In 2004 and 2005 I was deliquent in paying back my student loan. Since 2005, I've paid on time. It's the only blemish on my credit report. Does the government have a "forgiveness" or second chance program to remove this from my credit report?
2007-02-14 04:06:39 · 6 answers · asked by cemnyc 2 in Business & Finance ➔ Credit
Credit problems are some what self eliminating. Depending on the type of issue there is a time limit. Bouncing a check and having it go to a collection agency takes 2 years to disappear. Filing for bankruptcy takes 7 years to clear. I am not sure about the timer on a late payment but if you keep making your payments on time it will eventually work out.
2007-02-14 04:11:23 · answer #1 · answered by despairbear 2 · 0⤊ 2⤋
The government does not as although it's government regulated, it is not a government run business (reporting credit). Having said that, often times you can discuss with the owner of the loan about getting it removed. How many total months of late were you? If it was a few times here and there, there is a good chance they would remove it to help you. If it's 2 years, then you're pretty much just stuck.
If they were Perkins loans, those negative marks can stay on your credit until the loans are paid off (yes, past 7 years). If it's not a Perkins loan, they can stay for up to 10 years. Student loans have a longer period than the 7 years provided by a different statute than the FCRA.
2007-02-14 04:13:17 · answer #2 · answered by dishmal 2 · 0⤊ 1⤋
The government doesn't run the credit bureaus. They're independant.
No, there's no forgiveness program. Just keep working at paying things on time and each year the effect on your score will lessen.
You can try and dispute it and hope you get lucky-- it does work sometimes-- but for the most part, just be patient. You've already been on time for 2 years which already makes it hurt less.
2007-02-14 04:32:19 · answer #3 · answered by Anonymous · 0⤊ 0⤋
No, but creditors will know what it means if there are no more late payment notations after that period of time. Also, you can send an explanation to the 3 major credit bureaus and they have to include it when your report is sent out.
2007-02-14 04:11:05 · answer #4 · answered by franklyn 3 · 0⤊ 1⤋
Time will improve it, but so will paying extra every payment. Don't just pay what you owe - pay twice as much or more, and it will get you in the clear faster for your credit rating.
2007-02-14 04:17:44 · answer #5 · answered by MarauderX 4 · 0⤊ 0⤋
Time will improve it.
The further into the past the one blemish falls, if good habits current, the blemish carries less and less weight over time.
2007-02-14 04:10:34 · answer #6 · answered by Anonymous · 2⤊ 1⤋