Disputing Student Loans From Credit Reports

We’ve discussed before how we can use the FCRA to dispute collections and charged-off accounts, but what about student loans? Can you dispute student loans from your credit report, and more importantly, SHOULD you dispute them?

Hey welcome back to another episode of the money codes my name is joelle and i’m here to give you today’s money code fix in today’s episode we’re going to be talking about how to dispute your student loans so last week i did a video about how to dispute charged off derogatory items that are reporting onto your account i went in depth i’ll let you know exactly

How to do that and one of the most common questions that came out of that video was what about student loans how do we approach student loans well the short answer is yes you are able to dispute student loans and get them removed off of your credit reports but as i do with most of the topics we’re going to go over the good the bad and the ugly so hopefully by the

End of the video you’ll have more information to make a better sound decision all right so now let’s quickly jump into this so two quick disclaimers before we go into the technical aspects number one i always encourage you to skim through the fcra guidelines i have a video somewhere posted on my youtube channel where i actually go in and i review quite a bit of

The fcra guidelines when it comes to disputing anything off of your credit reports there really is like no magic bullet there is no mysticism or magic when you’re taking things off of your credit report what you and i are doing as consumers or what credit repair agencies are doing if you choose to use them what everyone is basically doing is they have the rules

In front of us that is provided to us by the fcra specifically section 609 of the fcra is what allows us to be able to go to the credit bureaus and it empowers us to get access to our consumer disclosures so i made another video about annualcreditreport.com that is a free way to get access to your full credit reports i mean every detail every item that is on

Your credit profile i did a video on how to get access to that so you can do your own investigations and your own inspections on what is reporting to your credit reports and then we have section 611 which states that you and i as consumers we have the right to go back to the credit bureaus and put pressure on them so to speak so that anything that is reporting

Incorrectly anything that is reporting on our credit reports that is not 100 percent accurate we have the right as consumers to dispute that and to get the credit bureaus experian transunion equifax we have the right to pressure them to get it removed off of our credit reports and student loans is no exception the second disclaimer before you start trying to

Dispute anything including your student loans understand that there is a domino effect when it comes to your credit report meaning every account that you have on your credit report right now including your student loans they have an age to it they have a payment history to it this is an installment loan so there’s a credit mix to it so if you have an account and

You’re removing it off of your credit report you’re also removing age you’re also removing payment history you’re also removing credit mix these are all the ingredients when you put it all together these are all the ingredients that make up your credit score so just keep in mind when you start taking things off of your credit report and you’re not 100 sure what

It is that you’re doing you may actually see a score decrease if there aren’t any other items on your credit report that is able to offset the things that you’re pulling off but trust me there is a domino effect make sure you know exactly what you’re doing to your credit report before you start trying to dispute every and anything that you think is bad all right

So the disclaimer outside of the way what is the strategy so as i mentioned before you can go to annualcreditreport.com i want you to get access to your credit reports you can also click the link that is in the description of this video where you’re able to get a try merge account that way if you have a student loan or if you have a collection if you have any

Derogatory account you’ll be able to see how experian is reporting it you’ll be able to see how transunion is reporting it and then you’ll be able to see how equifax is reporting it and then line by line you want to pay attention to anything that looks like a discrepancy so you want to pay attention to the dates open data last activity high balance remarks you

Want to look at literally every line that is associated with your derogatory account in this example we’re talking about student loans i’ll cite an article up here that shows that for most of us have something wrong with our credit reports and whatever that something is it may be the balance is five dollars off it may be that one of your dates is not reporting

At all or maybe it’s one month off whatever it may be it does not matter if it’s not 100 correct we can take that information put that in a dispute letter and if you don’t have access to a dispute letter you can find some online you can go to creditcodes.com put in your email address i actually email you a pdf of mine that has a sample of a dispute letter that

You can use a model after as well as some other good resources in there i’ll link that below but you want to go ahead and you want to have all three of your credit reports in front of you highlight anything that is not correct you want to screenshot that if you can i want you to highlight it i want you to circle it and you’re going to send out to all three of the

Major credit bureaus one letter goes to experian one letter goes to transunion one letter goes to equifax it’s going to be the same information you’re going to send that out usps certified mail so you’re able to keep track of when they received it and inside the body of that dispute letter you want to have a clear call to action if you’re trying to get a deletion

Put in there in black and white this is the inaccuracy that is reporting on my credit reports i want you to delete that is a right that you have under 611 of the fcra but as i said in the beginning of this video if you’re somehow able to keep trade lines on your credit report let’s say you are defaulted or let’s say there are some late payments in there instead

Of trying to delete an entire account off of your credit report try to find creative ways to see if you can somehow salvage that primary trade line because remember 35 that payment history that age so much of what could be potentially boosting up your credit score you don’t want to remove and it hurts you so again you have the right to delete but also try goodwill

Letters also try to rehabilitate the loan so i know under the coven 19 relief bill there are some things that you can do to try to be able to rehabilitate that loan if you can do nine consecutive payments they’ll be able to change the status of that account from default to being in good standing and lastly also keep in mind that because you’re removing things off

Of your credit report does not mean that you are discharging or you’re removing your responsibility to pay back that loan the same way goes with your charge off applies to your student loans just because you take something off of your report doesn’t mean that the responsibility that you have with that creditor with that original lender is now null and void all

That means is just it’s off your report so just keep that in the back of your head when it comes time to try to dispute or when it’s time to try to purchase a home most first-time home buyers tend to go fha which is the fair housing administration three and a half percent down i did a video on that about how to buy a home that’s the most common type of loan is

The fha loan so if you have unresolved loans and you’re going back to the government to get other type of loans understand that you’re gonna have to do more than just disputing with the credit bureaus to get past the responsibilities of the debt that you owe hopefully that makes sense so that is pretty much it you have the resources to go ahead and do this go

Get access to your credit reports print them out highlight everything that looks wrong that is possibly wrong also keep in mind too that if you are in deferred status and they are reporting late payments that’s another discrepancy that’s another violation that you can use be very creative but to answer the question you do have the right to dispute anything on

Your credit report that is not being reported 100 accurately so be creative take your time dig down into your credit reports and figure out what is not reporting correctly and above that i want you to figure out what your goal is whether you’re trying to buy a home whether you’re trying to get higher credit limits whether you’re trying to get business funding

Try to figure out what your end goal is and then reverse engineer the steps of what you need to do first second and third when it comes to your credit journey that way you’re making the right decisions along the way if you need help with that you can check me out at moneycoach.com or email me at info money codes and as always make sure to like and subscribe hit

That bell notification and i’ll catch you in the next video peace you

Transcribed from video
Disputing Student Loans From Credit Reports By Money Codez