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Posted in Student Loans
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bamafb78

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Student loan changed companies, thus closing and adding new accounts. What can I do to change this?
I took student loans out over several semesters of my college career. I graduated and started paying on these loans, it shows on my report as five separate loans, July of 2012. In September of 2013 the company that owned my student loans closed and transferred them to a different loan company. Other than a few hassling phone call to figure out what was going on this did not affect my loans. The problem is my credit report shows that I closed these loans and reopened them which greatly affected my score, around 40 points! Is there anything that I can do to show that I had nothing to do with my student loans being transferred without my knowledge? Instead having several loans a few years old it shows 5 brand new loans, its the same loans as far as I am concerned.

Any help would be appreciated. My score is getting penalized for no good reason and I would like to change it!

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Trust me, nobody is looking at your report and thinking YOU closed and re-opened those accounts.  If you look at your complete credit report from www.annualcreditreport.com, there will be language stating "account transferred to another lender" or something to that effect, which happens all the time in the credit business.  I really doubt that is what affected your credit score.  I suggest you review your full credit report and read more about credit scores at www.credit.about.com.  Best of luck!

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