My new servicer has reported my loan rehab on my credit report... instead of showing as 6 separate, it shows as one but in good standing.
Now, I know it's being reported as in good standing, but I have a question about the ones showing as in collections from when it was in default.... Will those just disappear completely? Is it possible to upload a screen shot to show what I'm talking about? I know I read that negative aspects get deleted once rehab is complete, I'm just still confused as to what disappears...
To clarify: In a successful rehab, the default disappears, however the lates may stay on the report. While it is not guaranteed that the lates will disappear, many times they do. When was the date of first delinquency for the old, defaulted loans? If it was longer than 7 years, they may delete entirely.
It sounds like this is a single new tradeline with your new servicer - did you consolidate?
It might take some time for the defaults to disappear from your old servicer/agency (student loan servicers are notoriously slow about reporting). If you are concerned, I would definitely give them a call and see what their policies are/how long it will take them to remove the default/s.
My date of 1st default was around 10/2015 if I remember correctly.
No, I didn't consolidate... I actually paid off a measley $9 loan so that it would show as paid in full to get any possible benefit I could from that, so I'm a little irritated that they're reported as 1 instead of 5.... Should I ask them to report it as the 5 instead of the one $3700 tradeline since it wasn't consolidated? Or could it be because I'm doing the $5 monthly plan based on income?
Currently I have 12 student loan tradelines... The one with my current servicer... 5 with US Dept of EDU stating they're in collections (loan amounts aren't reported right either, more on that later). And 6 with Fed loan servicing... One was a $0 loan that was canceled but still showed up as paid in full... The other 5 loans are marked as 120+ days late and that they're closed because they were sold or transferred... Can I expect that to be updated as well? They were sold/transferred because they were in default!
As for the 5 tradelines from US dept of EDU.... 2 of the original loan amounts are reported correctly.... However, 3 of them state the original loan amount was $8 and they now have a balance of $1k+... I've beeen denied credit because of this and I only recently discovered this error, but they were reported that way from the day US Dept of EDU took them over from Fed loan servicing. Should I contact them and ask them to fix this error?? Original loan amounts that aren't reported right are more like 857 and 905, NOT $8!!
Sorry for disappearing there - definitely +1 to everything Sabii said - Check your NSLDS and see what it says. If there's nothing about consolidation there, you can wait to see how the report shakes out, or call them to double check now.
And I would want those multiple old tradelines back.
Just went through all the papers about the rehab... Nothing about consolidating them in the end. Also checked the NSLDS, nothing on consolation there either.
The old tradelines still show as separate, just not the new ones. I'm going to give them a call in a little bit and see if they report to all credit bureaus and what they say about the one new tradeline instead of 6.
They also just approved me for a $0 monthly RPAYE plan. Should I pay what I can afford to every now and then? Or will that make them want to change my plan?
Paying extra should in no way effect the plan you are on as long as you make your "regular" payments on time. I would call to make sure they won't do anything stupid since it's a $0 plan, though (like have you 'paid ahead' on nothing), if it will affect any forgiveness options (Sabii would probably know more there)