Rehab completed - 111 pt increase & closed accounts removed

[Anonymous]

Good job.  If you were in the federal student loan rehab program during the pandemic, no collection actions and credit reporting took place. Therefore, there should be no derogatory marks on your credit report doing this time, whether you made payments or not.

Congrats on the house. 

[Anonymous]

Yes, all 3 credit bureaus have since updated.
My FICO credit is now 111 points higher. 
Went from 566 in May to now a 677. 

Again, my credit file is super thin so any changes causes big swings in my scores. Other than the student loans, I only have 1 car and 1 credit card. Once we close on our house, I plan to add on more accounts slowly to builder a bigger credit file.

[Anonymous]

That's correct. But once you graduate rehab, those accounts get updated to current status and remove the derogatory flag. Once that happened my credit skyrocketed 111 points within a month.

[quikj9]

@Anonymous @@Have your "new" Great Lakes loans started reporting yet

[Anonymous]

@quikj9  The "new" loans have not yet been reported by Great Lakes; they were reported by Dept of Ed in good standing for August.--I believe due to a timing issue of when they were transferred.

Great Lakes told me they update credit reporting at the end of the month.

[quikj9]

Gotcha. I've really appreciated your updates as my rehab timeline is about 13 days behind yours. 

[Anonymous]

Crazy your TL was so soon. I made my final payment in July and no change has been made on my credit. I haven't received anything in the mail as far as a welcome packet either. FH Cann is who I did my rehab through. 

[Anonymous]

@Anonymous were they federal student loans or private?

I called all 4 parties every other day after I made my last rehab payment letting them know it was urgent I had my information updated ASAP as we are in processing of closing on a house. 

1. Coasthills Prof (collection agency I went under rehab program with)
2. Myeddebt (portal used to track default balances/payment)
3. Studentaid (main portal to track all student loans)
4. Great Lakes (new loan servicer)

Like I said, everytime one of them would cast blame on another and the process wasn't very clear, so it may not have gotten me answers but it may have sped up their processing time. IDK. Hopefully the timeline I provided will give you an idea on the order of milestones.

[SedimentaryRock]

Thanks for this. I just completed rehab Feb 13th and my loans have been transferred to Great Lakes but the other account info at https://myeddebt.ed.gov/ etc haven't yet updated so your detailed timeline was super helpful for those of us waiting anxiously for Credit Hell to end. 111 points would be amazing fingers crossed. Congratulations on your new home.

[ChiknNuggz]

Congrats to both of you. Happy to see your loans go new providers so quickly. Im hoping for the same. I made my last payment on Feb 16th. I called dept of ed and they had all my paperwork and did see that i made all payments.  The rep on the phone said i should b showing out of defualt this monday morning.  Hoping for a big increase in scores as well. Only had 4K in student loan and also just waiting for this to get a mortgage.