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Hello,
I have a school loan that is still showing on my credit reports (equifax and experian) that is over 10 yrs old. This loan has since been taken over (paid in full) by the US Dept. of Education and have been making good payments.
Date opened: 02/94
reported since: 04/94
date of status: 08/2004
last reported: 08/2004
date of last activity: 2003
Can I have this removed and if so what is the proper procedure for doing this?
You can definitely remove inaccurate information from your credit report. Under the Fair Credit Reporting Act, you have a legal right to claim for any errors in your report to get corrected by the Credit bureaus.
You can first inform the bureaus in writing as to which information in your report is incorrect. Along with the statement or letter, you should include duplicate copies of documents supporting your claim. Do not forget to include your name and address. Keep a copy of this letter with you and send another copy by certified mail.
The credit bureau should take 30 days to investigate your problem. You may also contact your creditor and find out if he can get the error corrected and remove the item - "student loan" from your report or request the bureau to report it as "paid". Alternatively, you can file a complaint with the FTC and for this visit Federal Trade Commission (FTC) Bureau of Consumer Protection.
Student Loans and the FCRA
There is an exception in the FCRA for student loans which defers to the Higher Education Act of 1965. The reporting exceptions are detailed here... .http://www.brokencredit.com/?p=148
Student Loan
The student loan may have been opened in 1994 but it wasn't paid off until 2004. Typically accounts will continue to report 7 years from the date of last activity which in this case was 2004. Was the student loan in collections? and if so, what year did it go to collections. By paying it off it was re-aged and brought current on the credit report.