When are they supposed to come off?????

[orgaknight 10]

In a nutshell:

1. Student loans in default in 1999-2003.

2. Consolidated loans in 2003, and paid off old loans.

3. Old defaulted loans on credit report showing defaulted, transferred to Government and paid.

When are they supposed to come off my credit report??? Is it seven years from date of delinquency/default, or is it seven years from when they were paid? I need a answer with citation if possible, so I can go to battle with Experian. It looks like TransUnion and Equifax are honoring the seven years from default, but not Experian, which also has inaccurate information concerning dates. Thanks to all who help.

[orgaknight 10]

Bump!

[orgaknight 10]

I just want to know, please?

1. When the clock starts ticking for defaulted student loans? Is it the first 30 days you are late, or is it 90 days, or is it when it is in default status, or is it when it is consolodated and paid as date of last activity?

2. Is the clock a 7 year clock from date of delinquency, or is it a 7 year clock from the date of consolodation?

I'm not even shure the credit bureaus or student loan people know. The FCRA only states that the loans can stay on indefinately until they are paid. It appears that they have to follow the seven year rule from date of delinquency? Is this so???? Anyone....

Buler.....

Buler?

[ctmgr 10]

Mine are scheduled to come off after 7 years from charge off

[PolarBearnCO 11]

You could have read some of the other posts to get your answer. Just a few messages down from the top is my thread, which answers your question.

http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=258037

The 7 years seems to start from the default date, assuming the one that answered me knows what she's talking about... and I think she does.

[orgaknight 10]

But you are wrong. She is not saying the date of default, she is saying:

"The reporting SOL is 7 years from the date the default claim was paid." which is to say, 7 years after the defaulted loan is PAID! This sucks, dude! I hope and believe she is wrong, because although it may stipulate that in the US Dept of Ed act, that rule does not govern the credit bureaus, the FCRA does. No where in the FCRA does it say that the 7 year clock starts after a defaulted loan is paid...or does it?

[PolarBearnCO 11]

But you are wrong. She is not saying the date of default, she is saying:

"The reporting SOL is 7 years from the date the default claim was paid." which is to say, 7 years after the defaulted loan is PAID! This sucks, dude! I hope and believe she is wrong, because although it may stipulate that in the US Dept of Ed act, that rule does not govern the credit bureaus, the FCRA does. No where in the FCRA does it say that the 7 year clock starts after a defaulted loan is paid...or does it?

Umm, I'm pretty sure student loans are guaranteed. In other words, a guarantor pays the student loan off to the people that gave you the money as soon as you default. So, default date is the same as date default is paid... within month or two. I'm not 100% sure, but from the stuff I see in my credit reports and stuff I read, I think this is correct.

[LynnInMN 334]

Your actual default date and claim paid date can be different. You are deemed in default at 270 days of non payment. The claim can be presented from day 271 on...however if due diligence was not met or something is irregular, the claim can be refused until the problem is corrected. Sometimes an account is sent out to be "cured" during this time period, which can be as long as 45 days.

[direred 11]

Yes, but....

Per the FCRA, it's 7 years (or 7 + 180) from date of first delinquency, not either the default date or the claim paid date.

EX doesn't list the DOFD on the credit reports; you'd have to actually call them to get it. No, it's not fair and accurate reporting, but for some reason congress hasn't seen fit to haul them into a senate hearing about it.

[PolarBearnCO 11]

What is DOFD?

[GreatGadsby 21]

date of first delinquency - read the stickies!

[LynnInMN 334]

Date of first deliqency does not apply to federal loans. I believe the rules are in the Higher Education Act. Student loans are a special case.

[orgaknight 10]

The Education Act does not regulate the credit bureaus, the FCRA does! The Credit Bureaus need to be held to what is in the FCRA and should not be referring to any other act that does not regulate them...Right?

[orgaknight 10]

We need definative citation of case rule here, if there is any, because this is a grey area. I believe the DOFD should hold, if the loan is paid. People should not be punished an additional seven years after they pay a debt, because they are already punished from the first day a negative is posted on their credit report. This punishment is the opportunity cost caused by negative credit.

[LynnInMN 334]

We need definative citation of case rule here, if there is any, because this is a grey area. I believe the DOFD should hold, if the loan is paid. People should not be punished an additional seven years after they pay a debt, because they are already punished from the first day a negative is posted on their credit report. This punishment is the opportunity cost caused by negative credit.

Google is a wonderful thing...try it sometime!!

THE FAIR CREDIT REPORTING ACT

§ 605. Requirements relating to information contained in consumer reports [15 U.S.C. §1681c]

(4) Accounts placed for collection or charged to profit and loss which antedate the report by more than seven years.(2 footnote)

2 Footnote

2 The reporting periods have been lengthened for certain adverse information pertaining to U.S. Government insured or guaranteed student loans, or pertaining to national direct student loans. See sections 430A(f) and

463©(3) of the Higher Education Act of 1965, 20 U.S.C. 1080a(f) and 20 U.S.C. 1087cc©(3), respectively.

Notwithstanding paragraphs (4) and (6) (FOOTNOTE 1) of subsection (a) of section 605 of the Fair Credit Reporting Act (15 U.S.C. 1681c(a)(4), (a)(6)), a consumer reporting agency may make a report containing information received from the Secretary or a guaranty agency, eligible lender, or subsequent holder regarding the status of a borrower's defaulted account on a loan guaranteed under this part until -

(1) 7 years from the date on which the Secretary or the agency

paid a claim to the holder on the guaranty;

(2) 7 years from the date the Secretary, guaranty agency,

eligible lender, or subsequent holder first reported the account

to the consumer reporting agency; or

(3) in the case of a borrower who reenters repayment after

defaulting on a loan and subsequently goes into default on such

loan, 7 years from the date the loan entered default such

subsequent time.

[orgaknight 10]

That answers the question. I looked at the act when I googled the FCRA and could not find that information, by the way. I must have looked at the wrong version. Thanks.

[orgaknight 10]

The important thing is that it IS NOT 7 Years after it is paid off by the student!

[orgaknight 10]

Interesting development in the screwed up old defaulted paid student loan saga. They are all gone from Equifax. The Nelnets are gone from TransUnion but the OSFA listings still show, but have changed in status to current and paid so I will leave them alone, since they are now positive entries on my report.

Unfortunately, this leaves Experian, which dropped all but one of my Nelnet listings, which I hope just means that one is off by a month or two (they should all be the same). Experian has also kept the OSFA listings and they remain in the default status. All I can do is wait it out, as the last time I tried to challenge the listings, just made it worse and I don't want these listings to suddenly reappear on my other bureau reports. I am just frustrated because I can't buy a house or car at a decent rate until this is cleared up.

Why can't these credit bureaus get it together and get it right???