Removing student loans from your credit report is a smart decision. While it's not an easy thing to do, it is possible. If they're in collections, your score will drop up to 100 points for seven years (unless removed). Getting new credit cards, cars, or home, may be impossible.
There are five (5) strategies to remove student loans from your credit report. You can:
- Write a Goodwill letter to the creditor requesting forgiveness
- Negotiate to pay the debt off early in return for it being deleted from your credit
- Send a dispute challenging the loan’s validity and accuracy
- Claim identity theft (if you’re a real victim) and send an FTC dispute with a police report attached to guarantee removal
- Have a credit repair company dispute on your behalf, handling the complexities for you