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Student Loan Payoffs Not Reporting Yet

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hoosier64
Valued Member

Student Loan Payoffs Not Reporting Yet

My student loans are held by Edfinancial. Edfinancial hasn't sent any updates to the credit bureaus since March. Anyone else having trouble with Edfinancial reporting current balances or paid off loans? When I previously made payments during the covid pause, they sent the update to the credit bureaus on the 8th and I'm still not seeing updated balances reporting from paying off my loans a month ago.

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

Starting FICO 8 (10/22): 623 / 612 / 613
Current FICO 8: 691 / 675 / 685
Message 1 of 16
15 REPLIES 15
James3
Contributor

Re: Student Loan Payoffs Not Reporting Yet

Have you tried filing a dispute with all three bureaus if the loan is paid off? 

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Message 2 of 16
hoosier64
Valued Member

Re: Student Loan Payoffs Not Reporting Yet

I don't want them to remove the tradelines. I'd rather wait another month or two before thinking about disputing the balances. But I would be more inclined to dispute the balance if this is a one off rather than Edfinancial just being slow in general with updates since loan interest and repayments are starting back up.

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

Starting FICO 8 (10/22): 623 / 612 / 613
Current FICO 8: 691 / 675 / 685
Message 3 of 16
James3
Contributor

Re: Student Loan Payoffs Not Reporting Yet

I had a similar issue with Nelnet. After 90 days of my report not updating I disputed the balance history shown. That was last week, so no news to share on the outcome. I saw in the news somewhere that the student loan handlers are overwhelmed with payments restarting next month.

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Message 4 of 16
Adkins
Legendary Contributor

Re: Student Loan Payoffs Not Reporting Yet

I also have edfinacial and I haven't had an update since March too. I've since paid off my last loan. I sent them email inquiring about a CRA update last week and they replied back with a generic reporting information but not when they would report. I'm very hesitant to dispute them as I don't want them removed from my CRAs. I'm just waiting, for now. 


Last HP 08-07-2023



Message 5 of 16
smallspender
New Visitor

Re: Student Loan Payoffs Not Reporting Yet

The same thing is happening with me. I fully paid off in October but the last reported payment was in March. I used Credit Sesame to check my score but Transunion, Equifax nor Experian has updated to show it as paid off

Message 6 of 16
TULO30
Contributor

Re: Student Loan Payoffs Not Reporting Yet

Any update? Has the correct balance been reported? How did it impact your credit score? 

Message 7 of 16
hoosier64
Valued Member

Re: Student Loan Payoffs Not Reporting Yet

@TULO30 My student loans still haven't been updated. I'm going to mail in disputes on Tuesday (waiting to see if it updates this billing cycle on the 8th).

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

Starting FICO 8 (10/22): 623 / 612 / 613
Current FICO 8: 691 / 675 / 685
Message 8 of 16
Adkins
Legendary Contributor

Re: Student Loan Payoffs Not Reporting Yet


@TULO30 wrote:

Any update? Has the correct balance been reported? How did it impact your credit score? 


No updates yet for me either. I've decided to wait until the new year. I'm very wary of filing a dispute, since the last time I did that with TU they completely removed the trade line. EQ and EX did update correctly though. 


Last HP 08-07-2023



Message 9 of 16
hoosier64
Valued Member

Re: Student Loan Payoffs Not Reporting Yet

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.

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

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