Credit Tips: Student Loans Reported to Credit Agencies Twice

Posted On: March 1, 2005

CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!

Author: archive
Joined: 23 Jul 2004
Posts: 5007
Posted: Tue Jan 11, 2005 11:54 pm
Post subject: student loans

gerald
Date: 8/28/2000 10:42 am CDT

My student loans have been sold to Sallie Mae of Kansas
over three years ago, but the bank I got them through
has still reported them to credit agencies. So it looks like
I have twice the loans than I actually do. Can I force them
not to report or will they just fallof after five years?

CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!

Author: archive
Joined: 23 Jul 2004
Posts: 5007
Posted: Tue Jan 11, 2005 11:55 pm

Board Monitor - AD
Date: 8/28/2000 8:16 pm CDT

Dear Gerald,

No, you cannot force a creditor to not report an account if it is still active or open. If an account is no longer active, or was closed, then it will eventually be removed after seven years, this same rule should also apply to your situation, though you may want to double check with one of the credit bueaus on this.

Sincerely,
Alex Daskaloff
creditcardfreedom.com

CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!

Author: archive
Joined: 23 Jul 2004
Posts: 5007
Posted: Tue Jan 11, 2005 11:56 pm

Ira Stoller
Date: 8/29/2000 3:55 am CDT

The bank is merely reporting your credit history while they owned the loan. That will never change. If you look closely at the report you will see that it shows activity through 1997 or whenever the loan was sold to Sallie Mae. If the loan were sold again, you would see it reported three times. This is common, what with financial institutions selling loan portfolios back and forth to one another. Bottom line is that anyone looking at your credit report will know that they are looking at one loan, not many, and can reconstruct your payment history from day one to the present.

CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!

Posted in Uncategorized |