They go by the date you last defaulted (30 days late)

Posted by Marc (68.215.49.104) on May 27, 2004 at 20:05:41:

In Reply to: Bad Credit - Charge Offs posted by JandLynn on May 27, 2004 at 19:16:53:

Usually, when you are more than 30 days late from the due date on any loan, they report a 30 day late. If you continue not to pay, they will report 60,90, etc. until they charge-off. The date you LAST were 30 days late is the important one, since you could have been 120 days late and then broke down and threw some money their way in order to prevent a charge-off, but as soon as you were 30 days late again, it would have essentially 'reset' that last delinquency date.

So the clock starts ticking the month of the LAST time you were reported 30 days late, which is also the last time you first became delinqent (confused?)

7 years from that date is the month they will remove the record from your reports. So, unfortunately, it may be quite a while, but the more time that passes on it, the better your score will be.

It is possible you may be able to pull some strings with the Dept. of Ed and get that letter to send to the CRAs and they might remove it. I read somewhere that the DOE has a forgiveness policy that they will request deletion of delinquencies for students once they start making timely payments on their loans.

Anyone else here know anything about this? I have the same problem. I have 4 Sallie Mae accounts that were consolidated 2 years ago, but they are all showing 30,60,90,120 days late and I would love to get them removed myself.

Is there such a forgiveness policy? If so, somebody please let (both of us) know how to do this. It would be greatly appreciated.

Thanks

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