Education Loan company not updating balance on credit report, what to do?
I settled with an education loan that went into default a couple of years ago and the during the settlement the education loan company sent a "settlement agreement" or a contract to sign stating what was agreed upon. Well, I recently paid the settlement back in august and it’s october and they haven’t changed the balance on my credit report to honor the settlement agreement. I talk to them and they stated that they would need 120 days to update the information on my credit report. I’ve since reported them to the BBB because of this conflict. Does anyone have any further advice to give? It would be greatly appreciated!!!!!
Also to note: this loan is 7 years old.
The settlement was being made as it was about to fall off of my credit report or hit the statue of limititations.
If they agreed to something and you did not get it in writing and have a copy of it. Shame on you.
They will probably not honor it.
Your not powerless. Your going to have to do the foot work if you wait for the Student loan people to do it you will have to keep waiting……….
If you have it in writing then you need to dispute with all 3 credit reports and mail a copy of the agreement to them your self and get is sent certified mail.
120 days is not really a conflict I have read that in a few contract with student loans. Read all of the paper work you have.
To be honest when they update your credit report it probably wont do a lot to raise your t score at this point.. it could lower it depending how old that loan was.
Kourtnie
Prosperity Financial
I dont think they ever erase it off the credit report.I had 1 10yrs ago and it showed up on my report for 8yrs.If you go for a loan of some sort,the company would have to call them tto verify the loan was paid..Thats what I did for that 8 yrs.Good luck
keep copy settlement agreement you paid if then get a free laws call dopt Education
Reporting them to the BBB was a waste of time. The BBB is a private organization of local businesses. They have no authority to do anything, including policing their own members. They certainly can’t do anything about a creditor that’s in another part of the country.
While 120 days to update is pretty ridiculous, 30 to 60 days isn’t. If the loan isn’t marked paid by the end of this month, send disputes to the credit bureaus and include proof of your payment.