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Steudent Loans Showing up over 12 times


lakehouse
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Hi, I have a current Sallie Mae Loan that was consolidated awhile back. It has a new account number. In addition to this loan, there are 12 other entries for Sallie Mae. Some were are marked "paid" and others are marked "transfered or sold." They are all Sallie Mae. I don't understand why they are showing up so many times. All of them except for the current consolidated Sallie Mae Loan have $0 balances. I am trying to apply for a mortgage loan and my credit score came back with a low rating and the bank told me it was because I had too many student loans. I only have one. I have called Sallie Mae and they told me there was nothing they can do about this. I disputed it via written letters to all 3 credit bureas and they say there is nothing they can do about it. Is this true? Is there anything I can do to get these removed? Some of these loans had some late payment history on them which I why I think they are still there, but 12 times? Shouldn't just the one show up with all the negative history? Help!

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I have the same deal with VSAC reporting 6 times. Well, actually 8, but 6 are closed and paid with a zero balance. My understanding is, each entry was an actual loan that I took out (for each semester that I was in school.) Anyways, it sucks (trust me, I know), but that's the way it is. You will just have to deal with them.

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That seems to be all that I hear about student loans. They seem to be exempt from accurate reporting and really don't seem to care. I've had an issue with an old paid off student loan that is being reported a dozen different ways and very little of it accurate. It did go into default before it was paid off, and I think it says that somewhere, it also says it was never late, late a dozen times, was a chargeoff, is a chargeoff, has been assigned to an attorney, and a few other conflicting things. What I'm hearing is that the DOE reports to the CRA and the CRA's all interpret differently. How one says ok, was a collection, and another says seriously past due and assigned to an attorney is a bit of spread in interpretation. Just like one shows absolutely no lates and another shows 12 90+ days lates is a mystery as well. There is no reasoning or logic in the way a student loan reports once it defaults.

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It really sounds like it is reporting correctly. Your original loans you consolidated are marked paid with zero balances and will continue to report for 7 years from the date they were paid off. 12 tradelines equals 12 loan dispursements. This is standard. Your banker obviously doesnt know much about student loan reporting.

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  • 4 weeks later...

1. my Direct Loans w/ the DOE first rpted in 4/04 from a loan opened in 12/99...this acct was transfered to collections and rpted 4 x's. Besides the acct is still well within being on my rpt for 7 year period...I'm attempting to REHAB

2. i consolidated a Sallie Mae Loan (blindly) in 9/05 that the DOE has...shows on my rpt also...

3. my USA svcing co (sallie mae) has inconsistent rpting dates with Sallie Mae who took it over.

some of my student loan collections on EXP don't show status details on when they should drop???

Geez

:evil:

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They way it worked for me was that my school did the financial planning quarterly. Due to the way the school did this, there was a new loan every semister. I have 12 Sallie Mae accounts as well. As long as they are noted "Paid as Agreed" or similar there's nothing to worry about.

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*Status: Paid,Closed/Past due 180 days.

*Collection as of Feb 2007 to Sep 2007, Jun 2004 to Dec 2006 rpt'd 04

*Open/Past due 180 days. $94 past due as of Sep

*Collection account. $3,468 past due as of Sep 2007.

*Status: Collection account.

*Status: Open/Past due 180 days. $94 past due as of Sep 2007

i think i'm gonna waste my time at the beginning of dec around xmas and go ahead and Dispute the collections...i expect the CRA to do NOTHING, but we will see xmas time is a jolly time...LOL:rolleyes:

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