Here is what I am running into. I have a student loan that unfortunately defaulted in 2008/2009. The loan was serviced by Nelnet and has since been transferred to Florida Department of Education. Recently, after joining this site, I reached out to Nelnet about wanting to reinstate with them so that I could turnarund the negative credit reporting. I also included in the email that I wanted to fully honor what I signed for with the student loan.
Nelnet has continued to report the loan as 120+ days past due.
This is the response I got from Nelnet:
Thank you for contacting Nelnet. Your loan was transferred to the guarantor Office of Student Financial Assistance. Please contact the guarantor at 850-410-5200 "
The guarantor, Florida Department of Education, has been reporting it as a charge off. I spoke with someone at the FL Doe and they outright told me to dispute my credit report.
With all this being said. Given the email I have, and have printed, from Nelnet. Should this be sufficient to have Nelnet's reporting removed from my credit report?
I was thinking this. The thing that has me concerned is that Nelnet continues to report it 120+ past due. I thought they were supposed to report it as paid/charged.
If a student loan is transferred to a guarantor due to default, the negative credit reporting from the original servicer is to remain on your credit report for seven to ten years. The reason for this is that the loan was not "paid in full" with the original servicer, it was transferred due to non payment, and therefore is valid reporting as delinquent payments.