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W
@algorithmslave wrote:
@bahbahd wrote:What is the Special Direct Consolidation Loan?
http://studentaid.ed.gov/repay-loans/consolidation/special
Please see the link above...burden your mind with this...it is NOT A CONSOLIDATION of loans. It was designed to bring all of ones student loans under one roof. This was a huge backfire thoough...it counts as a consolidation under FICO because a new account number was detected. Although if I call the lender, they have all the history of the loans. Interesting.........
What happened to all your old account TLs on you CR?
@bahbahd wrote:What is the Special Direct Consolidation Loan?
Edit: I googled it. http://studentaid.ed.gov/repay-loans/consolidation/special I'll be really upset if I could have used this consolidation method to get rid of my negative nelnet tradelines.
yup read my post above....a positive for you but negative for me....
@bahbahd wrote:W
@algorithmslave wrote:
@bahbahd wrote:What is the Special Direct Consolidation Loan?
http://studentaid.ed.gov/repay-loans/consolidation/special
Please see the link above...burden your mind with this...it is NOT A CONSOLIDATION of loans. It was designed to bring all of ones student loans under one roof. This was a huge backfire thoough...it counts as a consolidation under FICO because a new account number was detected. Although if I call the lender, they have all the history of the loans. Interesting.........
What happened to all your old account TLs on you CR?
They disappeared in the sense that, they looked like they were paid off. Sooo average credit histroy dropped like a rock!!!! In addition, new accounts are hitting me negatively as well. I am in the process of trying to convince Great Lakes to change the date open.....
That does not make to much sense to me for some reason. SLs marked paid & closed should still report for 10 years from the date of closure. The age would still be there from the old ones. Unless you are saying that the new loan account severly brough down your AAoA
@bahbahd wrote:That does not make to much sense to me for some reason. SLs marked paid & closed should still report for 10 years from the date of closure. The age would still be there from the old ones. Unless you are saying that the new loan account severly brough down your AAoA
If AAoA has to do with average account age than yes it did. In addition, the Special Direct Consolidation does not condense down to oone loan but rather herds the past loans into gatergories like, subsidized, non-subsidized and the like. So in my case I had three new account appear. So I got hit negatively with too much new credit and a lower average account age.
Actually, FCRA Section 623(a)2 says that retroactive deferments acknowledge a time period when no payments were due. Therefore no payment was ever due and any negative credit history must be removed. Since the statute says that reports must be "updated" as well as corrected.
The FTC's lawyers and DoE counsel confirmed this to me verbally.
@schrute wrote:Actually, FCRA Section 623(a)2 says that retroactive deferments acknowledge a time period when no payments were due. Therefore no payment was ever due and any negative credit history must be removed. Since the statute says that reports must be "updated" as well as corrected.
The FTC's lawyers and DoE counsel confirmed this to me verbally.
Interesting....
That would mean CitiBank's who previously owned The Student Loan Corporation, now owned by Discover Student Loans is a criminal orgination. I believe we all know this.
I would like to challenge that statute.....does it make reference to the start date? Meaning, the day you enter class or the day your scheduled to attend? So, what The Student Loan Corporation was doing was taking the defermant time as the day the student starts classs not the date your excepted into school and have a date to start in hand. Understand?