Student Loan Not on Credit Reports
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URL: https://www.canadastudentdebt.ca/forum_posts.asp?TID=6345
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Topic: Student Loan Not on Credit Reports
Posted By: Olivia
Subject: Student Loan Not on Credit Reports
Date Posted: 31/January/2012 at 10:27am
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I have a student loan that has never showed up on either of my credit reports. It went into default last year and I still do not see it on my Equifax or Transunion reports. Is this normal and why would it not be reported? I want to apply for a line of credit but am I required to list it as one of my debts or should I just ignore it? I went to apply for a house a couple of years back and the bank said that my student loan was not on my report even though I had stated in the application that I owed it. Does just stating the fact that you have a loan even if it doesn't show up on your reports affect how much credit you will get when you apply? Thanks! |
Replies:
Posted By: administrator
Date Posted: 31/January/2012 at 1:52pm
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The old what is legal, what is ethical question.... According to the documents you are signing, you must make a truthful statement....omitting information could be considered fraud. Your call.... ------------- Administrator Mark OMeara Author of Let Go and Heal: Recovery from Emotional Pain https://LaughSingWrite.com - http://bit.ly/heal2024 |
Posted By: Melanie21
Date Posted: 21/February/2012 at 5:48pm
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I have the same situation. I am not complaining about it, but I would like to know why. Could it be because it passed the 10 year mark? I graduated in 2002. I have only been paying the interest on it - not the minimum payment because it is way higher than I can afford. Thanks to refinancing my mortgage, I now have some money to pay it back, but it would mean not being able to pay some other things that are showing up on my credit bureau. Do I need to pay it all or can I negotiate a settlement amount at this point?
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Posted By: SolveStudentDebt
Date Posted: 22/February/2012 at 11:12am
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THe same rules apply to student loans when they are reported to the credit bureau. The reporting rule is that it can only be reported for a period of 6 years. There is no such 10-year rule, unless it is a judgement, and the reporting period of that item carries a 10-year reporting period. Do you need to pay it all or can you negotiate a settlement? You can settle it, pay it, or do whatever you so choose. Everyone should pay debt if they have the means. It should never have to come to a consensus. Do what you think is best
 Johnny ------------- Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting. http://www.solvestudentdebt.com" rel="nofollow - solvestudentdebt.com |
Posted By: footloose
Date Posted: 22/February/2012 at 3:21pm
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All judgments shown on an Equifax Credit Report are purged 6 years from the date the judgment is filed. This policy applies to all Provinces and Territories in Canada except PEI.
In PEI, the judgment is purged 10 years from the date the judgment is filed.
All judgments shown on a TransUnion Credit Report are purged 7 years from the date the judgment is filed in ON, PQ, NB and NL. In all other Provinces and Territories in Canada, except PEI, the judgments are purged 6 years from the date the judgment is filed. In PEI, the judgment is purged 10 years from the date the judgment is filed. ------------- Educating one Consumer at a time |