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Student Loan and Fair Credit Reporting Act

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  • 03-30-2011, 02:40 AM
    stone4779
    Student Loan and Fair Credit Reporting Act
    My question involves collection proceedings in the State of: Texas

    OK so I had TWO student loans originally, both federally guaranteed, unfortunately.



    -Sally Mae-----$4000

    Current Status: "Pays As Agreed"

    Loan opened 11/2003

    Reported: 9/2007

    First Delinquency:

    Closed: 9/2007

    Comments: "Balance paid or being paid by insurance company"

    Description: Transfer/Sold/Paid



    -Sally Mae-----$2561

    ACCT Status: Pays As Agreed

    Loan opened 10/2004

    Reported: 11/2010

    Last Payment: 11/2004

    First Delinquency: 11/2004

    Comments: "Charged off account. Variable Adjustable Rate"



    Im guessing they sold the debt to these guys because now I have this:



    -National Student Loan---$5115

    Date Opened: N/A

    Date Reported: 11/2008

    Date Major First Delinquency: 11/2008

    Date First Delinquency: 02/2006

    Comments: "Collection Account"



    -National Student Loan---$3283

    Date Opened: N/A

    Date Reported: 11/2008

    Date Major First Delinquency: 12/2007

    Date First Delinquency: 02/2006

    Comments: "Collection Account"



    I had my loan reconsolidated and they check has been mailed, but I have also had these people from "Account Control Technologies" calling me and hounding me, although I dont see them anywhere on any of my credit reports.. Weird.



    Since it says "Collection Account" under the National Student Loan entries..doesnt that mean they went into collections as well?



    So now I am getting a Direct Loan through the William D. Ford Program. (2.47%..not bad :)



    So I now have only one shiny new student loan.



    Ummm so hows it work...? Sally Mae sold it to National Student Loan, they turned it over to a collection agency, and whoever has my loan now is going to pay off Account Control Technologies?



    WHAT I REALLY WANT TO KNOW IS:



    When does this stuff go off my credit? Dont the Sally Mae ones go off 7 years from the date of first delinquency?



    But what about the National Student Loan ones? Dont they go off at the same time as well? Since they are actually the same debt? I didnt sign anything with them they just sold the debt to NSS right?



    Basically, when does this bad stuff go away? I really would like to clear up my credit. Any help would be GREATLY apreciated!



    I hope the clock didnt start ticking again on any of this :( PLEASE tell me all this stuff goes away after 7 years from 11/2004 and these crooks didnt restart the clock by selling the debt or tranferring it or sending it to a CA :( :wallbang:



    THANKS!!!!
  • 03-31-2011, 08:32 PM
    Mr. Knowitall
    Re: Student Loan and Fair Credit Reporting Act
    Negative information is normally reported on your credit report for seven years from the date of most recent activity. In the case of a defaulted student loan that would normally be the date of default. Note that if they obtain a judgment against you, that's a different entry. If there was activity on the debt after it was sold to a new creditor, that's new activity in relation to that creditor. If you believe that the current owner of the debt has improperly "re-aged" the debt, object to the incorrect information with the credit reporting agencies.
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