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Student loan; late payment removal, without damaging my cred

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ST
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Subject: repair
 
Posted on Fri Jan 29, 2010 10:40 pm  

Can a forbearance be requested after the fact as a way of repairing a
period of late payment now that my loan has a history of 19 months of timely payments?
Justin

Justin

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28944 Magic Points

Subject: Credit Repair
 
Posted on Sat Jan 30, 2010 12:19 pm  

Hi ST,

Yes, forbearance can be requested if your credit history is good enough. But, forbearance always increases the interest, therefore the monthly payment goes up. However opting for forbearance is a much better option than defaulting on a payment, which can considerably hurt your credit score.
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Doc

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Posted on Sun Jan 31, 2010 11:40 pm  

A forbearance is based on financial hardship, and generally has nothing to do with your current credit rating.

The interest does continue to accrue, and there will possibly (perhaps likely) be a fee added to the note, however.
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Jimbo2010
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Posted on Wed Apr 07, 2010 9:36 pm  

I have a student loan with Citibank. It is a private loan. Do you think I can get some late payments removed from them? Has anyone else been able to get lates removed from Citibank?
Aaron

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48565 Magic Points

Subject: student loan payment
 
Posted on Thu Apr 08, 2010 10:06 am  

Hi Jimbo,

You need to talk about this with the Citibank itself. If you had been making on-time payments regularly, then they may consider your request to waive off late fees. However, it is advisable to let the bank know that you may be late in making the payments this time. Then they may consider your request more willingly.

Hope this helps.

Regards,

Aaron
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JoeBoy
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Subject: Forbearance
 
Posted on Fri Jul 16, 2010 8:52 pm  

I have a question if anyne can help me, I have 18 different federal student loans that I pay 1 payment to AES for. When I graduated I moved away from home and did not know my payments were due. I went 99 days past due but then after I contacted AES they did not deafault me, the gave me hardship forbearance that they said would not affect me. They had already reported a delinquency but sent it once, the problem is 18 loans sent once screwed my good credit!

Can't I get them to remove the marks if the loan was back dated for forbearance and all the late fees were removed? They said it was like starting fresh and it would not affect me. Help! PLEASE!
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Subject: forebearance
 
Posted on Sat Jul 17, 2010 9:17 am  

Hi JoeBoy,

I think you will have to talk to AES about this. If you have been making timely payments after that delinquency, you can also try the Goodwill letter process to remove the negatives from your credit report.

Thanks,

Aaron
sdchargers_63

sdchargers_63

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Posts: 1883



1916 Magic Points

Subject: credit
 
Posted on Mon Jul 19, 2010 2:29 am  

i have a student loan with AES, as well. Was really struggling with payments, for a while, etc. But,...to answer your question.YES....they CAN 'back date' Forbearances and 'clean up' the late payments. They will ALSO report to the CB's that you are in 'good standing' with your loan. I'm doing that, right now, in fact!! I think they're pretty good to work with.
JoeBoy
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Posted on Fri Jul 23, 2010 4:33 pm  

As it stands right now I am fighting with AES to get this removed from my credit report. They keep telling me that I wont be able to get them removed from my CR because the reporting was accurate. I have a few issues with this because 9 of my 18 loans are with AES and IMO if I make one payment that applies to 9 of the loans that I have with 1 company even if they did report something on my CR it should be one for each company that holds the loan. They told me that because the loans are seperate thats why they each got reported and I could literally have one by itself reported if I paid late. These are federal, not private so I believe they have the abliity but are fighting me.
Also, If my loans were delinquent and not default can they still report me? If they backdated my hardship forbearance that wiped away all late fees and penalties assocaited with my account, wouldnt that mean my account was never delinquent? Shouldnt they remove any reporting? I am looking for any help I can get to fight this.

Oh and I asked about the goodwill letter and they acted like I was speaking chinese to them. Does the goodill letter apply to federal loans or just private?
Aaron

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48565 Magic Points

 
Posted on Thu Jul 29, 2010 10:07 am  

Hi JoeBoy,

Quote:
Does the goodill letter apply to federal loans or just private?
Goodwill letters apply to both kinds of student loans.

Quote:
If my loans were delinquent and not default can they still report me?
Yes, they can. However, if you had been a regular on time payer, if you request the lender to consider your case before missing the payment, the delinquency may not get reported.

Quote:
If they backdated my hardship forbearance that wiped away all late fees and penalties assocaited with my account, wouldnt that mean my account was never delinquent?
Yes, the negative should get removed. You can talk to the lender about this. Else, you can dispute this with the credit bureaus.

Thanks,

Aaron
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JoeBoy
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Subject: Trying to clean it up
 
Posted on Wed Aug 04, 2010 4:24 pm  

This is all good information but here is some more that perhaps you guys can help me out with. My CR shows that I was 60 days past due and when I call in to AES they tell me 96 days and 99 days (not sure why they keep changing) but I plan to dispute the accuracy of the reporting, my question is that if I dispute the reporting and they find that they were suppose to report at say 90 days would they change the reporting to reflect that or would I have a chance to get the information removed from my CR due to inaccuracy? I don't want to back pedal if they fight me on this

Also would I be have a legit arguement if I said that I called in and requested the forbearance sooner than they are saying I did? They say they have records of all of my calls but when I asked for them they only sent me the recent ones that were after the reporting.
Aaron

Aaron

Joined: 08 Feb 2010
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Posts: 2632



48565 Magic Points

Subject: Trying to clean it up
 
Posted on Thu Aug 05, 2010 10:40 am  

Hi JoeBoy,

Quote:
My CR shows that I was 60 days past due and when I call in to AES they tell me 96 days and 99 days (not sure why they keep changing) but I plan to dispute the accuracy of the reporting
If AES are not reporting your account as 90 days late, what will you dispute. I mean your credit report is reflecting the 60 day late, and not the 90 day late as AES is reporting. So, you are not required to dispute anything. If and when AES updates the 90 days late, you can try disputing if you are sure about it.

Quote:
Also would I be have a legit arguement if I said that I called in and requested the forbearance sooner than they are saying I did?
If only you can show any proof of this, you can argue.

Thanks,

Aaron
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AliciaG
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Subject: Citibank Late Payment reports
 
Posted on Wed Oct 27, 2010 10:44 pm  

Citibank reported me late several times on my student loan although I made payments every month in good faith to them as I was experiencing some financial difficulty, they said they could not remove it as I did not make their minimum payment. Is it hopeless in getting Citibank to remove these late payments off my credit reports?
Frustrated Student Loan P
Guest






Subject: Student Loans
 
Posted on Mon Mar 21, 2011 12:22 am  

According to FICO, any negative or positive reporting to any of three major credit bureaus is optional and not mandatory. Most people are not aware of that. Therefore, if you challenge any company and in this case, Student Loans, they will remove it. You might just have to start writing letters and report them to the Better Business Bureau as well.
Kelly Lloyd
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Subject: paying off student loan
 
Posted on Fri Sep 16, 2011 9:40 pm  

Is it possable to remove intrest from a federal student loan if I can pay the remaining amount in full once intrest is removed.

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