Are you looking for ways to improve your credit score? Are you wondering about the types of loans that affect your score? Do currently have a student loan and are experiencing difficulties paying on time? If you answered yes to any of these questions, then here are two types of student loans and the time it takes for each to report a late payment to the three major credit bureaus before it starts affecting your credit score.
Private Student Loan
Private student loans can come from several financial institutions which include banks, credit unions, and other similar establishments. As you may or may not be aware, private student loans may require you to pass a credit check before you are approved. If you make a late payment on a private student loan, the lender may take as little as 30 days to report to the three major credit bureaus before it starts affecting your credit score.
Federal Student Loan
There are many steps or processes to take to apply and be approved for a federal student loan. One of which is completing and submitting the government’s Free Application for Federal Student Aid (FAFSA) form. If you have been approved for this type of loan, servicers will wait typically 90 days before they report to the three major credit bureaus for late payment.
Who You Should Turn to for Help in New Jersey
Whether you currently owe on a private or federal student loan, making a late payment will affect your credit score. If this is happening to you, then you are perhaps searching for help or for a company that offers services like student loan credit repair in New Jersey
Visit the friendly professionals at Emerald Credit Solutions. They offer their credit repair expertise and understand your needs. So, when searching for a reliable and trustworthy company that offers services like student loan credit repair in New Jersey, they are the ones you should contact. Call or visit them at https://emeraldcreditsolutions.com today.
