toshar Posted November 25, 2007 Report Share Posted November 25, 2007 Hi everyone, i'm new to the site, and you guys have already helped a bunch. i have pretty low FICO's (mid 500's). I have 2 student loans that went into default when I was in medical residency. My program sent the deferment requests late, which left me with a judgement that I have recently paid. TU continues to say that this account is being verified, although I know this is incorrect. I have followed the flowsheet and am ready to sue. i have a 2nd loan that I think is being illegally re-aged. I have sent the company listed in the CRA's several letters for request of validation of the account, and they keep saying they're not a collection agency, they refer to the law firm, who denies being the collector, and here i sit in a ping-pong game. If they are listed in the CRA, they are the collector right? Who do I sue? Getting frustrated!P.S. Good advice about Innovis guys!!!! Link to comment Share on other sites More sharing options...
CleverCynic Posted November 25, 2007 Report Share Posted November 25, 2007 Unfortunately this is a separate and distinct area of this website in which hardly anything learned here can be applied to student loans. In most cases the normal protections such as the FDCPA don't apply. Also, they are required by law to report the manner in which a loan is repaid or not paid. Usually they don't rely on tactics such as re-aging or playing with the amounts. The posted information is likely accurate, and if you can show that they've made a mistake, they should be pretty quick to fix any reporting errors that are genuine. You do NOT have a lot of recourse with school loan lenders. If you want to return to school or whatever your plan is, you'd have to rehab the loan so you can continue on and have them put back into deferrment. Link to comment Share on other sites More sharing options...
toshar Posted November 26, 2007 Author Report Share Posted November 26, 2007 I appreciate your input. good thing is that I'm all done with my education-finito!! The issue is that the mere $1500.00 loan was sold to a collection agency that has not abided by federal regulations, and my possible loophole to have it removed. I wouldn't mind paying the money if I was sure it would improve my credit. Just want to get to 700 FICO Link to comment Share on other sites More sharing options...
LynnInMN Posted November 26, 2007 Report Share Posted November 26, 2007 I appreciate your input. good thing is that I'm all done with my education-finito!! The issue is that the mere $1500.00 loan was sold to a collection agency that has not abided by federal regulations, and my possible loophole to have it removed. I wouldn't mind paying the money if I was sure it would improve my credit. Just want to get to 700 FICOWell for starters, student loans are NEVER sold to CA's...only assigned. The guarantor is the holder of the loan and they simply assign to account out to various CA's. Link to comment Share on other sites More sharing options...
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