Student Loan Rehab Credit Help

[Anonymous]

So my student loans rehabed in September. All the closed accounts were removed from Experian and All but 1 account for TranUnion and Equifax. How do I go about getting the 1 account removed from Transunion And Equifax? I know im supposed to wait 30-90 days but i feel as though it was forgotten about. Any help on this is appreciated

[Anonymous]

You probably want to wait a bit, maybe until November. Mine took a while to show up right. Just a few questions though:

1/ rehab means they were in default and you did the program to get them out of default. By doing so, did you pay them all off and now they are zero, you owe nothing? If so, they will stay on your credit reports for 7-10 years as positive trade lines. 

2/ if not, if you still owe money, then they will not be removed. The loans that were reporting on TU and EQ and EX will come back

3/ if the loans are older than 7 years, and they are paid off in rehab, then they will still show up on your report. The magic of loans older than 7 years that were in default and dropped off before those7 years, is that all the negatives will be gone forever. So those 180 day lates etc etc are gone gone gone. But not if you were late at any point in those last seven years. They will rightfully show up after rehab. 

 4/ if you do not owe a lot on those loans, then they are positive trade lines. Why do  you  want them removed?

5/ if you still owe money on those loans, then your servicer will be important. Note that FedLoan and Navient are quitting the student loan business and their loans will be transferred at some point. It's gonna be a huge mess, but that might be why there are delays in reporting(?)

6/ I'm assuming 3/ above that you had negatives you want removed because you have to realize that those rehabbed loans will not be removed, especially if they are in COVID forbearance or you are paying them back every month. If they are negatives like lates, and those lates are older than 7 years, you have a legit complaint. If not, you gotta live with those negatives until they fall off

7/ sometimes bureaus are not consistent in reporting. If you have a legit complaint, go ahead and file a dispute. It's free and they have 30-45 days to address it. 

TL; DR : student loan trade lines are not "removed" from your credit report unless they are paid off AND it's been 7-10 years since their balances were zero. Negatives like lates ARE removed if and only if they occurred more than 7 years ago and you've rehabbed those loans (often in this case your student loans "drop off" after this period, even tho you still owe on them; you'll know because your tax refund gets garnished). If those trade lines do somehow disappear and don't come back, consider yourself lucky, if they are legit. 

good luck

[Anonymous]

Sorry I didnt quite explain it well enough.  So in my credit report for Credit karma all the student loan accounts got swapped over to nelnet after rehab and it brough the accounts current which jumped my score like 90 points. But there is still one closed account for TransUnion and One for Equifax. For my Experian Score all the accounts were swapped over and brought current under Nelnet so there like no record of me ever having a closed student loan for my Experian Score but theres still 1 closed account for Equifax and Transunion. i want to know if there is a way to remove the closed account from the 2 bureuas since they all got removed from Experian.

[Anonymous]

@Anonymous Gotcha. In that case, it's so recent that I'd give it a month to fix. 

However, might I suggest a better credit scoring/ monitoring service? I use both myFICO and Experian premier. They give actual FICO 8 scores that banks use. It's unfortunate that credit karma and even banks will tell you your  Vantage scores which for the most part are not even used by credit issuers like credit cards and mortgages. Actually credit.com offers an Extra Credit product which is cheaper and might be better. In any event, you might consider a better monitoring product than karma. I use karma because things get updated super fast, but I supplement it with real monitoring services 

with that, I strongly urge you to go to the  annual credit reports site where you can get for free a current credit report for each bureau. They used to let you do it once a year for free, but I think until April (?) they are letting you do it EVERY WEEK. These are your actual bureau reports in every ugly detail. Go through them carefully. 

good luck!

[Anonymous]

Thanks so much ill give it some time and then ill start using myfico

[calyx]

^ You got a lot of good advice here.
Definitely keep copies of your consumer reports (the ones you get from Annual Credit Report).  I would also download copies of your file from studentaid.gov periodically (I do it annually - in case something does get weird).

Honestly, if there's nothing incorrect/inaccurate about the closed loans, there's no grounds for you to get them removed.   If they're the old collection accounts, they should come off (but yes, give them time - it took several months for my loans to straighten themselves out).

I use Experian for my FICO scoring - they and MyFico are both good services.   I use Credit Karma just for credit monitoring since they pick up changes pretty quickly, but usually pay them no mind otherwise.