit Limit: $0
Term Duration: 36 Months
Terms Frequency:
Single Payment Loan
Date Opened:
Balance: $1,413
Date Reported: 05/2008
Amount Past Due: $1,413
Date of Last Payment: 05/2008
Actual Payment Amount: $0
Scheduled Payment Amount: $1,413
Date of Last Activity: N/A
Date Major Delinquency First Reported:
Months Reviewed: 28
Creditor Classification: Educational
Activity Description: N/A
Charge Off Amount: $0
Deferred Payment Start Date:
Balloon Payment Amount: $0
Balloon Payment Date:
Date Closed:
Type of Loan: Education Loan
Date of First Delinquency: 03/2002
Comments: Collection account

I'm calling EQ again in the morning, can anybody give me a recommendation of what to say to get this removed/corrected? Or should I just wait until they receive the letter (I mailed it last Monday AND I faxed it to them this afternoon as well)?

Message Edited by SecondChance23 on 07-08-2008 06:55 PM

[Anonymous]

I AM TRYIN TO FIND OUT HOW TO CHECK THE STATUS OF MY STUDENT LOAN HOW

CAN I GET TO MY ACCOUNT INFO