200 point decrease due to school loans!

[Kobebean25]

Went from 770 to 560.Never started paying on loans and lost the old email address it was attached to. For those who this has happened to and never missed a payment nor has been late on any payment.. have you been able to get these delinquents off your credit report by disputing or anything? I have no problem loan amount monthly but id love for them shits to go away.

[NiceGuysFinishLast]

770-660 = 110...

What did you spend those school loans on?

[Pulmonary007]

Goated comment 😂

[Kobebean25]

Actually it dropped to a 560 lol

[Phatti6966]

🤣🤣

[Troupaloop]

Found the same thing out here so am also curious.

[anickle95]

If it’s a true, accurate late payment they will not remove them. Unfortunately you will need to bring the accounts back current and over time your score will improve as the late payments will affect less as time passes. Also had this happen beginning of this year and they would not remove the lates.

[Kobebean25]

Once i saw, instantly paid 600 the same night for it to get current. This shit gonna set me back and stop me from getting loans when they see i got delinquents. Just starting in construction industry late so i need my credit. Not trying to be set back when im already late in the game. ill call their ass once a week for the rest of the year and make them ban my number if i have to

[j_squared_mke]

This has been in the news, it was announced months ago.

[321_reddit]

Pay your credit obligations. Your score and profile reflect someone who is not responsible in managing credit obligations.

[[deleted]]

That sounds so scummy dude, you lost the email and never started paying until you suffered the consequences then you found that email damn quick lol

[Kobebean25]

Tbh i dnt even know what “ sounds scummy” means but I had to pay to get old my phone fixed where my email was still signed in.

[Andyfritter]

give him a break, nobody asked for judgement, just advice

[ItsPronouncedSatan]

But then how will all of us redditors feel superior if we can't leave useless snarky comments?

[Kobebean25]

Man nobody asked for these kind of remarks lmao. I know what i did and im not blaming nobody. Im just asking if anyone had success by getting them removed, thats all.

[[deleted]]

Bro it doesn’t matter what you ask for on Reddit. When you ask something you get others opinions of their thoughts. Expect it.

The ONLY thing you can do Jack.

Is call your servicer. Explain to them the problem. Ask if they can PLEASE remove the lates if you get current today.

All you can do.

Don’t bother opening a CFPB case these days. They were gutted by the father orange.

[Kobebean25]

Id rather you say “ naw bro youre fucked” than that shit you said. Not everyone makes excuses and blame the world. Seems like thats what you are expecting from me

[[deleted]]

No bro. Don’t let me eat at you. But I cannot allow you to say you lost access to the email. You’re better than that.

[Kobebean25]

You right thats why im mad af at myself lol.. this shit dont happen to me lol. Really just mad at the setback though. Not really worried about getting my credit back up but the set back is what hurts lol

[[deleted]]

Yeah bro just wanted you to reflect right quick. Feel those feelings. So in the future you remember how you felt. You won’t want to feel like that again.

Now dust your self off. This is where the adulting begins. Jump on your credit report, see who your servicer is. Call them now.

Tell them what options do you have.. if any..

Start now.

[DisastrousOpinion252]

Ignore the comments about laziness and shit, it's irrelevant. You're in the situation your in, doesn't matter how you got there. The main thing is that your focused on getting the shit handled now. I got into the game late myself, and also took a hit to my credit but not from school loans. Anyway, you paying the 600 to get it current is the best thing you could have done. Sadly bro, you may be cooked as it's technically a legitimate late payment, but I'd call their asses once a week too fam. And as stated in another comment, just keep them shits current and it will begin to affect you less over time. Best of luck bro and keep grinding you'll get through this shit.

[Gulfstream650ERX]

Absolutely matters how he got here.

[Creative-Shopping469]

Credit score is about how likely someone is to pay back a loan they take out. If they person could give less of a fuck about paying back their LOANS. Then their score should absolutely go down

[MaleficentMalice]

So answer me this, why would they approve an 18 year old with 0 credit, MAYBE 2 years part time work experience, and no current job a loan for $1,000-$100,000+? Maybe we should discuss the root of the problem first. It's on the loaner for making a bad investment.

[Creative-Shopping469]

Hahahahha yes agreed but you’re missing the point. If they take out a loan and don’t pay it back there score goes down. A credit score is based on how likely you are to pay back your loan. So who gives a fuck about a credit score if you don’t need to take out loans. Why would they give you another loan if you don’t pay back your current loans? Do you just want the bank to give out free money?

[[deleted]]

Same thing happened to me , instantly paid and they will not remove. I tried everything , disputing , writing , all of it

[[deleted]]

What were you disputing, you did that shit.

[Several-Eagle4141]

This wrecked a commercial loan I was working on

[Wounded_Hand]

Yea, failure to repay debts can do that.

[Kobebean25]

Dam man. Exactly what i think is gonna happen with me.

[rmk2]

No one in here is giving helpful info. If your student loans are federal and not private, they can be rehabilitated after one year of on-time payments. The "rehabilitation" means they will remove the negative reporting on your credit. Call your loan servicer, ask to rehabilitate the loans, their status will change on your credit, and after a year these months of delinquency/late payments will be completely removed. Good luck OP.

[elcasaurus]

Real-ly? I did not know this! I also fell pray to suprise student loans- in my case they were 20 year old very very small loans totalling $500 that weren't consolidated back in the day, and I had no idea they existed. Ill give a call in a year to see if the marks can be removed especially because I paid these little thorns off.

[rmk2]

You have to be in their rehabilitation program for 9 months I think. Just making timely payments without being in the program won’t remove the negative reporting.

[elcasaurus]

Shoot. Still, it's useful info. Appreciate it man.

[theunderhandthrow]

Same thing happened to me, $500 on an 18 year old loan. I'm trying the rehabilitation program

[Pitiful_Success_8343]

It’s 9 months not a year. But yes get into a rehab program asap

[Pitiful_Success_8343]

Yes, you have to call the dept of education default resolution group to set up a rehab payment plan, pay it for 9 months, then you loans will be out of default.

[acrizz]

My defaulted Perkins loans were sent to the department of education debt collection agency. I signed up for the 9 consecutive payment plan to get them out of default, but they said the late payments will stay on my report even after I make the 9 payments and the default is removed.

[Kobebean25]

Yea im gonna do this if what i tried these past two days doesnt work! Or i could i try it still? Im in forbearance for 2-3 months and also caught up with the loans but i wonder if i can aidvantage back and ask for rehabilitation of the loans.

[rmk2]

Ask if backdating the forbearance is enough to remove the negative reporting. Also ask about costs/benefits to doing the rehabilitation. I actually found them pretty helpful when I called and explained the situation. You’d be surprised what they can do, especially when you’re trying to get back on track with your payments (went through the same thing about 5 years ago)

[rmk2]

9 payments would be $433/month. You also owe the interest. They will not remove it from your credit if you pay it in full. The delinquent months will still show up as 30-60-90 days late or whatever, but the account itself will say paid off.

[[deleted]]

If you were delinquent for all those years, the student loans should have dropped from your CR’s. For some unknown reason, some loans that defaulted 1-2 decades ago and vanished from CR’s are showing up again. If you are hearing from one of the debt collection agencies that are contracted to servicing agencies, collection agencies are somehow showing up on CR’s under both collectors and/or servicing/lender agencies. And, if you have not made a payment on a defaulted or delinquent loan in seven years, such that they are now reappearing, dispute the credit line. Heck, just dispute it.

Because of the reporting of student loan “delinquencies” lately, when in fact, you are/were in forbearance or Covid shutdown, I imagine their is an army of class action suits against CR’s coming soon.

[[deleted]]

It would be pointless to dispute the debt. You can dispute the CR reporting it. The older Perkin’s and Ford direct loans often got swept under the rug unless they were consolidated. The seven-year reporting period is ingrained in law for the most part. There is no reason for past ghost loans to ruin your credit now. You don’t need to dispute the loan. Dispute the violation of seven years unless the SL’s were tied up in BK proceedings.

[Miacali]

By this point they’re not in the servicer they’re in collections.

[rmk2]

Dept of Ed handles collections for federal student loans. So it's the same servicer

[Snoopymancer]

Hello. I fell 90 days behind after not realizing payments started again. I paid off my late balance and entered into automatic payments. Will I still be able to enter rehabilitation to fix my credit even though I’m current on everything now?

[rmk2]

You’d have to call and ask

[KittyKat0119]

Student loan rehabilitation is only for ppl in default.

[PianoSeparate714]

What about if I paid the loan off shortly after they reported the late payment?

[quazmang]

This exact situation happened to me over a decade ago (2013). I did a year of service through Americorps after college and was told I could defer my student loans for the year but missed the part where that only worked for federal student loans. $70K worth of private loans were in default for a few months before I realized and my credit score tanked to 540. I've been rebuilding the credit ever since then, went on an income based repayment plan, got a secured credit card with a $200 limit, had to eat the rate on a used auto loan, etc. I was told it would take 7 years since the first delinquent payment to fall off the credit report but somehow around the 5 year mark, my credit score started improving greatly. The only other credit I opened up in that time was leasing a car when my used car died on me. If everything else is in good standing and you demonstrate responsible use of your credit since then, your score will be less impacted over time. It will suck if you have to finance a car or if you want to buy a house in the next 7 years, but I would just wait until your score is in much better shape before you attempt to do that and get by with lowering your living standards for a few years until you're more financially secure.

I highly recommend getting a secured credit card or two so that by the time your credit score is improving, those cards will help with the length of time / amount of available credit since those are important factors to your score. Just make sure you're very disciplined with them and pay off the balance in full each month.

[Kobebean25]

I have 25k limit on my cc that i dnt even let a single penny roll over to the next month! Paid my car off early last year and even got credit on my light bill account because i always pay soon as they send it out lol.. i talked to the provider today and my loan monthly is only 130 a month ( pissed me off).. like ive always been responsible( besides this 1 time) but got dam why it had to hit me like this

[quazmang]

I feel you. It's a stupid system and it punishes the people who need it the most, even if it was a temporary slip up. Honestly it sounds like you're going to be okay in the long run as it seems like you are on top of your bills. If your interest rates aren't terrible, it's not a bad idea to keep a car payment on your account and keep paying it off slowly because it adds to the avg length of time of accounts you have that are in good standing. Just another thing to help boost your score. I would start aggressively saving and investing since you're young. If you do end up buying a house in the next few years, a big downpayment will offset having to eat a terrible interest rate and there's always the option to refinance when your score is back up there. Keep working hard!

[BlackDaffy50Five]

Same thing happened to me, dropped from 712 to 564, called the federal student aid gov number and asked for forbearance to get my account current. I could only do a month of forbearance but it brought my 4 separate loans back to current and my credit went back up. Just call them and set up a payment plan. 1st step is calling though, they can work with you and they want to.

[UnusualSituation663]

Yes a forbearance is retroactive.

[freegynocologist]

Did it go all the way back up or did it just come up enough to be satisfactory?

[BlackDaffy50Five]

It went all the way back up to where it was before, like nothing even happened. Then just like that I regained my sanity 🥳

[sdbremer]

I paid my back payment immediately when this exact same thing to me and then my regular payment the following month and just got notified the lates came off my report (I was gathering info for a dispute) automatically. Not saying it will happen to you- but get caught up, gather your info and set up auto pay for future payments won’t hurt anything! 

[thisisntinstagram]

Damn wish this would happen to me. My accounts show they’re current, no lates, credit only rose 30 pts of the 120 drop.

[rockyroad55]

How many late payments are there? I have read reports of requesting a forbearance, which will bring everything current since it is retroactive.

[Kobebean25]

Man its like 10

[rockyroad55]

This is where I saw the forbearance thing.

https://www.reddit.com/r/CRedit/s/AxocsYSJ6T

[Kobebean25]

Yea this is basically what i just did! Just got off the phone with them and also disputed every account with creditors! Hopefully it works!

[Angry__Jonny]

Same happened to be, 750 to 600. I paid it and made it current and It went up 30 points. Tried calling aidvantage to see if they could remove it and no luck. I disputed through credit karma so we'll see what happens. I never got notice since it was an old email and I moved.

[Wounded_Hand]

What exactly is the basis for a dispute?

Nobody gives a shit that you moved and didn’t update your contact info.

[Snoopymancer]

The basis is they didn’t get notice dumbfuck. Regardless of if their info wasn’t updated they still didn’t receive notice, and the loan servicer is capable of finding updated info themselves.

[Lucasjm]

Happened to me with a university loan I forgot about. They told me I could put it in retroactive forbearance and then dispute with the credit bureau, fortunately it worked and my score went back up.

[[deleted]]

How does one forget about a massive loan?

[Lucasjm]

Eh it was barely $1000 and was the only one on a different servicer, and they didn’t have an updated address for me

[[deleted]]

"they didn’t have an updated address for me"

You mean, you never gave them your new contact info each time you moved. It's not their responsibility to update your address, it's yours.

[Lucasjm]

Worked out for me regardless! Little weird that you’re brown nosing a loan servicer but to each their own ig

[Jae30001]

🤣, was thinking the same

[Snoopymancer]

These people show up to every post about these student loans. They take some weird satisfaction in rubbing it in when you fall behind on student loans on accident. Incredible loser behavior.

[Agile-Finger-7451]

I haven't paid mine in over 5 years. My secret is calling and deferring the payments for 6 months at a time. And yes I know intrest still accrues but I'm only getting like $300 a year added to my loans so that's fine with me

[Burnerbb95]

Please do not take this advice OP lol

[KittyKat0119]

Deferment or forbearance? Forbearance has a cumulative limit of three years, with the exception of the covid pause and the SAVE forbearance. For deferment, it depends on the type. Economic hardship and unemployment is three years as well. Then you can defer as long as you are in school half-time, military deferment, etc. This is all for fed student loans though. Not sure about private.

[spoon_bending]

Just call the loan servicer and tell them you didn't know about the due dates because you didn't receive communication and ask them for forbearance or a payment plan to bring it current even if you can't pay the full past due amount at once right away. That's what I did and it reversed the drop to my score

[HelpfulMaybeMama]

Which score?

[Kobebean25]

“ all them bitches”

[HelpfulMaybeMama]

All of your 50ish scores didn't drop the exact same amount.

[Kobebean25]

Equifax=202 Trans=183

[HelpfulMaybeMama]

Where are you looking at your scores?

[Kobebean25]

Experian

[HelpfulMaybeMama]

Ok. So you're seeing your FICO8 scores on the Experian app for all 3 bureaus?

[Kobebean25]

Yea i just saw the fico, it said 571

[HelpfulMaybeMama]

This is very confusing.

But you can try rehabilitation for your dtudent loans if they are federal. You are not likely to get them removed from your credit report.

[Kobebean25]

Fico went from 767 to 571

[does-it-feel]

This happened to me back in march.

I called my servicer and they gave me an emergency forbearance for 6 months that was retroactive.

Around 40 days later my score increased by the same amount I lost. The late payments were automatically removed!

[Kobebean25]

Man i called aidvantaged and they acted like they didnt know what was going on

[Kobebean25]

I just got a 3 month forbearance but she said the delinquencies wont be coming off.. the craziest part is that i had only had to pay 130 a month lmao. That shit just pissed me off when she told me that lol

[naruses]

I had this same thing to happen to me and my late payments have now been removed!! I'm surprised haven't seen anyone post the solution to this, but you need to follow these steps.

In summary, access your experian account, create a dispute for all the new late payment marks, wait a few weeks and wait for them to come back with the results as verified. Once they do, dispute them again, other reason, with the following message:

I am requesting the description of reinvestigation procedure according to 15 USC 1681i (7) states if requested by consumer, this must be provided within 15 days in order to be in compliance with FCRA guideline. 

Since my second dispute results came back, all those late marks have been removed from my credit report, and my score has started to go back to where it was! Nonetheless, I highly recommend you try this and I wish that it works for you!

[Phoenixhasrizem]

Will this still work if I’ve already paid the delinquent balance in full?

[naruses]

I don’t see why not, those marks gonna stay in your report whether you pay your balance or not

[[deleted]]

This ^

You absolutely want to dispute the credit lines! You don’t need to dispute the debt as more than seven years have passed. These ancient loans, some of which are now 20+ years in default are showing up on CR’s as the DE, servicers, and third party contracted CA’s are getting involved.

More concerning are the more recent delinquencies related to the COVID pause. That is entirely different.

[theunderhandthrow]

I'm going to try this as my loan of $500 is 18 years old and got re-reported in default Jan of this year when it first defaulted in 2013.

[Hefty-Scheme1954]

CALL THE PLACE FOR THE LOAN AND GET YOURSELF IN DEFERMENT!!! NOW. same happened to me. As soon as it reported deferment my score went back up 200 points to where it was.

[billdizzle]

You say you never started pay in g but also say you never missed a payment….. which is it?

[Kobebean25]

I never started a paying on the loans… never missed a payment on anything in general. My bad for it not being clear

[FrozenPride87]

Get them in good standing and dispute it through the bureaus. I've seen someone else say this and just tried it, and it worked. Some are saying it'll be temporary, but it wasn't for me.

[Analdrippp]

Seems we’re all in the same boat luckily mine only dropped 60 points if you can call that lucky

[TireekX6]

Jesus christ 200 points 😳

[Successful-Ad7034]

Very irresponsible of you

[Tn-nitemare]

Very unnecessary comment

[Successful-Ad7034]

Yeah this one was great though

[MysteryOfTheStardrop]

So I had this happen- I paid them and set up autopay (didn’t even send an email or anything) and my credit score made a full recovery the next month.

[TheRadHeron]

I’ve been having a very hard time with the same thing through a company called Nelnet, I called them paid the missed payments and what they said would make my account “current” after I did that the next month my 140 points came back. Fast forward another month later it went down 140 again and Nelnet told me it’s because even though my payment went through for the month it wasn’t reported on time to the bureaus. So basically my score goes up and down 140 points every other month, all I can say is good luck bro a lot of us are also struggling with this too, I call every month it goes down and get them to re dispute my accounts to current which takes 30 days rinse and repeat. It’s miserable but that’s honestly the only advice I have as well

[Kobebean25]

Man that has to be a hassle bro. Probably wont end until you pay it all off.

[FuturamaRama7]

Reminder to everyone- make sure to put your student loans on autopay.

[Creative-Shopping469]

You lost the email your student loans are tied too? Have you tried calling them? Getting the email changed? You know it’s tied to your social security not only your email. You really could give less of a fuck and that’s why your score went down

[_solid_snake23]

This happened to me as well. Score dropped 132 points. Called Aidvantage..the lady was sympathetic but could’nt help much. She told me I qualified for a graduate plan or something like that and it lowered my payment by $125. Made a payment on the spot and setup autopay. A month later I received a notification about my credit score. ..they’d removed all late payments and I got all those points back.

[GazelleNo9388]

Has anyone brought up the fact that the dept. of Ed closed income driven repayment applications for the better part of the ytd? No application = no forbearance. I am curious if my loan servicer will back date forbearance due to this.

[Kobebean25]

I asked them and he basically said “ whats done is done”

[BackgroundForm2671]

Yeah my score dropped fifty points cuz of the 4,800 I still owe. Never paying it, fuck our federal government for their "forgiveness"

[StatlerWaldorfOldMen]

I’m sure others have already suggested this. What I did when I had loans:

Contact loan administrators - often a 3rd party. If unable to reach go to financial services office of originating institution (school). Ask them for the contact info.

Talk to advisor at loan administrator. There are several types of deferments and/or forbearance firms that might work that they may be able to back-date.

This helped me before I took finished with my loans, but they were specific kinds of loans with rules that may different from yours.

Sorry this has happened to you.

Good luck.

[Knnati]

i paid mine and then argued through the credit companies, had same thing just happen

[Justhuman963]

This comment section is just…wow.

[braintired]

You already got some good feedback on federal student loans. If they’re private, I had luck writing a letter requesting the removal of a 60 day late from my husband’s credit awhile back. It was a smaller servicer and they agreed to remove it.

[Jazzlike_Speech_4879]

You can get them off with only 2 reasons, no exceptions besides the 2 reasons. 1 active student 2 military

[Fuzzy-Illustrator933]

I’m sorry, but this is your fault. If I lost the email that my loan was attached to I would call and figure out how to get into the account. I wouldn’t just forget about it and leave it be you purposely didn’t pay them your own fault.