Skiboy3150 Posted June 3, 2005 Report Share Posted June 3, 2005 First I would like to say this is the 3rd posting of this question. I posted it in "student loans" and "debt validation Q&A"...I'm assuming nobody on those boards had the answer (hopefully I'm not just being impatient). Thought I would give it a try here.- I Finished college in 1995 and HAVE NOT ever paid on student loans. - I HAVE NOT paid on credit cards since 1998 (that part I think I understand) Now I would like credit again. 1) I've read that the reporting period (for negative information) of 7 years begins at the DOLA and have also read it begins when the loan goes into default. How does this pertain to student loans that have deferment and forbearance periods? 2) Also ALL of my student loans say they have been placed for collection or have been transferred or sold in 99, 00, 02 & 04. Some even say I'm 90 days past due in 05! They just keep transferring them around and creating new account #'s!!! How do I find out the original date (either default or DOLA) of the loans to get them off my report? As per FDCPA regulations regarding reporting of negative information. I've got 15 (that's Fifteen, I just counted!) inquiries from "sallie may" and "sm servicing" ALL with different account #'s. I think they are all the same loan they just keep moving it around and "re-aging" the debt! Someone please give me some help! I'ts overwhelming and I don't know where to start!!Any help is greatly appreciated Link to comment Share on other sites More sharing options...
impudence Posted June 3, 2005 Report Share Posted June 3, 2005 Got some bad news for you. You have to pay your student loans. No ifs ands or buts about it. Those student loans will never ever ever ever ever go away until you die. They can sell those loans a million times, it wont matter. There is no re-aging of student loans because they do not age. You will not get credit (or at least not get credit worth having) until you get the student loans out of default. There is no statute of limitations on student loans, eventually Sallie Mae will sue you and your paychecks will be garnished. So let me sum up, student loans never go away, you can only get rid of them by paying or dieing. If you get the student loans current and keep them current, in 7 years you will be able to get the derogatory info off your credit report. No sooner. Link to comment Share on other sites More sharing options...
Skiboy3150 Posted June 3, 2005 Author Report Share Posted June 3, 2005 Got some bad news for you. You have to pay your student loans. No ifs ands or buts about it. Those student loans will never ever ever ever ever go away until you die. Thanks for your input but I think you missed the point. I never asked whether or not student loans have an sol or can be discharged. I am well aware of the fact that student loans must be paid. The question was reguarding FDCPA reporting requirments for negative information. § 605. Requirements relating to information contained in consumer reports [15 U.S.C. § 1681c](a) Information excluded from consumer reports. Except as authorized under subsection ( of this section, no consumer reporting agency may make any consumer report containing any of the following items of information:(1) Cases under title 11 [united States Code] or under the Bankruptcy Act that, from the date of entry of the order for relief or the date of adjudication, as the case may be, antedate the report by more than 10 years. (2) Civil suits, civil judgments, and records of arrest that from date of entry, antedate the report by more than seven years or until the governing statute of limitations has expired, whichever is the longer period. (3) Paid tax liens which, from date of payment, antedate the report by more than seven years. (4) Accounts placed for collection or charged to profit and loss which antedate the report by more than seven years.(1) (5) Any other adverse item of information, other than records of convictions of crimes which antedates the report by more than seven years.1 c) Running of reporting period. (1) In general. The 7-year period referred to in paragraphs (4) and (6) ** of subsection (a) shall begin, with respect to any delinquent account that is placed for collection (internally or by referral to a third party, whichever is earlier), charged to profit and loss, or subjected to any similar action, upon the expiration of the 180-day period beginning on the date of the commencement of the delinquency which immediately preceded the collection activity, charge to profit and loss, or similar action. (2) Effective date. Paragraph (1) shall apply only to items of information added to the file of a consumer on or after the date that is 455 days after the date of enactment of the Consumer Credit Reporting Reform Act of 1996. Anyone else ?? Link to comment Share on other sites More sharing options...
Guest Posted June 3, 2005 Report Share Posted June 3, 2005 You might have to really dig to get copies of your loan papers.even if you still owe them.. the reporting period is 7 years plus 180 days.These should not be on your report at all and should be gone by now.However if I were you... I would find out where ALL the student loans are... consolidate them into one loan ((AND PAY IT!!!!))but you MIGHT have to really fight them on the re-aging thing. and yes they are reaging Link to comment Share on other sites More sharing options...
impudence Posted June 4, 2005 Report Share Posted June 4, 2005 Sorry for trying to help you understand. You seem to live in a fantasy world where you think this is going away. Your student loan related bad credit is not going to be removed until you pay. I hate people like you. The majority of people on this board are honest hardworking people who have gotten into credit trouble and are trying repair their credit. You dont deserve more credit. Pay what you have first and then worry about getting credit. Link to comment Share on other sites More sharing options...
Skiboy3150 Posted June 4, 2005 Author Report Share Posted June 4, 2005 I hate people like you. The majority of people on this board are honest hardworking people who have gotten into credit trouble and are trying repair their credit. You dont deserve more credit. Pay what you have first and then worry about getting credit Your going to make one helluva judge someday! You don't know the first thing about me! Your mad at the world not me! Link to comment Share on other sites More sharing options...
reno2360 Posted June 4, 2005 Report Share Posted June 4, 2005 It's been established clearly that student loans don't go away. I think the poster understands that and wants to take care of it. So..... I just want to clarify one more thing. There is no judgement needed in order for your wages to be garnished. You will recieve a notice eventually unless you contact them and make payment arrangements. The only way to get out of it is to either quit your job, which is stupid, or make arrangements to voluntarily pay the amount they would be garnishing which is 15% of your paycheck. It think that goes for each state as it is a federal law that covers the garnishment amount, not 100% sure. One step at at time, contact them and see if you can make payment arrangements you can live with. Also it seems that if you never paid and graduated in 1995 any way you look at it the seven year reporting period is long gone. Link to comment Share on other sites More sharing options...
Skiboy3150 Posted June 5, 2005 Author Report Share Posted June 5, 2005 Reno & Sky warner, Thank you very much for your honest and helpful insight! When you don't have a job, a wage garnishment is not much of current threat. And the new trend to determine my likelehood of an auto accident and my worthiness of a job based on that credit report, it seems a logical thing to try and clean it up as best as I can.Impudence, Sorry for insulting you. your comments were directed at some stereotype that you pigeonholed me into. As enjoyable as it is to continue this banter, It does not make either of us better people. Check out this 'seminar' called Landmark Education, it's an inquisition into what it is to be human And it will change your life! check out a free introduction they do them once a month.http://www.landmarkeducation.com/ Good Luck to You Link to comment Share on other sites More sharing options...
DBMCC Posted June 7, 2005 Report Share Posted June 7, 2005 Try the Dept of Education for consolidation Link to comment Share on other sites More sharing options...
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