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WILL a Student Loan Reconsolidate remove Lates


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If you reconsolidate a student loan, can NEW holders report lates from previous holder of account? Can they use previous info to validate a dispute? I am thinking that my history with NEW holder is new and then I put it in deferrment. They now have inserted PAYMENTS DEFERRED UNTIL June 2009, but still report lates from previous holder. Can I get the lates removed?

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When I went back to school I deferred my loans, then when I finished I consolidated everything at 3.25% with a different company. When I checked my CR in Feb they reported me as being 90 days late (I wasn't) But the interesting thing is I had one payment for 5 different loans, so it is 5 negatives on my CR. I about flipped when I saw it.

I'm in the process of trying to get it off now. My new Student Loan company is actually pretty easy to work with. When I called their Cust Serv, they didn't tell me too much, just to dispute it with the CRA, then they would investigate. I would like to know what kind of records these companies (those that buy and service student loans) keep.

j

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If you reconsolidate a student loan, can NEW holders report lates from previous holder of account? Can they use previous info to validate a dispute? I am thinking that my history with NEW holder is new and then I put it in deferrment. They now have inserted PAYMENTS DEFERRED UNTIL June 2009, but still report lates from previous holder. Can I get the lates removed?

How can the new lender report a late from a previous lender? The new lender will generate a new tradeline with new history. Your history in a tradeline is for that lender only. They won't gather up all previous histories and consolidate them. Understand two things...

1. The previous tradeline with the lated will not go away. The lates will stay unless they are a mistake, but the tradeline will remain and will show "closed" and/or "paid."

2. You ABSOLUTELY MUST (!!!) continue making payments with your current lender as scheduled until the consolidation is complete. The consolidation may take up to 3 months. I'm guessing that's what went on with Mountaindude, ... guessing.

The only student loan tradelines that seem to be able to be removed completely prior to expiration are collection TLs that are rehabilitated then consolidated.

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