A missed or late student loan payment can be a worrisome thing to deal with. According to The U.S. Department of Education, nearly 20 percent of student loan borrowers are in default on their loans. While a lot of people deal with late or unpaid student loans the negative effects can be long-lasting.
Yet, you do have an option that can help you get things back on track. That option involves working with a credit repair service.
If you are looking to learn about credit restoration or how to remove student loans from your credit report this article is for you. Here is what you need to know about student loans and how to remove them.
Can Credit Repair Remove Student Loans?
In some cases, the answer is yes to removing student loans from your credit report.
There are two circumstances in which you are able to do this. The first condition is if your student loans are from a private lender. If they have inaccurately reported the information you can have it removed.
The second circumstance that allows for student loan removal is if you paid off the loan and it is still being reported as a debt. If either of these situations applies to your student loans then you can take action to get them removed.
Using a credit repair service can make this process very simple. They will dispute the inaccurate information on your behalf. If you are in a situation where you have defaulted on your student loan seeking the advice of credit consultants can help point you in the right direction.
While defaults and late payments are eligible for removal you are able to dispute the information that is reported.
Disputing Inaccurate Student Loan Information on Your Credit Report
When it comes to disputing inaccurate information on your credit report there are a few things to keep in mind. First, it’s a good idea to understand what information is being reported in the first place.
As a consumer, you have the right to request a free credit report from all three credit bureaus. By law Equifax, TransUnion, and Experian are required to give you this annually. Once you have access to your credit report you will be able to review it and check for discrepancies.
When disputing inaccurate information you can write a letter and gain supporting documents to help your case. To expedite the process you can connect with a trusted credit repair service that can walk you through the process.
Common Student Loan Dispute Reasons
There are three common reasons your student loans can be inaccurately reported. If your loans are in forbearance or deferment, if you are still in school, and inaccurate payment information.
If Your Student Loans Are in Forbearance or Deferment
The first reason is if you have been recently approved for forbearance or deferment. If your loan servicer hasn’t updated their information to reflect your deferment or forbearance status it can appear as though you defaulted on your student loans. This can have a negative effect on your credit report.
In this situation, a credit repair service can contact your loan servicer to see when the start and end date on your forbearance or deferment arrangements will be reported.
A credit consultant could provide your loan servicer with this information on your behalf. Your loan servicer will then have to make sure your student loan information is being accurately reported to the credit bureaus. As a borrower, the Fair Credit Reporting Act gives you the right to appeal the accuracy of any information reported on your credit report.
If You Are An Active Student In School
The second reason that your student loans can be inaccurately reported is if your student loans were placed in default and you are still an active student. If this has happened to you the best course of action is to contact the registrar’s office at your school and ask for your school attendance record.
Once you have done this, you can call your loan servicer and ask them to remove the default by providing them with your school attendance record.
Inaccurate Payment Information
The third reason your student loans can be inaccurately reported to the credit bureaus is if there is incorrect payment information.
If your student loans are being reported as defaulted or delinquent and you believe that you are current on your payments, you want to request a statement from your loan servicer. Your statements will show all the payments that you have made to your student loan account.
You can also cross-reference your bank records with the statement from your loan servicer. If you see that some of your payments are reflected in the statement from your loan servicer you want to show proof of payment.
Once you have done this you want to request that your account be updated with accurate payment information. The updated information needs to then be reported to all the credit bureaus.
If you suspect any error about your student loans on your credit report connecting with a credit repair consultant can help.
How Long Do Student Loans Remain on a Credit Report?
Student loan delinquencies that are reported to the credit bureaus stay on your credit report for seven years.
The one exception to this time frame is if your loan was a Federal Perkins loan. This low-interest federal student loan is for students that show dire financial need. If you have any other type of student loan it will stay on your credit report until you have paid it off in full.
We Can Help You Remove Student Loans from Your Credit Report!
When it comes to credit repair we’re the experts. We can get inaccurate information about your student loans removed from your credit report. Our dedicated team of credit consultants can guide you through the process.
Give your credit score the boost it deserves and contact us today to get started!