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Posted in Student Loans
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marianne504

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I have an account that was opened more than 7 years ago and has had a zero balance for a while...
I have a MEAD/FAME account for a student loan that was opened in October 2005 and has had a zero balance for some time. It is more than 7 years old and even though it was reported because I made some late payments, it has been paid in full since then. Shouldn't it be off my report by now? Please help!

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Student Loans

The Opening of an account is not what counts for the magic 7 year drop off. What does is the last date of activity on the account.

i.e. Opened 2005              = account age          8 years
      Last Payment 2008     = last activity age    5 years

Payments are not the determining factor in credit drops. A phone call from a creditor renews the activity on the account and resets the 7 year clock.

Student loans are governed a bit differently than other debts like medical and credit cards.

If you have paid in full you should contact the university you attended and speak to the financial aid department. They should be able to put you in contact with the creditor that supplied your loan. From there you can send a written request for them to remove/close the account and see if removing it from your credit.

Who you have to speak to would also depend if you were in default on your loans or just had a few late payments.

Good Luck I hope this helps.

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