Question
I defaulted on student loans; rehabilitating, but previous guarantor won't remove marks?
At least that's what the representative from Sallie Mae said. My original guarantor was Sallie Mae, I defaulted on them since they didn't contact me, and proceeded to make 7 marks till Edfund (another guarantor) bought the loan. Seven marks! EdFund bought the debt from Sallie Mae, and offered me rehabilitation which I'm currently doing. However, what I didn't know is that EdFund will only remove the remarks they make (whic h is 7 more marks). As far as they were concerned, I was on my own with Sallie Mae. I called Sallie Mae and the representative went strictly by the book, "We cannot remove the remarks since they are valid (computer voice with indian accent)" I called back EdFund and they recommended that I contact the 3 credit bureaus. Is that even worth a shot? How should I go about doing this? 7 years is a long time people, and I'm deeply upset by this.
3 years ago - 3 answers
Best Answer
Chosen by Asker
When you say "7 marks" are you saying that this debt is being listed 7 times on your credit report? It is illegal for the credit reporting agency to list a debt more then once. It's not likely that the current owner will delete the debt. But note that there is no law saying a debt MUST be listed on your credit history. If a credit tells you they can't remove it, they are lying. What they are saying is they want to punish you, they don't care about you or your life, they just want their money. So for starter, you can clean your credit up a little bit by getting all the duplicate listings removed. Send the credit bureau a dispute letter informing them that the listing is posted multiple times. Send each of the creditors a demand to validate the debt, and to delete any duplicate listings. By law, you can not post an item to a credit report unless you have a legal right to collect that debt. If it's been sold to another collection agent, then the previous agent no longer has a legal right to collect it, and that listing MUST be deleted. If they fail to do so, they are in violation of the Fair Credit Reporting Act and can be sued for $1000 in small claims court. If they don't "play the game" I would just sue them, and use your $1000 settlement to help pay off the loan. See the link below for some sample letters, contact me if you need more help.
Source(s)
www ... Sample validation letter www ... Fair Credit Reporting Act
by Studly
3 years ago
Asker's Rating: 
Other Answers
You might want to consult with an agency that specializes in legal credit repair. Sometimes creditors will move more quickly when some extra pressure and expertise is brought to bear. Try the outfit listed under Sources. Good luck!
by Steve D- 3 years ago
You can write dispute letters to the bureaus, since Sallie Mae doesn't own them anymore they may not respond to the bureaus. This will erase them. If not don't worry about it, they longer you go paying your consolidated loan the less Sallie Mae will effect your credit. I find it very hard to believe Sallie Mae didn't contact you. If they didn't it was something that you didn't do, like move and not notify them or if you had e-mail as your way of contact maybe you changed e-mail addresses. Mine is e-mail and they contact me all the time, my father co-signed for my loan and they always send him letters/ Also they shouldn't have to contact you, you know how long of a grace period you had you should have contacted them.
by NETTA M- 3 years ago