WARNING, if your studnet loan servicer is OSLA keep your eyes peeled. I got approved for TPD forgiveness in June and my $48K debt was finally zero out in July. OSLA said that they reported my balance to the the CRAs on 28 July. Checked my online account that day, loan balance was zero. I was now waiting for it to be reflected on my reports. Get an alert this morning for multiple changes to my report, get excited because it has to be the loan updates, only to find that instead of my accounts updating to zero, each of my 12 student loan balances INCREASED from between $1-$161 AND 3 loans that I paid off in 2015 suddenly went from a zero balance to the original balance AND they are each now reporting as 180 days past due. I have NEVER been past due on any of my student loans. My scores dropped to the 500's!!!! Oh, it gets worse....
I have been anxiously awaiting this update because I am in the middle of trying to buy another house. Anticipating a boost in my credit score (I already have other installment loans, to include a mortgage), I asked the mortgage lender to wait a couple of weeks to pull my credit as I viewed homes, giving time for the udpates. My credit was already pretty decent (686, 690, 733), but I wanted to decrease my debt-to-income ratio for a better loan offer and interest rate. I finally found a house that that I really want, which already has several offers, so time is of the essence. So, I checked my scores last night, no change, so before I received the CRA alerts I had already told the mortgage lender to go ahead and pull my credit this morning, ONLY TO FIND MY SCORES ARE **bleep**!!
I've called OSLA and they are giving me a bunch of crappy excuses, even telling me to just dispute it with the CRA. They claimed my balance never went was at a zero balance and they don't report until after 45 days after its zeroed out. I explained to her that on the 28th an OSLA rep told me my account balance was now zero, my online OSLA account reflected a darned zero balance and the rep also said they'd already reported to the CRAs. Man, I let them have it! Only then would they admit an error on their part, said the their credit department will resolve it and said once it's resolved my scores will go back up to what they were.....that's questionable. They have also emailed me a letter to show to the mortgage company explaining what happend, but said my report won't reflect the correction for 30 days. This is BULL! But nothing I can do, because any recourse I try to take will also take 30 or more days. I need to go take a walk.
