How long can this stay on my credit report?
Question by NoTurningBackNow: How long can this stay on my credit report?
8 years ago I was attending college that was being paid by my employer. There was an agreement from the school that I did not have to pay upfront, because once I completed a class my employer sent them the check.
Long story short, I had dropped two classes one semester and the school claimed they never received my drop class fax. (No I didnt save the confirm…ugh). If you dropped a class within the first week, you did not have to pay. I refused to pay as I never stepped foot into a class and sent them a fax. I dont feel that I should pay for the services that I did not receive.
This month it is 7 years from the date of debt and this is still on my credit report as an “unsecured loan” from the school. Is this considered a “student loan” and will never come off my report? I have already disputed this with the agencies. Any thoughts??
the point to the question is whether or not you think an “unsecured loan” from a private college is considered a student loan in the terms that stay on your credit report forever. Most items fall off after 7 years, with the exception of student loans… But is that for traditional student loans? Do you think this would be the same?
Best answer:
Answer by Infamous MacBook
I honestly feel like I don’t have all the information to give you a proper answer.
Add your own answer in the comments!
Tags: Credit, Long, Report, stay, Student Loan, This
Credit reports typically report “good” records for 7 years, derogatory credit is 10 years.
I can see that the college may see this as a student loan however, I dont think of it as a student loan in terms of a “federally granted student loan” —- more like an accounts receivable.
I dont think the classification will impact the reporting.
One question; if you receive a federal tax refund – than most likely its not classified as a student loan per IRS guidelines. Defaulted student loans with the federal government forfeit tax refunds.
Good luck.
It’s a debt to the school, not a Federally backed student loan. It should age off your credit report 7-1/2 years from the date of first default. Give it another 6 months and if it hasn’t aged off, dispute it with the credit bueaus.