ADDITION ON 3/24/11: The information below about student loans isn't necessarily correct - check this source as well: http://www.credit.com/credit_information/credit_report/Credit-Report-FAQ.jsp
If the student loan is government funded or guaranteed, it can stay on your report beyond 7 years if you defaulted.
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The sources I've found all say 7 years. The best link I found was:
http://www.creditinfocenter.com/creditreports/cr_time.shtml
My defaulted student loan however, has exceeded that time. I just filed a dispute so we will see what comes of that.
Depending on which state you live in a student loan default only stays on your credit report for seven years.
However companies like Sallie Mae use collection companies that employ illegal tactics when trying to collect the debt. Not only can you report them to the FTC, you can sue them if they ..
A. Tell you that you can go to jail for this debt.
B. Lie to you about any of your legal right's regarding the debt.
C. Act as a legal advisor to you.
D. Misrepresent themselves as some sort of law enforcement officer in an attempt to collect this debt.
C. Use illegal tactics such as sending your information on say a postcard in an attempt to shame you.
D. Contacting a third party about you if they already know your phone number, address and other information.
E. Call you before 8 a.m. or after 9 p.m.
F. Make illegal threats about taking your home, car, or livelihood without having already gone to court.
Once a Student loan is defaulted you will more than likely hear or see many of the above happen to you. Just keep your head and stay cool. Depending on your state you may have even more rights that what are listed above.
If a collection company does call you find a fair debt collection lawyer in your area and contact him/her ASAP. You need help! You can fight back and sue if any of the above happen to you, and you will be awarded money in many cases.
A joint loan is when both individuals are fully responsible for a loan and it will report on both individual's credit bureau. So if both individual don't make a payment or does not pay enough of the monthly payment it will report on both credit bureau files as a late payment.
Depends on what type of student loan. If it's a Stafford, no. If it's a PLUS loan, yes.
The Student Loan GUY @ http://www.studentloanfundamentals.com Your Student Loan will become "Current" on your credit report. Now figuring out the score is hard because it depends on the rest of your financial situation. It depends on what you have on the credit report.
It shows on your credit report even before they start making payments.
A loan in forbearance permits a student to temporarily postpone their federal student loan payments. Or, the forbearance temporarily reduces the amount the student pays. Your students loans may show up on your credit report while in repayment status or out of deferment.
If it is a student loan, there will be a statement on the credit report. It will also show the date that payments were deferred.
If your credit report is stating that these loans are not transfered loan, then you need to dispute this information with the bureaus.
Always make sure that your credit report only states the most accurate information.
Equifax is considered the main Credit Bureau and most widely used by loan companies, but it's also a good idea to get your report from all three companies because they may include different information - as they do not report to each other. Also, if you're married, each spouse should order a copy of their own report - if there is a mistake on one spouse's report it is likely to be on both. Equifax is the most popular credit bureau (main credit bureau).
It would depend on the type of student loan. Federally guaranteed student loans have no expiration under existing laws, and will indeed reappear and can be collected on and sued over until they are paid.
It will only show on the primary borrowers credit report. If the primary defaults on the loan then the responsibility falls to the co-signer. In brief, if the loan is in good standing the primary borrower will have it on their credit report only. If the loan is late or is defaulted it will be reported on both the primary and co-signers report.
It will appear as an additional loan on yoru credit report, even if issued under the same MPN as a previous loan.