Remove original Nelnet closed loan off credit report

[ChiknNuggz]

I have 2 Nelnet loans now closed from 2014.  They are due to drop off my credit in January of 2022.  I have read and heard that its possible to call the credit bueros and have them removed early.  Is this true? Anyone have success with this?

[calyx]

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@ChiknNuggz wrote:

I have 2 Nelnet loans now closed from 2014.  They are due to drop off my credit in January of 2022.  I have read and heard that its possible to call the credit bueros and have them removed early.  Is this true? Anyone have success with this?

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I take it these are defaulted/negative lines?  If you have lates, they'll come off, but the account could stay longer.

TU will grant early exclusions at 6 months (call them and they'll tell you how to use a dispute to get it off).

Experian just builds a 3 month EE into their reporting now, so you shouldn't need to do anything.

EQ would only grant 1 month, sometimes it ends badly, so I recommend riding it out with EQ.

[Leapling]

I have some Nelnet loans that were rehabbed in 2015 and transferred to a new servicer. EX removed the Nelnet accounts all together after dispute. TU updated the status to paid/transferred (the lates are still there) and EQ just shows them as late. I'd also like to dispute again to have them removed or at least the remarks updated but everything I see about EQ makes me nervous.

[Anonymous]

Equifax has messed up a lot of folks. I'm curious why you'd want the whole account deleted and not just the lates off? If I contacted EQ, I'd have my proof of payments/successful rehab sent via email and EXPLICITLY indicate you'd like the lates removed, not the entire account. Student loans help with account age so if the lates are good, they'll actually help your scores.

[Leapling]

That makes sense. There's about a 13 point difference in scores, 693, 696 & 709. The lower scores are from the CRAs that are reporting the loans. My assumption would be the removal would get them to jump but to your point, simply removing the plates would do the same. 

Any idea of where I could get written proof of the rehab? That was also in 2015/16 and I don't remember the agency that I worked with. The loans are with a new servicer which obviously reports, would that be enough? 

[Anonymous]

There is a common misconception that rehab removes the lates or entire derog original accounts. It does not and there is no way to force it.

I find it is 50/50 where some get lucky and get them all removed (lates or entire accounts) or they all remain intact.

The only thing required to change is the status of default. I found this to be where they update account status to "current" and removed "permanently assigned to government" (and other phrases alluding to default).

If they have been sitting there quitely for years if you dispute and they simply verify/update, that will almost certainly cause a score decrease. You could get lucky, but again, just completing rehab does not force them to remove anything other than the default status.

TU has been a pain for me and my SO, also. They removed all the lates from 3 of 5 SLs (all from the same servicer and even same account number!) for me, "reopened" them, and assigned them new account numbers. The other 2 they simply re-opened and assigned new account numbers, but left all the lates. For my SO, they just re-opened all 3 SLs and assigned them new account numbers and left all the lates. Not sure why because with no pompting, EX and EQ deleted the old original SLs and all the lates with them. For me it is even more confusing that they removed all the lates from 3, but not the other 2 - not to mention I have 6 SLs, not 5 lol!

Initially with EX and EQ, they removed all the lates and only left positive, closed SLs and added on "new" back dated SLs. This really raised my AAoA, but then eventually EX and EQ removed the left over original SLs that were closed and positive, leaving only the "new" backdated SLs, reducing my AAoA back down. So while it would be ideal to get only the lates removed, but have the accounts remain, if it does happen for the best, I would be happy with whatever happens as long as they are not derogatory.

I hinestly would not risk the gamble. I have made a dispute previously with only one bureau that was incorrectly reporting and forwarded it to the creditor and in turn they updated all 3 bureaus for the worst, making all 3 wrong. So even disputing 1 bureau puts the other 2 at risk of a negative outcome.

I persobally decided to wait out the lates on the 2 SLs because the other 2 bureaus will be clean, anyway. I am not willing to risk ending uo with 3 dirty CRs when I am so close to being clean on them.

Since yours are from 2015, there is only 1 year +/- left for thise lates. I would personally wait them out being so close, but of course this is my own opinion. You will have to weight the risks and benefits of fighting what is not mandatory.

I have also see several instances where the lates get disputed off, but after the servicer got the notification, they added the lates back on to 1, 2, or all 3 bureaus.

Good luck to you all!

[Anonymous]

Great information @Anonymous. Im not too familiar with the rehab rules but familiar with Nelnet. For me, they haven't budged. I called years ago to ask them to remove late and they said no.

OP- based on what LAHossBoss just mentioned, I wouldn't risk it either. I'd spend my effort optimizing my score while dirty for when I transition to clean. 

[Leapling]

Thanks for the info guys. I'll wait it out. I pulled my reports and they're actually set to fall off in September '21 so definitely not worth the risk. 

I did reach out about early exclusion but that doesn't seem to be going anywhere.

Thanks again

[Anonymous]

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@Leapling wrote:

Thanks for the info guys. I'll wait it out. I pulled my reports and they're actually set to fall off in September '21 so definitely not worth the risk. 

I did reach out about early exclusion but that doesn't seem to be going anywhere.

Thanks again

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Just a couple more months, you are almost there!

I know the last few months can be the most painful. I have derogs dropping monthly starting June and all the way thru Jan and now that I am so close, I am finding my patience is just gone!

[Anonymous]

@Anonymous -let us know if you see increases with each age off. 

@Leapling - I'm right behind you in October 2021. Also, as an FYI- my Nelnet December 2013 lates dropped off 2 months early last year. Thank