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 Posted: Wed Nov 22, 2006 6:57 pm Subject: OK - rehab is over - what about credit report? |
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I rehabbed my student loans. My original lender was Sallie Mae, then it was the Iowa College Aid Commission who reported it as defaulted. I completed my rehab this summer. Sallie Mae has purchased my loan and I have made two payments on time. I pulled my credit report and the Iowa Student Loan default is off - as was promised. But, the original charge off from the first time Sallie Mae had the loan is still there. Darn!! Can I ask Sallie Mae to remove it as a charge off? On the credit report it is showing as Sallie Mae 3rd Pty LSC. I am bummed out! I thought the whole default thing would go away. I worked hard to get through rehab and have budgeted to make sure I make my payments on time.
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Josie
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Debtcc Points: 100
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| Posted: Thu Nov 23, 2006 9:14 pm Subject: |
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It is ironic that they bought it back; but since it constitutes two separate credit transactions, it is probably legal for them to report the first transaction as a chargeoff.
You might ask them, directly, to remove the original chargeoff since they are now being paid as agreed. But I would ask them in a nice way... if you come off as condescending, they might leave it on there just because they don't like your attitude.
Or you can try disputing indirectly throught the credit bureaus. Since their new tradeline is a different subcode, the person who validates that dispute might be in a totally different state than the division that has your account now. You might get lucky and they will just delete it.
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DebtCruncher
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Joined: 07 Nov 2006
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| Posted: Sun Dec 10, 2006 3:25 pm Subject: Charge offs |
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Charge offs are only a creditor's means of posting your loan as either sold or paid off. That's all. You did do very well. Don't be discouraged. My rehab was a long time coming & with my record I couldn't apply for alot of good jobs for at least 5 years. I agreed to make $20 a month payment with Sallie Mae which I did. Then, I sent them an 18 page typed letter elaborating on my recovery and the forseeable future & stated that it would be at least 2 years before I could even consider increasing my payments at all. I continued to make my $20 monthly payments and what do you know!?! Sallie Mae stopped dunning me and took it all completely off my credit report--they've obviously written it off.
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mzlizzy2006
Joined: 10 Oct 2006
Posts: 18
Debtcc Points: 464
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| Posted: Thu Feb 08, 2007 10:31 pm Subject: |
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mzlizzy2006 ... If Sallie Mae was holding your loan, you did not complete a rehab. You have to be in default to do a rehab. Sallie Mae also never writes anything off...the loans are guaranteed. They would have just filed a claim with your guarantor.
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SOAPLADY
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| Posted: Sun Feb 11, 2007 4:29 pm Subject: Sallie Mae Charge Off |
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Josie,
Don't worry anything about it - a charge off just means it has been sold, paid, or transferred. It is actually to your benefit. I thought the same thing when I defaulted and my loan(s)and they sold them but as it turns out, I had a beacon score on my credit report because of it and was able to by a brand new car. It was the only thing on my credit report. This is what 2 different dealerships who got me financed told me. O.K.?
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mzlizzy2006
Joined: 10 Oct 2006
Posts: 18
Debtcc Points: 464
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| Posted: Sun Feb 11, 2007 4:33 pm Subject: Rehab |
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Soaplady,
I did 9 months of rehab classes. However, it was long after (about 8 years) Sallie Mae charged off my loans. Just clarifying. Have a nice day!!!
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mzlizzy2006
Joined: 10 Oct 2006
Posts: 18
Debtcc Points: 464
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