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Ask Dave

Is It Worth Clearing Up?

Kerry wonders if it's really worth it to get an old student loan taken off her credit report, if the settlement was reported wrong.

QUESTION: Kerry and her husband refinanced and found out that a student loan debt she settled on years ago was done the wrong way and shows up on her credit report. She never got a letter saying the debt was paid. Is it worth it to get this cleared up from her credit bureau report? Like there’s no tomorrow, says Dave.

ANSWER: Absolutely this needs to be cleaned up. You need to call them and work out a deal with them. This time, do everything in writing and keep the letter they give you in a file with a copy of the check you send them, and keep that for the rest of your life. That will keep it from coming back to haunt you again because at best, these people are incompetent. At worst, they are crooks. They say the debt was settled, you sent them money and now they say the debt is not settled. Call them back and work out another deal and clear this up.