We report all account experiences, both positive and negative, to one or more of the credit bureaus. Late payments, missed payments, or other defaults on your account may be reflected in your credit report, as will a record of on-time payments.
If you're having trouble making your payments, please contact us immediately at email@example.com or call us at 844-227-5011.
Depending on where you're at in paying off your loan and other factors like whether you've ever missed or been late on a payment, you'll see different statuses for your loan on your credit report. Here are some of the most common ones.
Sections in this article cover:
- Is your loan paid off?
- Have you ever had late payments, now or in the past?
- Has your loan been charged off?
- What if you kept making payments or paid it off?
- What if you settled?
- What if it was charged off and sold?
Is your loan paid off?
Congratulations! Your credit report will show that your loan has a zero balance and will say something like "fully paid" or "closed." They both mean the same thing, so you're good to go!
Have you ever had late payments, now or in the past?
Late payments stay on your credit report for 7 years. This is true even if you've caught up on your payments and paid off your loan. We're required to report complete and accurate information and can't make good faith updates.
Has your loan been charged off?
If you've missed too many payments, your loan can be charged off, and your credit report will show a record of this. You still owe the remaining balance. Whether you've paid off the balance, settled it, or the loan is sold, the charge-off status will stay on your credit report for 7 years.
If your charged off loan hasn't been sold yet and you would like to begin making payment, please contact us immediately at firstname.lastname@example.org or call us at 844-227-5011.
What if you kept making payments or paid it off?
You can keep making payments or can fully pay off the balance of your charged-off account, and the charged-off status will remain on your credit report. If you do pay it off, your report will show both a zero balance as well as the missed payments that led to your loan being charged off. Paying off this outstanding debt can have a more favorable effect on your credit score, so it's best to keep making payments on the charged off balance to improve your financial health in the long run.
What if you settled?
If you settle the account for less than the full remaining balance, your credit report will show this, along with a zero balance and all the missed payments that led up to the charged-off status.
What if it was charged off and sold?
If your charged-off loan gets sold, your credit report will show a zero balance because you no longer owe the debt to us—you now owe the organization that purchased your loan.