Information on student loans on credit report - The Bills.com Blog

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Information on student loans on credit report

Question: I have a student loan charge-off account that is about to fall off this June! However, there is a collection account that also reports on my credit report. When the original account falls off, will the other account fall off too?

Answer: Generally speaking, student loans will fall off your credit report seven years after the date of default. Both the original account listing and the collection listing shouldreflect the same date of default, since the two listings are actually reporting information on the same debt. Therefore, you should expect to see both accounts reporting the same payment history to all three major credit bureaus (Experian, Equifax, and TransUnion). You should review your credit reports to verify that the date of last payment and date of default appearing on the two listings are the same on all three reports. You can obtain a free copy of your credit report from each credit bureau once every twelve months by visiting www.annualcreditreport.com. You can also purchase a copy of your credit report directly from the credit bureaus anytime if you would like to review your report more often. Assuming that the dates of default appearing on the original listing and the collection listing

are the same, both listings should fall off your credit report at the same time.

You should be aware that this student loan falling off your credit report will not make the debt go away; the Department of Education can continue its collection efforts on any federally insured loan until the loan is paid off. You may want to consider rehabilitating your loan, which should allow you to resume payments on the loan and have the default removed from your credit report. The Department of Education may also offer other options to help you repay your loan at a rate you can afford; I encourage you to contact the Department of Education?s collections office to discuss the repayment options available to you. For additional information on how to deal with a defaulted student loan, I encourage you to visit the DoE?s website at www.ed.gov

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If you fail to resolve your student loan obligations, the DoE may begin garnishing your wages, levying your bank accounts, or attaching other property. If you cannot afford to make payments, or do not wish to do so, you may want to consult with an attorney in your area to discuss the risks associated with this unpaid student loan to help you determine if rehabilitating the loan is something that you should consider.

To learn more about student loans, I invite you to visit the Bills.com Student Loan Information page at http://www.bills.com/student-loans/.

I wish you the best of luck in resolving this obligation, and hope that the information I have provided helps you Find. Learn. Save.

Best,
Bill
www.bills.com

Also, make sure to get a free financial health check-up with Bills IQ!

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Bill has answered all sorts of questions and has been able to provide those in need of financial guidance with helpful and valuable advice and information on their specific financial area of interest. If you need specific guidance on any of the above mentioned financial areas, feel free to Ask Bill your financial questions and get better informed. Also, make sure to get a free financial health check-up with Bills IQ!

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