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Student loan; late payment removal, without damaging my cred

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SeanChuck



Joined: 13 Dec 2008
SeanChuck's page
Posts: 22



1236 Magic Points

Subject: Student loan; late payment removal, without damaging my cred
 
Posted on Sat Dec 13, 2008 8:27 am  

Hello,
I have been visiting this site for a month or so, and I have found the information invaluable! I was hoping to get some advise pertaining to my particular situation...
My dilemma is as follows:

I have a student loan with quite a bit of late payment history on it! My "Account History" can be read as seven months late at 90+ days, or literally;
150 days as of Nov 05, Oct 05, Jun 04
120 days as of Sep 05, May 04
90 days as of Aug 05, Apr 04
Although following this history; I paid on time every month for two years! (From Jan 06 to Jan 0Cool... My account is now considered Paid,Closed/Current.

I want to attempt to have the late payments removed through a letter requesting a "goodwill adjustment"
Yet, I do not want this account completely removed from my report! I fear having it completely removed from my report would seriously hurt my "credit history length" since this is basically the only account on my report!
I plan on opening a new student loan in the near future, and would like it to be with the same creditor. I wondered if that and the fact that I payed as agreed for two years straight, would have any baring on their decision to accept my plea for help.

Basically I just want to know if any of this is even possible? I also read somewhere that; "Negotiation Letters Will NOT work on Student Loans because student loan creditors are required by law to report accurate information to credit agencies, and the record will remain on your credit report for 7 years." If this is true, then I may have got my hopes up for nothing!

If anyone can offer an answer or advise, it would be extremely appreciated!
Thank you for your time,
Sean C.
Mary

Mary

Joined: 06 Jul 2006
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Posts: 684



17424 Magic Points

 
Posted on Sat Dec 13, 2008 11:07 am  

As far as I know, if you have already made the full payment of the outstanding debts, you cannot get the negative listings removed from your credit report.If it is a Federal Student's loan then this late mark will stay in your report for seven years and six months from the date you made the first missed payment towards the debt and there is no way of removing the late mark. But if it was not a Federal Student's loan, then the late mark could have been removed from your report, if you had made a pay for deletion agreement before you paid off the outstanding debt.
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Doc

Doc

Joined: 02 Dec 2008
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Posts: 178
Location: McKinney, TX


1271 Magic Points

Subject: Hi Sean...
 
Posted on Sat Dec 13, 2008 12:51 pm  

There are a number of possible avenues, but first...

Truly accurate, complete, timely information *technically* should not come off of your credit report.

That said, I can tell you from experience, the overwhelming majority of derogatory information on consumer credit files is SOMEHOW inaccurate or incomplete...

Try a dispute, specific to the most recent late payment. If it gets removed, repeat for the next in line... YES, this could be time consuming, but, it works... Also, though, many student loans are easily brought to a current/paid/never late status on the very first try...
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Justin

Justin

Joined: 17 Jul 2006
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Posts: 1238



28944 Magic Points

 
Posted on Mon Dec 15, 2008 4:57 am  

If there is any late payments on your student's loan, then this late mark will stay in your credit report for seven years and six months from the date of your missed payment as Mary said even if you pay back all the outstanding debt. The collection agencies have the right to keep the negative listing in your credit report for this period of time, but if you find that this seven year time frame has expired, and still the late mark has not been removed from your credit report, you can dispute the listing with the bureaus and get them removed from your report.
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fireyone



Joined: 26 Feb 2008
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Posts: 4246



123 Magic Points

 
Posted on Tue Dec 16, 2008 2:41 pm  

I also would try to dispute the information. with whom did you make the student loan payments to? Is there a possible way of getting them to update the account to show the correct information. I too would not want to ruin my lenghty history. If all else try the dispute process. Hopefully this works. If not come back and we can see what other options are out there for you
sdchargers_63

sdchargers_63

Joined: 13 Aug 2007
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Posts: 1883



1916 Magic Points

Subject: student loan
 
Posted on Wed Dec 17, 2008 3:28 am  

Well.......here's my 'delimma' too. I have a late payment which is 30 days late. Gosh.......it's getting a BIT tight trying to keep up with everything. I don't know if I can 'change' the payments, on this Student Loan, or not. My loan is through AES. Any advice?
anthony

anthony

Joined: 31 Jul 2006
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Posts: 516



13604 Magic Points

 
Posted on Wed Dec 17, 2008 8:44 am  

Hi SeanChuck
If you have taken a federal student's loan then the late payments cannot be removed from your credit report and it will stay there for seven years and six months from the date of your last missed payment. The late payments on Federal student's loan is a violation of the terms of the promissory note and so it will effect your credit score. Re-aging your credit account to remove the late mark is not possible in case of Federal Student's loan.
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A positive attitude is not achieved by turning a blind eye to the negative, but rather by responding to every situation in the most positive way possible.
goodnatured



Joined: 03 Nov 2007
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Posts: 3931



450 Magic Points

 
Posted on Wed Dec 17, 2008 10:39 am  

I know everyone here is pretty much saying no, but i would send a letter to the lender of the student loan that reported the negatives and explain your situation. They may do something in your favor since you have paid it off. Worth a shot, all they can say is no.
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fireyone



Joined: 26 Feb 2008
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Posts: 4246



123 Magic Points

 
Posted on Wed Dec 17, 2008 11:06 am  

Sean chuck, You may still be able to get your student loans. Sometimes the creditors are more interested in your most recent paymant history. You have paid faithfull for two years now and that does say something on your behalf. When sitting down to apply for the new student loans I would explain that maybe you hit a rough spot there. When we went for a loan and had one bad mark that was a couple years old they still granted us the loan and it was through our local bank. Do you have other bills that show you have paid on time?
sdchargers_63

sdchargers_63

Joined: 13 Aug 2007
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Posts: 1883



1916 Magic Points

Subject: credit
 
Posted on Thu Dec 18, 2008 3:36 am  

ANTHONY is right. I have a student loan through AES (Federal loan..) I AM 45 days late with a payment. However.........they don't report the late payment, on my CR, until it is 60 days late. I called them today and they put me on a Hardship Forbearance ( for a few months) until I can get alittle financially stable.
sdchargers_63

sdchargers_63

Joined: 13 Aug 2007
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Posts: 1883



1916 Magic Points

Subject: loan
 
Posted on Thu Dec 18, 2008 3:38 am  

...ALSO wanted to add if I DID go 60 days late, the ;negative; listing would be on there for 7 years. AES would NOT beable to remove it.
fireyone



Joined: 26 Feb 2008
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Posts: 4246



123 Magic Points

 
Posted on Fri Dec 19, 2008 3:45 pm  

At leat it gives the person a little time to get the loans caught up. SD you hit here on another topic that may be of some help to others on the forum having trouble with student loans that may have recently been fallen back on. You mentioned the "hardship forbearance" program. How does this type of program work and are there rules to it?
SeanChuck



Joined: 13 Dec 2008
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Posts: 22



1236 Magic Points

Subject: Thanks for the help!
 
Posted on Sat Dec 20, 2008 6:56 am  

I really appreciate all the responses.....

A few more facts:
It was a Federal Student Loan - The ceditor was SallieMae - The information(late payments) on my credit report are more than likely accurate - I am not concerned about qualifying for another student loan; "Federal" Student Loans are not dependent on credit history, as far as I understand.....

Once again, thanks for the help!
I am assuming that I probably can not "repair" my credit history. Instead my only option may be to build/add new "positive" credit history/information to increase my credit score...

PS: Forbearance programs do go a long way...
"The borrower's loan holder can grant forbearance in intervals of up to 12 months at a time and for up to 3 years." There are many types of forbearances. The best source of information may be the lenders website, if available. Also, when making payments, do so using some sort of auto debit program. This will often eliminate having to pay any intrest on the loan. This information is particularly refering to "Federal" student loans, but may also be true for "Private" student loans as well.
sdchargers_63

sdchargers_63

Joined: 13 Aug 2007
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Posts: 1883



1916 Magic Points

Subject: loans
 
Posted on Sat Dec 20, 2008 2:00 pm  

FIREYONE...on a 'Hardship Forbearance' you have ( I think?) 500 days to pay NOTHING, on the loan. Also...for example, I was almost 2 months behind in payments, on my Student Loan. I 'qualified' for the 'Hardship Forbearance' because I haven't used ALL of the 500 ( or so..) days that you can use on a loan. THIS way, I brought my laon up-to-date and don't have to make a payment. However..........the % does continue to accure on the student loan..........you can make % ONLY payments, during this time, if you choose. You can 'slit up' the Forbearance instead of using for a long period of time. THIS way, you can save your 'days'. I can't remember EXACTLY how many days you can use...I know it's ALOT!! Might wanna ask the loan lender this. During the 'Hardship' the loan will not go into 'default', either. The loan lender, I use is AES.......it's a Federal Loan. Hope this helps someone.
fireyone



Joined: 26 Feb 2008
fireyone's page
Posts: 4246



123 Magic Points

 
Posted on Sun Dec 28, 2008 10:06 pm  

It is good that they can give this kind of break to people in need of just a little time. SOmetimes after schooling it takesa little while to find a job in a specific field. I did learn something here I did not know that Federal loans did not take your credit history into consideration. This could have some down sides though.. A person could really rack up some past due debt and if they are federal loans they will attach your federal tax return to collect them later. I guess this is their insurance policy fopr those who may not pay.

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