STUDENT LOANS ONCE IN DEFAULT REMAIN ON YOUR CREDIT REPORT INDEFINITELY. They are EXEMPT FROM BANKRUPTCY FILINGS. This is why I am very PROACTIVE IN TELLING ALL WITHIN EAR SHOT why you must be careful if you are considering using one for yourself and/or your child. STUDENT LOANS IN DEFAULT DESTROY: 1. Debt Ratio making it hard to acquire CREDIT unless you have an EXTREMELY HIGH PAYING JOB/VENTURE 2. KEEP CREDIT SCORE BELOW 650 even if the rest of your debts are paid as agreed. THIS means you PAY HIGHER INTEREST RATES on any open line of credit and WILL BE REFUSED some lines of credit due to your score. 3. CREDIT REPAIR is made EXTREMELY DIFFICULT when student loans are the cause. CREDIT REPAIR FEES with student loan issues are typically $3000 or more. The reason is simple THE CREDIT REPAIR COMPANY has to work with the LENDER and the GOVERNMENT both whom are going to be hostile and the GOVERNMENT BY NATURE is slow. NO CREDIT REPAIR COMPANY really likes dealing with these two entities due to the TREMENDOUS AMOUNT of effort necessary to remove these. BOTH THESE ENTITIES will fight till the bitter for their money. They also employ a legal team the size of a Wal-Mart staff to protect one loan. That means one to five people(credit repair team) is fighting four to six hundred attorneys. DAUNTING TASK
Posted on: Tue, 10 Sep 2013 19:51:33 +0000
Trending Topics
Recently Viewed Topics
© 2015