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     | Tuesday, January 18, 2000 - 07:43 am  The credit correction and rebuilding continues. I am now down to my last item(s). Ok, people I need some help on this one. I need clarification on The Higher Education Act of 1965 affecting how student loan data is reported to consumer reporting agencies. The amendment states, "if the borrower of a student loan ... who has defaulted on the loan makes 12 on-time, consecutive, monthly payments owed on the loan . . .the loan shall be considered rehabilitated." The law also states that the institution holding the rehabilitated loan can then "request" a consumer reporting agency to delete the default from consumer's file. I am 3 months away from rehabilitation and would like clarification on removal of defaulted loans after rehabilitation has taken place. (1) Will my defaulted loan which is currently being reported to the credit bureaus by 2 servicing agencies; TGSL and UNIPAC be deleted from the credit bureau files by TGSL. (2) Upon rehabilitation of my loan will TGSL as well as UNIPAC be required to delete default data from my consumer files. If so, will the request to delete default data pertain to past payment data reported by Unipac Service Corporation or only to the final disposition of the defaulted loan with TGSL the current holder of the loan. Any answers, suggestions or comments you may have in dealing with the above agencies will be most appreciated. Thanks in advance for all your help. P.S. My credit was a mess just six months ago, if I can correct and rebuild you can too....keep the faith.
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| | Tuesday, January 18, 2000 - 08:17 am For info on defaulting on student loans, try this link: http://www.ed.gov/offices/OPE/DCS/
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| | Wednesday, January 19, 2000 - 04:40 am Tamara: Here is a quote from this page on the Associated Credit Bureaus web site: http://acb.cyberserv.com/qs/qspage.cfm?PageID=90 “Regardless, I agree with Senator Bryan’s concern about preserving the integrity of the consumer reporting system,” stated Stuart Pratt, ACB’s vice president of Government Relations. “We should continue to oppose the deletion of accurate historical information, except as provided by the Fair Credit Reporting Act. Ultimately, our members’ databases should not be used merely as leverage in attempting to collect debts.” Your case is important. Please keep us informed.
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| | Wednesday, January 19, 2000 - 08:48 am I just finished my last payment in December in the rehabilitation process. I finished this process about 2 months ago on another set of student loans. I just had my credit pulled last week and I have not noticed were they have made any correction regaurding the accounts that are already rehabilitated. If anyone knows how to get them to follow through please let me know. Thanks
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