I just found a smoking gun to get these student loans off my credit report. You know what it is? You probably guessed it, huh? It is........ THE LAW! More specifically 34 CFR 682.405 - LOAN REHABILITATION AGREEMENT.
Below is the law. I copied it from the Cornell University Law School website.
§ 682.405 Loan rehabilitation agreement.
I highlighted the part that will help me and all of you out there with this problem get this erroneous information off our credit reports. I really wish I had found this sooner. I guess a little bit of focus on a single problem instead of trying to fix all of the problems at once actually helps.
The problem I have, though, is that I was reading some feeds last night about people having the same issues that I am with these student loans. Some of the responses given to these people were crazy. One response said something to the affect that the reason one lady's negative student loans weren't taken off after rehabilitation was because the Department of Education was involved. He was insinuating that we can't do anything about it if the government does not want to do anything. That's just plain ridiculous. So, the law doesn't mean anything?
Well, I'm an optimist. I believe that if there is a will, there is a way. I am drafting a letter tonight and will be mailing it out tomorrow. I will post a copy of the letter I sent on my next post.
There is one more thing I feel I need to tell you that I also found out last night. I called the company on my credit report and asked why they had not updated my information with the correct status. The lady said that they have to get a notice from the loan guarantor in order to update my credit report. You see, the companies that show up on your credit report are your loan servicers. They take the payments for the government and report the data to the credit bureaus for them. You need to be talking to your loan guarantor. This company guarantees the loan to the servicer if you default. They are also the company you will be dealing with and making payments to during the rehabilitation of your loan. So you see it can be very easy to get confused and not know who to talk to.
Let me know if you have any more insights.
And the Saga continues...