Negotiation Letters Will NOT work on Student Loans

Posted on: December 14th, 2007 by admin

Student loan creditors such as Nelnet are required by law to report accurate information to credit agencies. This makes dealing with late or defaulted student loans much different than other accounts. Basically, regardless of if you have consolidated, or even undergone a rehab program, the record will remain on your credit report for 7 years.

Please see: http://www.ed.gov/policy/highered/leg/hea98/HR6.pdf for the specific legal mumbo jumbo.

Most other accounts CAN be negotiated

…if you go about it the correct way. I wrote a whole article about the best way to do this. Go here to read about negotiating charge offs, derogatory, late, and a bunch more.

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Original article from: The Better Credit Blog - Credit help, Dispute forms, and Fix bad credit