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Started By
Message
Credit reporting question
Posted on 12/24/14 at 11:11 am
Posted on 12/24/14 at 11:11 am
I have a federal student loan that was sold to a company called Mohela. I make a single payment to them every month. Early this year I missed 3 payments which I made up and have been current since.
I just checked my credit score and it's bombed. everything is excellent except my payment history, and it turns out that Mohela reported 12 missed payments, not 3 which kills my ratio of onetime/missed payments.
I called them and they said yeah, you have 4 loan disbursements so even though you have one account with us and one payment, because it's 4 loans and each one reports so 12 would be correct and we won't change it.
So, 1 missed payment = 4? Do I have any options?
I just checked my credit score and it's bombed. everything is excellent except my payment history, and it turns out that Mohela reported 12 missed payments, not 3 which kills my ratio of onetime/missed payments.
I called them and they said yeah, you have 4 loan disbursements so even though you have one account with us and one payment, because it's 4 loans and each one reports so 12 would be correct and we won't change it.
So, 1 missed payment = 4? Do I have any options?
4
Posted on 12/24/14 at 11:20 am to BobBoucher
Do you in fact have four separate student loans that are lumped into one payment? If you took out a loan each year this would make sense and then yes they probably reported it correctly.
Here are a couple of forums where you can research and find threads and people that can possibly help clean this up a little.
My FICO Forums
Creditboards.com
Here are a couple of forums where you can research and find threads and people that can possibly help clean this up a little.
My FICO Forums
Creditboards.com
Posted on 12/24/14 at 11:24 am to BobBoucher
They are all separate, which is a double edged sword. On the good side, each one counts as an on time payment, and each bolsters your average account age as time goes on. In short, good behavior is magnified. I think I have something like 12 different student loans, and they have done wonders for my credit. On the bad side, if you frick up, it will be catastrophic.
Posted on 12/24/14 at 11:46 am to BobBoucher
quote:Unfortunately for you, that's the major factor.
I just checked my credit score and it's bombed. everything is excellent except my payment histor
quote:
Do I have any options?
You likely do not. And truthfully, whether it is 4 or 12 probably isn't going to make a world of difference.
Do you have credit cards open?
Posted on 12/24/14 at 12:39 pm to BobBoucher
The bigger issue is why did you miss the payments and if you knew there was going to be a problem, why not ask for a forbearance? Good luck.
Posted on 12/25/14 at 10:55 am to LSUSUPERSTAR
quote:
The bigger issue is why did you miss the payments and if you knew there was going to be a problem, why not ask for a forbearance? Good luck.
I was planning forbearance when I fell behind as I had many times before - at that point I was only 60 days behind - but forbearance was no longer an option. I used it all up. apparently there's a limit.
So I was stuck with the lateness.
This post was edited on 12/25/14 at 10:56 am
Posted on 12/25/14 at 10:58 am to VABuckeye
quote:
Do you in fact have four separate student loans that are lumped into one payment?
It was one loan but multiple disbursements.
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