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     | Tuesday, June 20, 2000 - 03:43 pm  In a previous thread 2 down "bulls**t", as of today I was able to contact and clear up all inaccuracys on my credit. Soon there will no longer be any late or bad dept marks or latepayments on any credit agencys reports except for student loans. So at this point on my credit report I will show 2 lates (one for each student loan account) on 3/99 and 2 on 10/98 and and 2 on 9/98. (one for each loan). Unfortunatly...the old ones were REALLLy late 120+ Besides that my actual report should now be clean. So any advice on how to handle those? I figure I have two options. There are two accounts, unfortunatly not paying my student loan each time dinged me twice each time =( I could: a) consolodate them through the loan center into one loan. Its my understanding this would pay off those 2 loans and open a new one. b) pay off the small one. Any clue as to which of these options would benefit me more if any? Thanks for all the help =)
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| | Tuesday, June 20, 2000 - 03:46 pm opps or C payoff both of them. WHich I would prefer not to pay off the large one since its low interest and a sizable amount. However it's my understanding that paying them off will do nothing to improve my credit score since it's those big lates that are hurting me so bad...
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| | Tuesday, June 20, 2000 - 05:09 pm I don't know much about student loans at all. They've been discussed here several times, and there's a link in the "Link ...." section. Try a Keyword Search for "student loan" for any pointers, and hopefully having all the other lates removed will help get your boat loan.
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| | Tuesday, June 20, 2000 - 06:10 pm naaah...doubt it..but I've waited a few years I can wait a few more. What will be interesting is to see if having these modifications help my score at all...it's miserable at like 550 on experians scale. Unless I go out and get charge cards I don't see it improving, revolving credit seems to be the key. Not car or house loans as my home loan did not affect my score one bit. Its the same as it was a year ago.
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| | Wednesday, June 21, 2000 - 05:40 am Please review the thread I started on another site regarding Student Loan Consol & Rehab http://board.creditnet.com/read.php3?num=1&id=6901&loc=0&thread=6901
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| | Sunday, June 25, 2000 - 04:00 pm Here is a story about student loans and fraud. Among other things, it raises questions about the whole rehab myth. In 1993 I got about two months behind on my student loans. So, I made two overpayments. Sallie Mae promptly credited a significant portion of the overpayments to principle instead of interest. As a result I showed up as 4 months behind. Well, apparently they sent out a final demand letter then and soon after submitted a default claim to the guarantor. The only problem is that the loans were supposed to be 180 days past due before the final demand letter is sent out. Whatever. I'll skip the confusing stuff and get right to it. Anyway, I was tricked into thinking my loan was defaulted at 2 months past due when a payment was sent back to me stating the loans were in default so it couldn't be accepted. The intensive cure that was to be performed involved only sending out another final demand letter, but no phone call telling me of the situation. Then my loans really did default. But I never knew anything about the improper submissions. Anyway, I entered into repayment and got the loans reconsolidated plus a 25% commission for the collection agency. (2700.00 or so). However, 1st they tried to charge me more like 50% and that amount showed up on the bills they mailed me. But, when I questioned them on it, they scaled down the fees. So, it was paid in full through reconsolidation. Later, I noticed I was being reported to the credit bureaus as being currently past due 120+ days but with a zero balance. So, knowing that was affecting my credit score, I disputed it with the bureaus and got a letter from the guarantor of the loan (Northwest Education Loan Association). The bureau wrote back and told me NELA verified I was in a Chapter 13 bankruptcy. It's true I had had one, but it was discharged prior to the alleged default and my loans weren't included in it anyway. So, anyway, later I noticed I was being reported to the credit bureaus as having open balances of 33% of the principle balances (3 trade lines) and in bankruptcy on the 4th line. So, with my home loan being held up (3 years after the reconsolidation), I got another letter stating my loans were paid off from NELA. Later I noticed I was still being reported as having outstanding balances, etc. I disputed it again via fax and began to write a series of letters citing laws, etc. Well, to make a long story short, after spending an hour and a half with the head of the legal dept at NELA the information still remained (now 6 trade lines) until about february of this year when 4 lines were deleted. Two remain showing zero balance but 120+ days currently past due (full circle). But, this was after filing a lawsuit, calls from my lawyers, and an investigation from the Dept of Education, Guarantor and Lender Oversight Division who defended them stating they had never misreported me. Indeed, NELA claimed they had never misreported me even though I had 2 letters stating the loans were paid in full 6/95--five years ago and have copies of credit reports from all three credit bureaus showing past due status, open balance, bankruptcy, etc. How can this be? NELA insists that I never paid all the collection fees. That of course is false. I paid the 25% provided for in the promissory note. Still, NELA apparently thinks they can charge an additional 33%. I know however that is illegal. It is fraudulant. So, I'm suing on three counts of fraud (the initial default, mailing excessive fees on invoices from the collection agency, and going after me for more illegal fees after the reconsolidation). Also, I'm suing for false credit reporting, defamation, misrepresentation, breach of contract, and interference with a business (I'm self employed), also RICO, and false and deceptive business practices (CPA). So, there. I just don't see how they can get out of it. Also, I'm going after Equifax for allowing the inconsistant information to remain (zero balance 120+ days past due). They are required to update my status per FCRA. There are actually more violations than I have time to go into here and more deceptions. Can anyone top that one?
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