What will happen if I start making payments on a closed student loan account?
I currently have several closed student loan accounts on my credit report that are in collections and now belong to the government. If I call the agency that is handling the debt and arrange to start making payments again, will this re-open those closed accounts and/or start showing on my credit report that I have an active account again? I just wanted to see if this would affect anything that shows on my credit report. I don't want a new payment plan to somehow negatively affect my credit score, especially if it was better off just showing the account as "closed". Hope this makes sense, thanks.
- ShayLv 72 months ago
Most "closed" accounts, good or bad, will fall off your credit report after seven years.
If you contact the collection agency - you RESET THAT COUNT DOWN. You could cause the accounts to stay on your report even longer.
So - if you intend to pay them off - call and make arrangements.
If you are concerned that you would eventually fail to make payments, then ignore them completely and let time fix the problem.