So the wifes loans are now reporting IIB Derogatory, Sallie Mae. Is this common practice for students loans during open BK. I know they are near impossible to discharge, we aren't even trying. Not trying to repair credit or anything, just finishing up our free trial period.
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Sallie Mae reported my loans like that as well. I disputed it with the credit agencies and it was eventually fixed but I had to get Sallie Mae to do it because the credit agencies claimed that it was reporting correctly. -
Is your wife in default or late on the SL?
IF she is in forebearance, or current, dispute it with the CRAs. Her SL, if they are in good standing will be a positive TL that isn't going away with a BK filing. IF they are derog before filing, you might try disputing it and say not incuded in BK or something similar and maybe if they can't verify, they will dissapear. It depends on if you want the SL TL to remain on her reports.
My SL are not reporting IIB, they are current and say "paid as agreed" This is one of the few current TL ( other than older ones that were paid off before BK and not included in my filing) that I have. I wouldn't want those to get muckied up with a IIB mark.Comment
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She is deferment currently, never late. I was just thinking it would be a good avenue for her to start building a positive credit history post BK, without applying for secured cards and all that mess. I guess when I start the dispute process in a month or so this will be on the list.Comment
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Send the CRAs a letter CRR stating the SL should not be marked IIB, as they were not included in the BK and federal law does not allow the discharge of SL debt w/o an AP ( which didn't happen), therefore the derogatory remark is hurting her credit score.
If they don't fix it, get nasty and threaten a lawsuit, stating violations of the FCRA. They are reporting incorrect info, make them fix it.Comment
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