Loans taken over by other lenders?

  • Posts: 1190

Replied by FrankN on topic Re: Loans taken over by other lenders?

Loans are sold to other lenders all of the time. Unfortunately most of this is explained in the fine print but is difficult to interpret. I would say most of the time the bank you get the loan with, most of them will ultimately sell it to another lender.
2 years 10 months ago #16

Please Log in or Create an account to join the conversation.

  • Posts: 217

Replied by Breakinger on topic Re: Loans taken over by other lenders?

This is a very interesting question, and now that it is time for school again I'm sure that other people are going to see this same type of issue. I'm just wondering, does this mean that it is not hurting your credit by having these open accounts on your report because technically it is only one loan? Also, do they all close out once you pay off the student loan?
2 years 11 months ago #17

Please Log in or Create an account to join the conversation.

  • Posts: 1261

Replied by Wanderer on topic Re: Loans taken over by other lenders?

Hello,

I just had a question I was hoping someone could help me with. I just pulled my 3 credit scores and reports and noticed that my previous school loan though Direct Loans(Which was taken over by mohera or something like that) is still showing up as an open account even though I had nothing to do with the transfer. Also, the new company that is handing the loans is on the report as an open account as well.. Should I dispute this and what difference would it have or impact could it be having now? Any insight to this would be greatly appreciated.

Thanks,

Gabe


My guess is that your loan documents allow the lendor to assign or sell the loan anytime they find the need. Since the loan ownership changed they would be a reporting to the credit bureaus the name of the new loan holder (this would be correct). Also, it makes no difference who's name is on the bureaus as long as the reporting is accurate.
7 years 4 days ago #18

Please Log in or Create an account to join the conversation.

  • Gabriel0702
  • Gabriel0702's Avatar Topic Author
  • Offline
  • New Member
  • New Member
  • Posts: 3

was created by Gabriel0702

Hello,

I just had a question I was hoping someone could help me with. I just pulled my 3 credit scores and reports and noticed that my previous school loan though Direct Loans(Which was taken over by mohera or something like that) is still showing up as an open account even though I had nothing to do with the transfer. Also, the new company that is handing the loans is on the report as an open account as well.. Should I dispute this and what difference would it have or impact could it be having now? Any insight to this would be greatly appreciated.

Thanks,

Gabe
7 years 4 days ago #19

Please Log in or Create an account to join the conversation.