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My student loan had gone into collections 4 years ago and since then I've been paying it. I'm wanting to know if I'm able to have the Collections Agency erase this account? I will have it paid in full by the end of this month and would like to know if I can send them a PFD letter before I send in final payment.
Or is this something that will haunt me for the next 7 years? The account was transferred to CA 2005 which means it should drop off next year, correct? I'm still trying to learn all these tricks and tips for Credit Reporting so please bare with me!
Please help!
Cindy
Can I have my student loan erased?
Welcome to the forums!!!
Good to know that you want to pay-off the debt in full. You can contact with the collection agency and make a written request to them for a pay for delete agreement. But it depends on their discretion whether or not to accept your request. You can also request them to update your account status as “Paid-in-full†after repaying the debt in full. You should also check the SOL period in your state. Once it has expired, the collection agency can’t take any legal action against you.
I spoke with the Collections Rep and she said that they don't change the status - it's the OC and that I must contact them after it's paid to change the status. She said that they work on behalf of the OC and don't have any access.
She said they simply get the account # and info and that's about it. I asked her about pay for delete and she didn't seem to know much about it and said they simply don't do that.
Any more help!?
Can I have my student loan erased?
I think you should inform this matter to the credit bureau. You may also get help from an attorney in this regard. He/she will work out with the collection agency on your behalf.
Thank you so much in helping respond to my questions. I had signed up with Sky Blue Credit in hopes that they can help me. Would you say this is a good first step or should I contact an actual attorney? Would this cost me a lot of $?