Credit Report Question/Dilemma

[BigLeonard]

So I got a letter from Wells Fargo regarding my credit line. It was reduced from 10,000 to 300. It indicated that I had two blips on my credit report and that was the reasoning behind the drastic drop in my credit. The two blips were a result of late payments on my Sallie Mae school loans. The payments on those loans have now been deferred. The lady at Sallie Mae said it didnt matter that they have been deferred, and because the payments were overdue, the blips would remain on my credit for 7-10 years. She did however say that it shows on my credit report that the account is current. How ****** am I?

 

[NameAlreadyInUse]

I can answer part of this, but will leave it to those more knowledgeable on the rest.

By law, they can not remain on your credit reoprt longer than 7 years from the time they happened so you don't have to worry that you just pissed away the next 10 years.

Also, the older the problem is, the less it hurts your rating overall.

That's all I have.

 

[BigWill]

Dispute it. If Sallie doesn't respond within 30 days, the credit agencies have to delete the derogs.

Of course, there is a chance that Sallie will affirm the derogs, but it's worth a try.

 

[BigLeonard]

I disputed both claims, however, they only allowed me like 50 characters to detail my reasoning for disputing.

 

[next2naus]

could be worse, my company failed to pay the petty NYC taxes and never noticed...till is was listed as a default on my CR, what a whip, it happened twice!

 

[JohnnyM]

do NOT use the company's dispute forms. if you already have, fine, but still write an actual letter to them. include your credit report with it and mark what you are disputing. if you don't hear back from them in 30 days, write them again saying that since you didn't receive a response you expect the items to be deleted from your report. just keep hounding their asses basically.

there are some good resources here