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Posted in Student Loans
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Question By
cmanndmb

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Genesis Lending No Longer Around...Have Questions!
It shows I still owe $485.51 on a student loan under the name of Genesis Lending. This company from what I understand is no longer around. I have paid them off completely and know there is no longer a balance. Since I linked my Genesis Lending account on CreditKarma.com a long time ago, and I am just getting back on CreditKarma/Updating my connected accounts, would it be wise to disconnect my Genesis Lending account or would it make the CreditKarma website not recognize all my payment history? Genesis Lending no longer has a website to log in too. I want to know my payments history and age of credit will not be affected by me disconnecting my account. I know there is plenty of people with more experience than me on this subject. I am trying to learn a much as I can at a young age so my future is bright. Please let me know what you think or if you need more information on the situation.

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Credit Karma is NOT a credit bureau, so it whatever you do with connected accounts and whatnot here on Credit Karma does not affect your actual credit reports. If the account shows that you owe a balance when you do not, then you need to dispute that with the credit bureaus that are reporting it. Transunion, Equifax and Experian all have websites with contact info and instructions on how to dispute incorrect info on your credit reports.

Reply by
cmanndmb

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The only reason it shows I have a balance with Genesis Lending on Credit Karma is the fact that I can not log on to their website(They shut down the website) anymore due to them no longer being around. So the "Connected Account" actually is 100% unable to connect anymore. I know it is paid off. What my question is, if I remove the account from Credit Karma will Credit Karma not recognize the fact that I have had credit history with this company? I did everything right with Genesis Lending and just want to know if I remove the "Connected Account" from Credit Karma that all my hard work will still be represented in the score.

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You are missing what I am saying, Credit Karma is NOT a credit bureau. No lenders see your Credit Karma account, they look at your Equifax, Transunion and Experian credit reports. Any accounts that you connected to your Credit Karma account are not automatically connected to your credit reports. Connecting accounts is a Credit Karma thing, you cannot add accounts to your actual credit reports. Please take some time to do some further reading about this and consider getting your credit reports from the three credit bureaus as it may help eliminate some confusion. Transunion, Equifax and Experian all have websites. You are entitled to one free credit report from them each year, instructions on how to obtain it is on the credit bureaus websites.

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I would disconnect and remove the account. But CK gets the information from Equifax and Transunion.  If after disconnecting the account, waiting a day or two, if it still shows up, then you really need to do as already suggested and go to the Crddit reporting agencies and dispute. 

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