Loans not reporting on all 3 cras?

Anonymous · ‎03-10-2013

Hi all,

I mostly post over in credit cards and occasionally in understaning fico scoring, and am a bit newer to the intricacies of the student loan reporting process.

Just some backgorund-I am fortunate enough to have landed a job in my field and income will be roughly 60k starting, so repaying the loans does not figure to be too problematic, though not something I am looking forward to. My reports are all clean and scores are in my sig. I am mostly interested in why various loans (federal and private) are not reporting to all 3 cras, and if they might do so in the future.

I have about 40k in deferred federal loans (9 accounts total) that were closed and transferred a few months ago. They are in deferrment until december while I wrap up graduate school.Prior to being closed and transferred, they were showing on all 3 cras but are now only reporting as reopened on tu and eq (the closed accounts are still reflected on ex, just not the new ones that got opened from the transfer). They are properly reported as deferred on tu and eq, so no problems there.

Will they eventually report to ex? I really wouldn't mind at all if they don't, as I could do without the AAoA dropon ex from 9 new accounts being opened.

1 more question- I also have a private loan it in my name (from the Rhode Island Student Loan Authority) with a 16k balance (originally 24k) that my parents have been nice enough to take care of for me. Its also in deferrment but being paid by my parents currently anyway. RISLA did a hp on ex to open it, and it only reports on ex. It does not report on tu and eq.

Might it eventually show up on tu and eq? Again, I'd rather it didn't report since I don't really need it for score building purposes, but just curious.

Sorry if this has been answered before- I played around with the search tool and didn't find any recent responses that I felt were pertinent to my current situation.

Thanks for reading, and I appreciate any responses.

SCF · ‎03-10-2013

Different lenders have different reporting policies. Almost all lenders report to all three CRAs, but there are some smaller agencies that many only report to one or two. The law requires them to report accurately, but it does not oblige them to actually report.

If you want the information consistent over all three reports, I would contact the lenders and explain what you're seeing and ask if they can correct the situation. It surprises me that some of your federal loans aren't on one report, and I suspect that's either a delay in updating, or a mistake. I know nothing about the Rhode Island Student Loan Authority, so it could be the same thing, or that they only report to one bureau (possibly to save money, the CRAs change lenders to report information).

If it's not impacting you negatively, then you can leave well enough alone. That said, they can appear on your reports at any time.

Anonymous · ‎03-12-2013

@SCF wrote:
Different lenders have different reporting policies. Almost all lenders report to all three CRAs, but there are some smaller agencies that many only report to one or two. The law requires them to report accurately, but it does not oblige them to actually report.

If you want the information consistent over all three reports, I would contact the lenders and explain what you're seeing and ask if they can correct the situation. It surprises me that some of your federal loans aren't on one report, and I suspect that's either a delay in updating, or a mistake. I know nothing about the Rhode Island Student Loan Authority, so it could be the same thing, or that they only report to one bureau (possibly to save money, the CRAs change lenders to report information).

If it's not impacting you negatively, then you can leave well enough alone. That said, they can appear on your reports at any time.

Thanks for the reply SCF.

I'm also surprised that the federal loans aren't on ex. Usually ex is the quickest to report everything, if anything I'd expect TU to be the cra with missing info. This leads me to believe that the federal loans may never show up on ex at all, which is perfectly fine with me.

As far as RISLA, I think that they only have a reporting relationship with ex (and your post helped to confirm my suspicions). The loan is about a year old, they only hp'ed ex, and it only reports on ex- so I son't think they have a reporting relationship with eq or tu.

I do not think there is any tangible benefit to me from a fico scoring perspective to having the loans consistent across all 3- if anything I'd see a slight decrease from an aaoa drop which would normalize over time. With that said, I think I'm just going to let sleeping dogs lie on this one.