Student Loan Updated Status

[roxy72]

Hi All,

My student loans are set to update mid April.  So they no longer will be reporting any late payments to the 3 credit bureaus.  Will this help boost my credit scores?

[Anonymous]

It depends, do you have any other baddies in your profile? If you have other negatives you may not get an increase but if those late pays are the only negative marks your score jump will be significant.

[roxy72]

I only have 1 other baddie.

[RobertEG]

When you say that the loans will be "updating," and thus will no longer show lates, what specifically is meant?

Is the expected update an exclusion of delinquencies based on havng reach 7+ years since initial delinquency, or is the creditor reporting voluntary deletion of prior lates?

If credit report exclusion is involved, is the loan closed/paid, or does it remain unpaid and still have a current status of delinquency?

[beutiful5678]

Are these private or federal student loans?

[roxy72]

There are Federal student loans.   

[beutiful5678]

So, just to clarify, when you say that, "My student loans are set to update mid April," do you mean to say that your federal student loans are completing rehab and the default status will be removed?

[roxy72]

I was told that my loan status will no longer be reported as negative.  Clean payment record of three years.    I'll have to call them tomorrow to get more clarification 

[beutiful5678]

I guess my question wasn't clear: are your student loans in rehab - yes or no?

[roxy72]

No my loans are not in rehab.  I was told that they will no longer be reporting the late payments.