I've been in default default on several loans (some student loans) for a long time. Naturally I have assumed terrible credit, and have always been denied for credit. I went recently to try to get stuff in order, but when I got my reports, they all reported NO credit. Should I expect that these loans have been discharged? Or is there another way to track down 'lost' credit. I don't want to get surprised by it popping back up at me while I'm trying to 're-establish' my credit. Any clues?
2007-01-23 11:30:51 · 6 answers · asked by zenluna1977 1 in Business & Finance ➔ Credit
This condition is known as being a "ghost". What has happened is that it has been so long since there has been any activity on your cbr's they have all just fallen off especially if it has been longer than 7 years. This has its advantages and its disadvantages. The advantage is that you have a clean slate to start from and you can begin to build your credit properly this time.
Here are the disadvantages:
It will be assumed that you have been in prison for an extended period of time by some lenders. Truth. I was working with a client who asked me to accompany him to a car dealership to help him make the deal. His report came up as a "ghost" and the car dealership told him that none of their lenders would loan him the money because of his situation. He asked what situation they were talking about and they replied, "Well, you have obvioiusly been in prison for at least seven years or there would be some activity on your credit report." Not kidding folks. And this man has never committed a crime in his life.
It will also mean that you will pay much higher interest rates on money you borrow until you have established at least three years of positive credit information.
There is also a possibility that creditors from your past will be waiting for your credit report to be activated again. When I was working as a bill collector (before I saw the error of my evil ways) we would put what our company called a Hawk Alert on a debtors SSN. If there was any activity on that number, we would be notified immediately and use that information to track down the db and make their lives miserable. Usually it was only for the large money accounts as the small money ones weren't worth the effort.
If you have any questions regarding credit issues, you may email me at nebula7693@yahoo.com
2007-01-23 16:37:31 · answer #1 · answered by nebula7693 4 · 0⤊ 0⤋
You say it has been a long time. How long? They drop off after seven years. Sometimes student loans just stop reporting. If you don't have any active credit, your scores will disappear after enough time. I process mortgages and see peolpe with no scores or only one or two scores all the time. It is due to insufficient credit history. You have to start all over building credit from scratch.
Also, check your reports and make sure the correct social security number is typed in. If one number is off, it can give you incorrect results or even someone elses credit report. This happens all of the time too.
2007-01-23 14:52:49 · answer #2 · answered by kelly h 3 · 0⤊ 0⤋
student loans will never go away, your best bet is to have a trimerge ran. which is a cbr with all 3 reporting agencys. Things do fall off your credit report BUT it doesn't stop collections, if you get a call or something from a Collection agency, and you pay even a dollar, it will be re-reported to your credit report. Good luck!
2007-01-23 11:36:40 · answer #3 · answered by Anonymous · 0⤊ 0⤋
After 7 yrs. they should automatically disappear from your report (actually 7 yrs from last activity on the account). So they may have came off your report if its been on there for over 7 yrs.
2007-01-23 11:34:14 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Because you have to buy your credit score, it is not free. Only your credit report is free. If you didn't pay to see the score, they won't publish it.
2016-03-28 23:25:00 · answer #5 · answered by Anonymous · 0⤊ 0⤋
haha i dont know you tell me
2007-01-23 11:39:00 · answer #6 · answered by A Flower for a SIn 3 · 0⤊ 0⤋