Negotiation Letters Will NOT work on Student Loans
Friday, November 23rd, 2007 |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.
Independent Thought
During difficult times a loan spent in the right way can make things a lot better. A loan spent unwisely will become a curse later. These days banking loans see your credit worthiness before issuing any loans. Bad credit rated people can get secured loans though they require some kind of collateral. If you have accumulated numerous student loans, you should think about getting a consolidated loan. That will make life a little bit easier.
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