Covid Student Loan Payment Delays- Hits to your Credit Report?

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

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?

Mine has gone up 20 points during all this mess :shrugs:

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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?

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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.

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.

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...

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.

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.

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.

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 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.