credit report government issued
credit report government issued
I have a forbearance on my Sallie Mae student loan, but my credit report is still showing late payments. Why?
I had trouble making payments on my student loan and have missed a few months payments..so I requested a forbearance. A forbearance allows me more time to pay correct? So, why does my Trans Union credit report still show all of my past delinquent dates? If everything is current and up to date why would it still show this. Has the information just not been updated or do I have to receive documentation from Sallie Mae proving that I am current? I’ve been told that since it’s a federal government loan they have the ability to report a clean record to the credit companies if I make good.
Also, even though I am current on my payments, will these past delinquency dates (if they do stick) affect my chances of getting approved for an apartment? Mind you I have two credit cards and a bank loan which I have never been late so the rest of my report is immaculate aside from this issue with my student loan.
This is a common misunderstanding in student loan lending.
A forbearance is prospective, not retrospective. It only postpones payments from the date of the forbearance until the date it ends. It does not go back to your prior missed payments and grant you more time to pay them. That is why TransUnion is still reporting those late payments.
You are not current if you have not paid those lates yet. You need to pay them ASAP.
And whoever told you that a student loan lender will report a clean record once you brought your loan current was completely and utterly wrong. In fact, the student loan lenders are *required* to report delinquencies to at least one credit bureau. If your lates are only reporting to TU, then your lender is being generous and only reporting the lates to them…they could legally report to all three if they wanted to, so consider yourself lucky.
So long as you are not in default on your student loans, you should not have any trouble passing a credit check for an apartment given your statements about the rest of your credit. If you have any trouble you might just keep trying apartment complexes until you find someone who pulls Experian or Equifax only so they don’t see your lates. But even if they pull TU, a few lates here and there on a student loan probably won’t kill your chances at an apartment.
Check my profile for a link to a site I run for more information. I’ve got some information on student loans that might help you out a bit more than this answer.
Good luck!
