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 Posted: Wed Jun 27, 2007 9:12 pm Subject: Co-sign Student Loans for Sallie Mae |
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About six years ago I made the mistake of being a co-signer for a student loan. Since that time the principle person has defaulted and the loan is a charge off. Is there anyway that I can get this off of my credit report?
I don't know where the person, I helped out, lives or how to get in touch with him. Perhaps I can do some digging and apply pressure.
Please advise
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tastyt
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| Posted: Thu Jun 28, 2007 1:09 pm Subject: |
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Unfortunately, I don't think you will be able to remove the negative remark from your credit until the loan is paid. Sallie Mae will either contact you or the main applicant to recover the loan balance.
Since you said the loan is from six years, I believe it's going to fall from your credit in the next year as per the FCRA laws.
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orake
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| Posted: Thu Jun 28, 2007 1:11 pm Subject: |
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Orake is right, the only way to correct it on your credit report is when it is paid off or being paid on. Unfortunately that is a risk people take when they co-sign for a loan for somebody else. I'm sorry to hear this happened to you.
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WHEREAMI
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| Posted: Thu Jun 28, 2007 3:52 pm Subject: |
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Do you know when they defualted on the loan? The time period for it dropping off your report would start after their last payment. If the loan was taken out six years ago, but they just defualted 1 year ago, you would still have it on your report for the next 6 years.
If you don't know the date of default, you should find out. That may affect how you want to go about handling this. If it is set to drop off soon, it may be best to wait it out. If it's going to be a long time, you may have to try to get in touch with the person and try to collect, or pay it off yourself which would suck, but clear up the credit report.
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goudah2424
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| Posted: Fri Jul 13, 2007 11:02 am Subject: |
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FCRA rules for student loans are way different than those of normal consumer debt. I will assume this is a private loan since federal ones do not require a cosigner. The SOL for credit reporting will run for 7 years from the date of default. The date that the loan was borrowed has nothing to do with reporting.
Also, Sallie Mae will file a judgement against you and the borrower. Do what you can to find the borrower quickly or you are going to end up paying thru the nose for this debt.
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SOAPLADY
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| Posted: Wed Mar 19, 2008 7:46 am Subject: esPTdpJIuVZi |
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Nice site!
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Nikolet
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