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Covid Student Loan Payment Delays- Hits to your Credit Report?
Posted on 5/13/20 at 8:14 pm
Posted on 5/13/20 at 8:14 pm
I heard today that if you didn't opt-out of the federal student loan payment delay, it jacks up your credit.
Is this true?
Is this true?
Posted on 5/13/20 at 8:23 pm to deeprig9
I have heard that too. I have not seen any hit to my credit yet, however I have still been making manual payments at the same time it was typically auto drafted. Not sure if that would make a difference
Posted on 5/13/20 at 8:34 pm to deeprig9
I'd love to sue the shite out of them for knocking my credit for that.
Posted on 5/13/20 at 9:43 pm to HarveyBanger
It hit my credit even though I’m still making payments. According to credit karma my score dropped 7 points. What recourse do I have?
Posted on 5/13/20 at 11:41 pm to deeprig9
Mine has gone up 20 points during all this mess :shrugs:
Posted on 5/13/20 at 11:58 pm to deeprig9
I don’t see how it would. The email specifically said that you would have to go in and manually make payments or let them know that you wanted to continue making payments. Either way, all loans were basically put in forbearance.
Posted on 5/14/20 at 12:08 am to deeprig9
quote:My transunion score did drop by 4 points and my equifax score dropped by 6 points on credit karma. It’s odd because it has all payments as paid on time, with declining balances, a longer credit history, AND 2 hard pulls (from when we were getting ready to buy a house 2 years ago) were removed.
I heard today that if you didn't opt-out of the federal student loan payment delay, it jacks up your credit.
Is this true?
So based on all of that, my scores should have increased, or stayed the same at the very least.
That said, my federal student loans do have a “remark added to the account” listed, which is the first time I’ve seen that. So that may be what is causing it.
O well. I’ll take a little drop, for a couple hundred dollars a month savings for half a year.
This post was edited on 5/14/20 at 12:08 am
Posted on 5/14/20 at 8:29 am to deeprig9
quote:
I heard today that if you didn't opt-out of the federal student loan payment delay, it jacks up your credit.
Is this true?
I haven't made a payment in 2 months and my credit score is up
Posted on 5/14/20 at 9:20 am to deeprig9
My wife's grad schools are serviced by Navient. She got the 6 month automatic waiver from the feds. On the Navient website, her min payment is listed as $0. I would assume this is the same that is being reported to the credit agencies. Her credit report is fine.
You get hit on the credit report if you go more than 30 days past due. If you have no amount due, you can't have a past due...
You get hit on the credit report if you go more than 30 days past due. If you have no amount due, you can't have a past due...
Posted on 5/14/20 at 11:12 am to deeprig9
Friend with student loan debt said her score took a 40 point hit the day "Payments Deferred" hit her report. She never even stopped making regular payments.
Posted on 5/20/20 at 11:18 am to deeprig9
My credit score just took a 20 point drop due to the deferment.
I never stopped making my monthly payments. This is absolute horse shite
I never stopped making my monthly payments. This is absolute horse shite
Posted on 5/20/20 at 12:36 pm to HarveyBanger
Saw an article about this. Sounds like the loan servicers know this is a frick up and are trying to fix it.
You should obviously report your own individual situation if they haven't gotten to your file yet.
You should obviously report your own individual situation if they haven't gotten to your file yet.
Posted on 5/20/20 at 1:04 pm to Teddy Ruxpin
I've seen what are called "remarks" on my credit score with reference to my student loans. Unsure what that exactly means, but my credit score did drop about 20 points (everything else remained the same from previous months...i.e. no change in credit utilization).
What's funny is as soon as the Fedgov forebeared my loans, I called them up to start up my payments again.
So if the drop in my credit scores are because of the forbearance I would be extremely pissed
What's funny is as soon as the Fedgov forebeared my loans, I called them up to start up my payments again.
So if the drop in my credit scores are because of the forbearance I would be extremely pissed
Posted on 5/20/20 at 1:05 pm to Teddy Ruxpin
its not supposed to impact your credit BUT creditors can see the status on your report and act accordingly. It shouldnt matter unless you are doing something that requires some real underwriting like a house purchase.
Posted on 5/20/20 at 7:41 pm to deeprig9
Mine dropped by about 15 points. On the added remark it said "affected by natural disaster."
Posted on 5/20/20 at 10:40 pm to adavis
Mine still hasn't dropped, but that is complete horseshite if it ever does.
My servicer originally said you had to request the deferred payments or whatever. Then a couple weeks later they just put everyone into deferred payments whether you requested it or not.
ETA: Just checked and my score is 5 points higher than it was in March when I made my last payment.
My servicer originally said you had to request the deferred payments or whatever. Then a couple weeks later they just put everyone into deferred payments whether you requested it or not.
ETA: Just checked and my score is 5 points higher than it was in March when I made my last payment.
This post was edited on 5/20/20 at 10:42 pm
Posted on 5/21/20 at 9:40 am to deeprig9
Article on the subject
LINK
LINK
quote:
The Trump administration has been rushing to fix the errors made by a company the federal government hired to collect and manage student loans. Great Lakes Educational Loan Services provided incorrect information for approximately 4.8 million federal student loan borrowers to credit bureaus such as Equifax, Experian and TransUnion, Education Department officials said Wednesday.
Posted on 5/26/20 at 1:00 pm to deeprig9
My score has not dropped, but I have found that your score should not be affected. The kicker is that you will be flagged as in forbearance, which will affect large purchases, like a house. I have fired my payments back up, as we are looking at cashing in on a depressed housing market, this fall, and upgrading the house.
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