How does a settlement on a student loan from Sallie Mae effect my credit score?

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How does a settlement on a student loan from Sallie Mae effect my credit score?

Asked on March 28, 2012 under Bankruptcy Law, California

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

The first issue is whether or not the settlement with Sallie Mae with respect to your student loan is even reported to a credit reporting agency? Most settlement on debts that have been reported to a credit reporting agency are then taken off the report as shown paid in full if actually paid. If the payment on the debt is over time, then the credit report assuming the debt is reported should be updated to reflect that the debt is being paid down and if payment is timely, the report ordinarily should report this fact.


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