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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 16
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 16
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 16
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 16
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

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Sock drawer

Message 15 of 16
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 16
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