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Posted in Student Loans
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crackstined

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What do I do with old Key Bank (student loan) charge off?
I opened a student loan with Key Bank in 1999. Some payments were made after graduation but there is still a balance. I have had no correspondence from them in the last 7-8 years regarding status. In between, I had gone through financial difficulties to not think about them and had not gotten correspondence from them. I checked my credit report and found that that account is listed as"open-charge off. I am working on improving my credit now that I am in a better financial position. I would like to address this but want to proceed with caution before I make any contact (to not get in over my head--as I said, I am working on improving my credit so I am making payments to everyone). What advice to you have for me? Thanks

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My advice for you, is to fully educate yourself in this area before you proceed any further. In attempting to do the right thing, you may cause yourself more problems than you realize. You have to be extremely careful in the moves that you make as wrong moves can be costly to not only your wallet but your credit profile as well.

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If the student loan was private meaning not governmental, it has to be removed 7 years from the date that it went delinquent. In that case, if it was a private loan, you can dispute it and have it removed now.

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As I said, do as much research as you can before you proceed with your credit repair. Learn about the following things as they may be very helpful to your situation, some googling should do it. Learn about (pay for delete agreements) (credit reporting time periods) (statute of limitations on debt) (what debt collectors cannot do) (FDCPA)

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If you have any more questions, feel free to post them on here (start a new post) and I will be sure to try to help you the best that I can.

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