No one wants to have closed accounts, like a student loan, appearing on any credit report. If it was in collections at any time, it might stay on your credit report for 7 years. The first thing you should do is review your credit reports. If one of your reports is much lower than another, start with that one first.
First, writing a goodwill letter may be done when you couldn’t make your loan payment due to illness or circumstances you could not control.
If your letter is well written and has mitigating circumstances, the credit company will probably review your previous payment history to verify the accuracy of your letter before deciding if they will take any action.
If nothing else works, you can simply wait for the negative item to age. The older an item on your report gets, the less impact it has on your report.
Many people do not realize that an old, closed account may still be a significant factor in their credit score. Other factors include applying for new credit or loans.
Read more: Removing a Closed Student Loan from Your Credit Report
Kimmy Burgess is the Manager of Cash in a Snap, which helps clients get connected to its large network of reputed lenders to get a no fax payday cash advance when they need it. Kimmy has over 20+ years' experience in Administrative Management, with many years in the lending industry. Her expertise includes customer service, client services and other functions in the payday lending business.