Raihana Posted July 9, 2007 Report Share Posted July 9, 2007 Okay, here is the convoluted story:I am currently rehabilitating what appears as 2 student loans through Pioneer Credit Recovery (I thought I only had 1 loan but it has been a number of years) with the Creditor listed as United Student Aid Funds. I am in my 4th month of repayment.I just checked my CRs and found that the loans are listed several times on each report. In the past I have had mailings from several others on these loans and I am trying to figure out who should actually be listed on my credit reports! General Revenue Corp. sent collection letters but named no OCStudent Assistance Corporation sent 1-2 letters and named SLMA Servicing Corp as the lender/servicerSallie Mae sent a few lettersOn the Crs:Experian Has only Sallie Mae listed 1X for total amountEquifax has United Aid Student Funds listed 3X (should be 2 at most) for 1/2 amounts and Sallie Mae Listed 1X for total amountTransunion: has United Aid Student Funds listed 2X (each for approx 1/2 of total) and Sallie May listed 1X (for total amount owedThey all look like open accounts so it appears that I have more debt than I actually do. Who should be listed on my CRs? Would I be better off attempting to consolidate and is that even an option?Any guidance would be greatly appreciated! Link to comment Share on other sites More sharing options...
direred Posted July 9, 2007 Report Share Posted July 9, 2007 Do any of them have a current balance of zero? Link to comment Share on other sites More sharing options...
Raihana Posted July 9, 2007 Author Report Share Posted July 9, 2007 Do any of them have a current balance of zero?none of the United Aid Student Funds llistings have a 0 balance and Equifax has the total among the 3 listings for 150% for the totalOn Experian the Sallie Mae says Monthly Pmt $0, credit limit has the total amount with N/A on other stuff and a creditor's statement that the debt is being paid through insuranceOn Equifax it reflects a 0 balance and reflects transferred/sold/pd with a comment that Balance paid or being paid by insurance coon Transunion it reflects a 0 balance and reflects transferred/sold/pd with a comment that Balance paid or being paid by insurance coThere is also no date listed as to when it will age off as there are with other accounts. Link to comment Share on other sites More sharing options...
PolarBearnCO Posted July 10, 2007 Report Share Posted July 10, 2007 Ahh, GRC, USA Funds and Sallie Mae. Brings back memories. I rehabbed two years ago and had all those showing on my CRs. I remember Pioneer, also. I think they are a collector for US Dept of Ed. Maybe you remember "Direct Loans."Anyway, until you rehab, you will have lots of tradelines. You will have tradelines from the original creditor (Sallie Mae?), the guarantor (USA Funds?), and the collector, GRC.Once you have rehabbed after 9 to 11 payments, all but one set will fall off the CRs. I don't remember if the guarantor or OC remains. I think it's the OC. You will then also get a new tradeline, probably from SallieMae with the consolidated amount, with no history (new).It seems like Sallie Mae might have one extra listing with one of the CRAs. Personally, I wouldn't worry about it yet. The mess is going to trash your scores until you are done with rehab. Once rehab is done and everything else has fallen off, then I'd look at what's left. If you have an extra listing from Sallie Mae on one CR, DV it. You aren't going to benefit from DVing it right now with so many other negative tradelines. It might make it worse as things might be confusing for the parties responsible.The reason why the balance is 150% of what you originally owed is because the collector is charging 25% (?) fees plus really high interest. Once you have rehabbed, they'll refund part of the fees they charged and half (?) of the interest.You probably have two loans, even though you think it's one. You may have had a single semester you borrowed money, but if you got a partial subsidized and partial unsubsidized loan, then they are in fact two different loans. At least you aren't in my boat. I had 20 different loans... lol. When they defaulted, I had millions (pinky finger near lips) of tradelines. Link to comment Share on other sites More sharing options...
LynnInMN Posted July 10, 2007 Report Share Posted July 10, 2007 The reason why the balance is 150% of what you originally owed is because the collector is charging 25% (?) fees plus really high interest. Once you have rehabbed, they'll refund part of the fees they charged and half (?) of the interest.Only the DOE waives collection fees for rehab. USA is a FFELP lender so the costs will NOT be waived. The interest rate charged is not high. The rate you are charged is no different than if your loan was still current. And there is no refund of interest. The OP loan balance may seem high as the past due interest has more than likely been capitalized. Link to comment Share on other sites More sharing options...
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