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Mortgages and Loans Q&A

Q: I have 4 current federal student loans and 2 defaulted private loans from Sallie Mae. How long do private loans stay on my credit report? It's been sold off to a collection agency 7 years ago.
A: Generally, accounts sent to collections will be listed on your credit report for up to 7 years, beginning 181 days from the most recent delinquent period before the collection activity. A collection account’s status should change to "paid collection" once you've paid off the entire amount. If you settle with the collection agency for less, your credit report may list the account as "settled for less than full balance."
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