Question on Student Loan Negatives

[flak88mm]

Hi All,

Its been a while since I've been in here but I want to know if a lender puts negative entries in your credit reports and do not notify you that they did that within 30 days, can you send them a letter stating to remove them since they have violated your consumer rights under FCRA Section (a)(7)((i)?

[Bigwoodystyl]

I am not a lawyer

It is my understanding that, while, yes, they do have to notify you at least within 30 days of you being reported, they can notify you at any time prior to you being reported (like when you first opened the account they can tell you that if you pay late you may be reported to a CRA, etc.)

Further, they only have to notify you once and it is good for all subsequent updates they may send to a CRA. The FCRA allows for this notice to be coordinated both with Reg-Z (TILA) disclosures when you first open the account or coordinated and combined with any other notice they may send you, including billing statements. [Note: if you requested paperless statements, you may have waived your right to receive this notice by mail.]

If I were you, I might start by reading through all the new account disclosures, as well as the generic "rights and responsibilties as a borrower" in addition to all of the account statements and other mailings.

Or, you could write them a letter asking for clarification...

Hi All,

.....can you send them a letter stating to remove them since they have violated your consumer rights under FCRA Section 623 (a)(7)((i)?

Of course you can! You can do whatever you want. Whether you have a leg to stand on is another question entirely. Writing letters rarely hurts, especially if the loan is now current. Every once in a while, they will throw their institutional hands up and say, "whatever".... On that note, goodwill might be a better approach.

Just my $0.02...