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Is this reaging?


punkenhead
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Here is a listing from my Experian report from 7/31/2005.

SALLIE MAE 3RD PTY LSCF

Address:

1002 ARTHUR DR

LYNN HAVEN, FL 32444

Account Number:

414xxxxxx....

Status: Transferred/Claim filed with government.

Date Opened:

09/1994 Type:

Installment

Reported Since:

09/1994 Terms:

NA

Date of Status:

05/2003 Monthly Payment:

$0

Last Reported:

05/2003 Responsibility:

Individual

Credit Limit/Original Amount:

$2,572

High Balance:

NA

Recent Balance:

NA

Recent Payment:

NA

Creditor's statement: Account transferred to another lender.

Account History:

Claim filed with the government as of Apr 2003, Mar 2003

180 days as of Sep 2002 to Feb 2003, Nov 2001, Oct 2001

150 days as of Aug 2002, Aug 2001

120 days as of Jul 2002, Jul 2001, Dec 1998

90 days as of Jun 2002, Jul 2001, Jun 2000, Jun 1999, Nov 1998

The date of Nov 1998 is indicated as the date I became 90 days delinquent on the account, so I think this should be used to determine DOLA. However, here is the listing for the same acct from my report as of today:

SALLIE MAE 3RD PTY LSCF

Address:

1002 ARTHUR DR

LYNN HAVEN, FL 32444

No phone number available Account Number:

414xxxxxx....

Status:

Discharged through Bankruptcy Chapter 7/Transferred,closed.

Date Opened:

09/1994

Type:

Installment

Credit Limit:

$2,572

Date of Status:

10/2005 Terms:

NA High Balance:

$2,572

Reported Since:

09/1999 Monthly Payment:

$0 Recent Balance:

$0

Last Reported Date:

10/2005 Responsibility:

Individual Recent Payment:

$0

Your Statement:

NA

Creditor's Statement:

Account transferred to another lender.

Account History:

180 days as of Sep 2002 to Apr 2003, Oct 2001, Sep 2001

150 days as of Aug 2002, Aug 2001

120 days as of Jul 2002, Jul 2001

90 days as of Jun 2002, Jun 2001, Jun 2000

Debt included in Chapter 7 Bankruptcy on Oct 13, 2005

Two things stand out. One, it shows 90 days as of June 2000, not Nov 1998. Two, it shows that it has only been reported since September 1999, while the original report shows September 1994.

Has this account been reaged? Using the November 1998 date, should this account not have already dropped off my credit report? Any answers would be greatly appreciated.

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A company can only "reage" a tradeline if you have made at least 3 consecutive minimum payments under a workout plan; which returns the account to active, open status. Barring that, they cannot reage the account at all.

You should dispute this as obsolete and specify that the date of the first delinquency in which the account was never caught up was in 1998. Do this by mail so you have a paper trail.

Frankly it looks like the CRA is using the discharge date as the start of the 7 year clock which is a no-no.

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A company can only "reage" a tradeline if you have made at least 3 consecutive minimum payments under a workout plan; which returns the account to active, open status. Barring that, they cannot reage the account at all.

The only payments I made on the account came in 2003. I don't see that indicated on these listings, as they were made to a CA, not Sallie Mae. Does that change the DOLA at all, or should it still be based on the date of original delinquency for this particular listing?

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Is this a federally guaranteed student loan?

You might have a proven instance of re-aging and violation(s), EXCEPT that the Higher Education Act overrides the (Reporting Time Period of the) FCRA.

Was this loan discharged in bankruptcy? Or was it simply listed in BK papers along with other debt?

"...it shows only been reported since September 1999..."

Nope, it shows Date Open in 1994, just like the other TL. The "reported since" date is a format issue, but might be enough to get the TL removed if that is your goal.

"...payments...made to a CA...change the DOLA..."

No, payments made after default do NOT impact the DOFD, which begins the 7 year RTP (unless the status of the account itself is changed). But, once again, RTP doesn't apply to federally guaranteed student loans.

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  • 3 weeks later...
Is this a federally guaranteed student loan?

You might have a proven instance of re-aging and violation(s), EXCEPT that the Higher Education Act overrides the (Reporting Time Period of the) FCRA.

Was this loan discharged in bankruptcy? Or was it simply listed in BK papers along with other debt?

"...it shows only been reported since September 1999..."

Nope, it shows Date Open in 1994, just like the other TL. The "reported since" date is a format issue, but might be enough to get the TL removed if that is your goal.

"...payments...made to a CA...change the DOLA..."

No, payments made after default do NOT impact the DOFD, which begins the 7 year RTP (unless the status of the account itself is changed). But, once again, RTP doesn't apply to federally guaranteed student loans.

I don't know how your reply escaped me this long. I hope you are available to answer my followup questions. First, to answer your questions. Yes, these are federally guaranteed student loans. The student loan debts were included in my list of debts in my CH7 BK, and I never received anything showing that they were not discharged. In fact, all my CR listings for the student loans, without my having to do anything, were changed to indicate discharged in CH7 bankruptcy and were switched to a zero balance. I am not sure they are actually discharged, as I hear that is nearly impossible, AND because a collection agency representing the guarantor has threatened to have my tax refund offset, but that is a question for another thread.

My question is this: If federally guaranteed student loans are not subject to RTP, do they ever drop off a credit report? All my accounts show zero balance, but EX is reporting late payments on each SL and has each SL listed as derogatory, so I would be interested in having the accounts fall off EX at least. (TU and EQ have the accts all listed as current with a zero balance).

Any answer would be greatly appreciated.

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