Can anyone answer this question?

Question

Is it possible to have a federal student loan that’s been charged off but paid off in full removed off my credit if it’s been over 7 years?

Well actually it won’t be until like August of 2008 when the 7 year period will end. I believe it went delinquent in the summer of 2001 but I understand what you guys are saying the 7 year starts from the first missed payment that lead to the collection. I guess my question is who would I be writing the letter of removal to… the original creditor (Sallie Mae)… (HESC) the ones who I paid and was handling my account or the three Credit Bureau?

Answer 1

It will remain for 7-years for the date of first delinquency which works out to 7-years and 180-days.

Once again we hear from people who once again give the wrong answer. I really wish people that do not know what they are talking about would not answer these questions, someone is going to take their advice and be very sorry.

Thanks for the support Echo, at least you know what the real answer is and are not bashful about it.

Answer 2

Echo is right on the money here. Charge-offs DO NOT re-age from the date of the last activity. The aging starts from the first consistent delinquency that took place before the item was charged off. For example: There was a 30 day late in April 1999 and then it was 30 days late until August 1999. Then in May of 2000 it was 30 days late, followed by June and then August on through to October (in essence all payments from the borrower had ceased). Then in November of 2000 it was charged off. The aging in this case, starts by the first consistent delinquent before the charge off which would be May of 2000.

Hope this clears up some confusion.

Answer 3

Spifiman is correct that it will report for 7 years from the date of last payment - "before" the account charged off.

Tigh should read the FCRA since he is incorrect in saying that the date you paid the account off is the date of last activity. Once the account has charged off then any payment made legally "cannot" reset the reporting period. That would be reaging and is illegal.

If it has been 7 years or longer since your last payment before it was charged off then send disputes to the CRA's for the obsolete account.

Send everything in writing to create a papertrail.

edit+++++

Tigh
If you work in the field every day like you "claim" then you should have a better understanding of the laws. By what you post it is obvious that you do not. Anyone on here can "claim" to be a CRO if they feel the need to make themselves look more knowledgable than they truly are.

Once an account is charged off - it is charged off and NO payment will reset the reporting period to allow it to report for longer than the original compliance date.
If a state allows it, then a payment may reset the collecting SOL but a payment on a charged off account would definately not (legally) reset the reporting period.

IF a "new" contract is made with an "original creditor" (not a CA) on a defaulted account, then the "new" contract could report for 7 years from the payment.

CA's are collectors and not creditors, they do not extend credit. Any contract for payment they make would not be, and could not be, a "new" contract for credit but rather an agreement for payment on the "old" charged off account. That agreement does not allow them to illegally reage the old charged off account. The charged off account must still be removed from the credit reports from the original default date.

IF you are a CRO like you claim then do your clients a favor and do your homework.

Instead of simply listing the names and addresses of the CRA's and a couple sample letters that do nothing to back up what you post, why do you not post anything from the FTC?? (perhaps you did not post anything from the FTC to back what you say because there is nothing ??)
I would truly love to see where in the FTC you found the information on how a "CA" can legally reage a charged off account when a payment is made.

Here is "one" example to back up what I post and if you don't agree with it then you obviously don't agree with the FTC itself -

FTC FCRA Staff Opinion Letter - Amason

2. Is the reporting period extended if (A) the original creditor sells or transfers the account to another creditor, (B) the consumer responds to post-chargeoff collection efforts by making a payment on the debt, or (C) the consumer disputes the account with a CRA?

.......... it is our opinion that none of the subsequent events you listed -- sale of the charged off account by the creditor, or a payment on or dispute about the account by the consumer -- changes the allowable period for a CRA to report a chargeoff.
__

I'll say it again - Spifiman, as the first answerer in this question, is correct

Answer 4

It is possible but next to Impossible. All most Impossible to remove federal/government funded student loans and child support. Most other accounts are easy.

Spifman is wrong about the 7yrs plus 180. It from the last date of delinquent (approximately 180 days) how ever when you paid the account off that became the last date of activity.

Why don't your try contacting th company and asking for a letter of removal?

ECHO - I work in this field every day this is specifically what I deal with. And you could not be more wrong. once the account is paid the credit report will reflect paid charge off. At that point it will be 7 years.

You need more experience and need to understand you don't know ever thing and just cause you read something dose not mean you understand it. READ IT AGAIN.

Credit reporting agencies

• TransUnion LLC
800-888-4213
P.O. Box 2000
Chester, PA 19022

• Equifax
800-685-1111
P.O. Box 740256
Atlanta, GA 30374

• Experian
888-397-3742
National Consumer Assistance Center
P.O. Box 2002
Allen, TX 75013

Also here are some sample letters to help you.

http://www.creditinfocenter.com/forms/sampleletter1.shtml

http://www.creditinfocenter.com/forms/sampleletter5.shtml

Answer 5

It usually will stay on 6 to 8 years, depending on the TRW company. However, you can try to have it removed. Check out the article below on how to raise your credit score.

Hope this helps.

Answer 6

i dont think so why