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Student Loan Payoffs Not Reporting Yet

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Adkins
Legendary Contributor

Re: Student Loan Payoffs Not Reporting Yet


@hoosier64 wrote:

Adkins,

 

I held off disputing for the same reason. After re-reading the Fair Credit Reporting Act, I'm going to dispute directly with information furnisher (EdFinancial). Will update once I get a response in a month.


I received a CK notification of a closed account. My EdFinancial account is showing as updated paid, with a close date mid August. 


Last HP 08-07-2023



Message 11 of 20
hoosier64
Valued Member

Re: Student Loan Payoffs Not Reporting Yet

Did you submit a dispute, Adkins? Or did Edfinancial update it on their own?

 

My TU Report was updated by Edfinancial a few days after they received my written dispute. I'm hoping the other two will update this week.

BK13 Filed: 4/19
BK Discharged: 10/22

Starting FICO 8 (10/22): 623 / 612 / 613
Current FICO 8: 691 / 675 / 685
Message 12 of 20
Adkins
Legendary Contributor

Re: Student Loan Payoffs Not Reporting Yet


@hoosier64 wrote:

Did you submit a dispute, Adkins? Or did Edfinancial update it on their own?

 

My TU Report was updated by Edfinancial a few days after they received my written dispute. I'm hoping the other two will update this week.


I did not submit a dispute to any of the CRAs. 


Last HP 08-07-2023



Message 13 of 20
hoosier64
Valued Member

Re: Student Loan Payoffs Not Reporting Yet

All CRA's have now updated. Didn't get as much of a score increase as I was hoping for. The simulator said I would get +5 / +10 / +10 for paying down all but a small balance, but I only got +0 / +2 / +4 to my FICO 8. I did get a $2,500 CLI from Discover which was previously rejected with a note that my loan balances were high.

BK13 Filed: 4/19
BK Discharged: 10/22

Starting FICO 8 (10/22): 623 / 612 / 613
Current FICO 8: 691 / 675 / 685
Message 14 of 20
Thorin809
Established Member

Re: Student Loan Payoffs Not Reporting Yet


@hoosier64 wrote:

All CRA's have now updated. Didn't get as much of a score increase as I was hoping for. The simulator said I would get +5 / +10 / +10 for paying down all but a small balance, but I only got +0 / +2 / +4 to my FICO 8. I did get a $2,500 CLI from Discover which was previously rejected with a note that my loan balances were high.


What were your balances? I'm in a somewhat related situation, where my loans were sold and are now double reporting.  I'm wondering if I'll get any boost.

 

Active

Recurring Only

Sock drawer

Message 15 of 20
hoosier64
Valued Member

Re: Student Loan Payoffs Not Reporting Yet

Before making the large payment, I had four loans for around $76k total. Three of them had more than 90% utilization. I paid off three in full and the fourth one with the lowest interest rate down to 7% utilization.

BK13 Filed: 4/19
BK Discharged: 10/22

Starting FICO 8 (10/22): 623 / 612 / 613
Current FICO 8: 691 / 675 / 685
Message 16 of 20
CaneVariant
Established Member

Re: Student Loan Payoffs Not Reporting Yet

Same issues here. Loans with Ed Financial still reporting as open with balances. The bureaus have them all confused but they are all ~ 25 years old and reporting pays as agreed. I just got my 11bk discharged and the only positives on my reports are these and a few cards I closed because Cap1 doesn't let you product change. Thoughts on following others on this threads lead of reaching out to Ed to update? Cheers!
Starting Score: 575
Current Score: 597
Goal Score: 650


Take the myFICO Fitness Challenge
Message 17 of 20
Momof5
Frequent Contributor

Re: Student Loan Payoffs Not Reporting Yet

I applied for PSLF towards the end of last year.  That got my notes transferred to Mohela.  I noticed that there has been no update on the Nelnet tradelines since Nov 23.  I just disputed ALL of the accounts (they all showed balances).  I'll keep y'all updated on what happens.

Starting Score: 472
Current Score: EQ:703 TU: 729 EX:737
Goal Score: 750


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Message 18 of 20
Momof5
Frequent Contributor

Re: Student Loan Payoffs Not Reporting Yet

To those interested, on May 26, ALL of the nelnet accounts updated to $0 balance/closed on EQ but still show balance/open on TU. On EX, all but one has updated to $0 balance/closed/never late.

Starting Score: 472
Current Score: EQ:703 TU: 729 EX:737
Goal Score: 750


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Message 19 of 20
Adkins
Legendary Contributor

Re: Student Loan Payoffs Not Reporting Yet


@CaneVariant wrote:
Same issues here. Loans with Ed Financial still reporting as open with balances. The bureaus have them all confused but they are all ~ 25 years old and reporting pays as agreed. I just got my 11bk discharged and the only positives on my reports are these and a few cards I closed because Cap1 doesn't let you product change. Thoughts on following others on this threads lead of reaching out to Ed to update? Cheers!

If they are reporting positively, I would leave them alone, especially if they are your only positives. They will update, eventually. 


Last HP 08-07-2023



Message 20 of 20
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