Unable to do double TL dispute on SL
Date: Thu, 03/22/2007 - 12:49
"Notwithstanding paragraphs (4) and (6) (FOOTNOTE 1) of subsection (a) of section 605 of the Fair Credit Reporting Act (15 U.S.C. 1681c(a)(4), (a)(6)), a consumer reporting agency may make a report containing information received from the Secretary or a guaranty agency, eligible lender, or subsequent hold regarding the status of a borrower's defaulted account on a loan guaranteed under this part until -
(1) 7 years from the date on which the Secretary or the agency paid a claim to the holder on the guaranty;
(2) 7 years from the date the Secretary, guaranty agency,eligible lender, or subsequent holder first reported the account to the consumer reporting agency;"
End quote
I am I understanding this right? I have 2 tradelines showing on CRs. Old defaulted SL showing closed/transferred 3/05, and new rehabbd SL showing good pay history. I am unable to use the "double trade line" dispute method?
This has probably been posted hundreds of times, but I was unable to find in search.
I would request the department of education or guarantor to upda
I would request the department of education or guarantor to update their accounts and remove old one. That's about all I know about these type of loans.When Soaplady checks in she will be able to help you out.
Thank you butterfly.Like I said as soon as Soaplady puts in her
Thank you butterfly.Like I said as soon as Soaplady puts in her appearance for the day,she can come here. She also has a sticky at the top of this section of the board with a lot of info in it.
When you default on a student loan, there are two trade lines re
When you default on a student loan, there are two trade lines reported. The bank/servicer who defaults you and the guarantor who pays the claim. Both are legally required to report. In the case of a rehab, the guarantors tradeline will report positively but the original lender/servicer is under no obligation legally to remove their negative remarks.
thanks soaplady. I'm going to try a letter to the original lende
thanks soaplady. I'm going to try a letter to the original lender and hope for the best.
Butterfly, Soaplady is correct in her definition of the Fcra. C
Butterfly,
Soaplady is correct in her definition of the Fcra. Can you please check the account on your reports and tell me how the entire tl is reporting. If there is an error in the way it is reporting,you have a option of a credit bureau dispute.