As promised, below is a sample letter that I created to send to those companies that won't take your rehabilitated student loans off your credit report. I sent this off on Friday. Now... the waiting game.
ACS/College Loan Corp
501 Bleeker St
Utica, NY 13501
May 16, 2013
RE: Account XXXXXXXXX
I am writing to dispute the account referenced above. I have disputed this account information as inaccurate with the credit bureaus Equifax, Experian, and Trans Union, and you have been able to verify this debt. How is this possible? I have rehabilitated these loans and in doing so I was promised that any negative marks would be taken off my credit reports.
The Law, § 682.405 Loan rehabilitation agreement, states the following below:
(ii) The prior holder of the loan must, within 30 days of receiving the notification from the guaranty agency, request that any consumer reporting agency to which the default claim payment or other equivalent record was reported remove such record from the borrower's credit history.
I request that you send me the proper proof that what you are reporting is true, or if you cannot, please immediately remove it from my credit report.
In the event that you can not verify the item pursuant to the FCRA, and you continue to list the disputed item on my credit report I will find it necessary to sue you for improper reporting of information to the credit bureaus regarding my credit history, actual defamation damages and declaratory relief under the FCRA. According to this regulation, I may sue you in any qualified state or federal court, including small claims court in my area. You have severely limited my ability to purchase a home and obtain good interest rate on credit cards.
In light of the recent changes to the FCRA (FACTA), consumers now have the right to go directly to the original creditor and ask for proof of negative information. In addition, court case opinion No. 00-15946 CV-99-00290-D.C. by the US Court of Appeals 9th Circuit, Nelson Vs. Chase Manhattan, the court ruled that the creditor has the responsibility to investigate and make sure that correct information is being reported to the bureaus, and that the consumer has a right to sue under the FCRA, should his or her rights be violated.
While I prefer not to litigate, I will use the courts as needed to enforce my rights under the FCRA.
I look forward to an uneventful resolution of this matter. Your response is required within 30 days.
123 Somewhere rd
Anytown, US 12345SSN-SS-NNNN