As a student you must have been looking for ways on, or may be even asking yourself: how to remove student loan from my credit report? There is no point disturbing yourself further, as this is your answer right in front you eyes on the screen! This analysis will be centered on explaining ways to overcome your financial needs as a university student.
Either as international students in a foreign university or as merely a student who’s had the opportunity to be in a school where access to student loan is available, knowing how to use your credit report to generate student loan may seem impenetrably difficult.
But this content has come to astound your confusion by opening the step by step approach to helping you answer the personal question, how to remove student loan from my credit report?
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Credit Report
A credit report is a record of your past credit activity and current credit standing. It includes information related to your debts, such as payment history and the status of your accounts. Because your credit report can impact your ability to achieve other financial goals, such as getting approved for another loan or even getting the lowest rate, you may want to remove inaccurate information regarding your student loans from your credit report.
Doing so may improve your credit report history and current standing.
Student loans are reported to the national credit bureaus each month from the time of your first disbursement until after the loan is fully repaid. If you keep making on-time minimum monthly payments, the positive standing can make your credit report more appealing in the eyes of other lenders and can be a great way to improve your credit score for years to come.
Your student loan amount and payment history will show on your credit report, so removing your student loans may seem like a good idea if you were accidentally late on a payment. However, accurate and correct information regarding your student loan history can’t be removed based on preference or prior to their normal expiration date.
How?
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Write A Dispute Letter
If you want to start with your loan servicer or lender, here’s how to dispute delinquent student loans or loans in default:
- Write a dispute letter. It’s best to complete this process in writing, so you have a paper trail you can refer back to in the future if needed. Write a letter to your servicer notifying them of the inaccuracy and requesting that they remove it from your credit reports.
- Gather supporting documentation. Before you send your letter, gather some documentation to support your claim. This can include bank statements or emails from the servicer showing you made on-time payments or any other reason you believe the delinquency or default notation was made in error.
- Wait for a decision. Once you submit your letter, it may take a couple of weeks to get a response. If you don’t hear back in two or three weeks, contact the servicer to follow up on your letter.
Read Also: Why It Is Hard to Pay Back Student Loan
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Be Patient
Typically, it takes around thirty days to investigate a dispute and report findings. However, there are two main reasons the process can take longer: insufficient information was provided or inefficiency of the lender or loan servicer involved.
- If you fail to provide sufficient information on the first go-round, the investigating agency may need to reach back out to you to ask for more information. You can avoid this by providing in-depth descriptions of the issue and proper documentation upfront in your initial dispute letter.
- If you opt to dispute via the credit bureau, they’ll need to contact your lender or loan servicer to investigate further. If they don’t respond in a timely manner, it could extend the length of the process. This is one reason why disputing the error yourself with the lender or loan servicer directly can be more efficient.
Regardless of how you choose to file the dispute, don’t be afraid to follow up with each party involved throughout the process. Sometimes, a gentle nudge to move the dispute forward can speed it up quite a bit.
