What does FED LOAN SRV mean on my credit report?

Learn about FED LOAN SRV, an provider offering loans for financial assistance. Check the impact to your credit report and financial status.

Updated January 1, 2023
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What is FED LOAN SRV?

FED LOAN SRV is shorthand for Fedloan servicing, with the company name being Fedloan servicing Inc

Founded in 2003 by the Texas State Legislature, PHEAA was created as an alternative education assistance agency that serves students from lower-income families than the traditional public schools. It is operated by the Texas Education Agency (TEA) as a division of the department.

FED LOAN SRV is a Loan Provider. They could be on your report for a number of reasons, for example:

  • ⚫ You missed a repayment.

  • ⚫ You opened an account with Fedloan servicing.

  • ⚫ You opened a credit card / loan / mortgage with this company.

  • ⚫ Someone fraudulently opened a credit line under your name.

About the account

The account is classified under the following METRO2 categories:

  • ⚫ Education

How do I contact them?

Here is the current contact details for Fedloan servicing:

Address:

  • P.O. Box 69184, Harrisburg, PA 17106-9184.

Website:

Email:

Phone:

Payments

MyFedLoan offers the ability to make payments online, over the phone, and through a mobile app. Other payment options such as using a check or money order are available. There are penalties for late or missed payments, which include increased interest rates on the loan balance, late fees and suspension of deferment and forbearance options.

Question Answer
Do they offer a monthly payment plan? Yes
Can I make payments over the phone? Yes
Can I make payments online? Yes
Do they offer a discount for automatic payments? No
Can I make a payment using a mobile app? Yes
Can I make a payment using a prepaid debit card? Yes
Can I make a payment using a wire transfer? Yes

Forgiveness and Cancellation

There are three main types of student loan forgiveness: teacher loan forgiveness, public service loan forgiveness, and Perkins loan cancellation. You may also be able to get your loans forgiven if you enter into an income-driven repayment plan or if you make 20-25 years of qualifying payments on a standard repayment plan. You can consolidate your federal student loans into a Direct Consolidation Loan, which will not forgive your loans but may lower your monthly payments.

Question Answer
Do they offer loan forgiveness? No
Do they offer loan consolidation? No

How to Apply

You can apply for a loan in person, over the phone, or online. You may also be able to apply for a loan using a mobile app. Some loans may require a cosigner.

Question Answer
Can I apply for a loan online? Yes
Can I apply for a loan over a phone call? No
Can I apply for a loan in person? No
Can I apply for a loan using a mobile app? Yes
Can I apply for a loan with a cosigner? Yes

IdentityIQ Report Example

  • This is an example of what this creditor will look like on your IdentityIQ report.

FED LOAN SRV IdentityIQ Report

Will this affect my credit score?

Whether this account affects your credit score depends on a variety of factors, such as:

  • Account Open Date: If you opened this account recently it will impact your credit, the only way to prevent this from impacting your credit score is to remove the account from your report.
  • Derogatory Markings: If this account has any derogatory markings such as: Lates, Charge Offs, Collections and others.

However, there are could be some potential positive aspects to this account which could lead to improving your credit score, such as:

  • Account Age: If your account is quite old, then the age of it will positively impact your credit score
  • Repayment History: If the account has no Late Payments, Charge off Payments, then it may reflect a positive impact onto your credit score.

Can it be removed from my credit report?

Yes, with the right strategy, you will be able to remove any account from your report. But you have to be careful to ensure that the account is negative to begin with, or it will negatively impact your credit score.

However, removing a negative account will positively impact your credit score, allowing you to open new credit lines and potentially removing bad debt.

What is a Loan Provider?

A loan provider is a bank or financial organization that can provide loans. In order to apply for a loan they will run a hard inquiry on your credit account which will negatively impact your credit report. They may make mistakes in their reporting, so if it says that you have missed a payment and you haven’t then if you take the correct action you will be able to remove the late repayment from your credit profile.

How do I remove FED LOAN SRV from my credit report?

You can send a dispute letter to the credit bureaus to remove this account from your report. You must send a dispute letter to all three credit bureaus, as they are legally required to remove the account from your report if it is found to be inaccurate. For best results you should send a dispute letter to the credit bureaus via certified mail, this will ensure that you have a legal record of the communication.