How to Get Your Name Off the CAIVRS Report
Is your name on the CAIVRS list? Don’t worry, Udeany is here to help you.
According to the Center for American Progress, about 43 million adult Americans—roughly one-sixth of the U.S. population older than age 18 currently carry a federal student loan and owe $1.5 trillion in federal student loan debt, plus an estimated $119 billion in student loans from private sources that are not backed by the government. With data like that, it is not surprising that many Americans find themselves mixed up in the maze of student loan default and all of the challenges that go along with it.
If you are one of the many people who find themselves in default, it can be detrimental for several reasons, one of which is realizing the dream of owning a home or starting a business.
How Does Your Name Get Added to CAIVRS?
When federal student loans go into default, one of the first things they do is add your name to the Credit Alert Verification Reporting System, otherwise referred to as CAIVRS. Once added to this list, it prevents you from qualifying for a government-backed loan (i.e. Federal Housing Authority Home Loans or USDA loans that assist with down payments).
Qualifying for these kinds of loans are especially important because they often have fewer restrictions and requirements associated with them than traditional bank loans. Unless you are granted a waiver, there is no way to qualify for these government-backed loans until your name is removed from CAIVRS.
Being on CAIVRS means you won’t qualify for loans backed by the following entities:
- Federal Housing Authority (FHA)
- Veterans Administration (VA)
- Small Business Authority (SBA)
- Native American Direct Loan (NADL)
- United States Department of Agriculture (USDA)
How to Get Your Name Off CAIVRS
Although the above information sounds scary, if your name is on CAIVRS because of defaulted student loans, there are brighter days ahead.
There is an excellent chance it can be cleared up quickly – within days even – but navigating the process alone is tricky for several reasons:
- You cannot check the CAIVRS Report to see if your name is on it. Only lenders have access to the database. There is a means to appeal CAIVRS errors, but it can be quite challenging since you cannot directly access the report. You will need to work with a lender who can provide you a copy.
- There is no connection between CAIVRS and the credit reporting agencies. This is why credit repair does not work when it comes to CAIVRS.
- You can only be removed from CAIVRS by the entity who placed you on the list. Typically, for defaulted student loans, that would be the Default Resolution Group (DRG) or a Debt Management and Collections System.
The fastest way to clear CAIVRS is to fix it yourself with the help of experts at Udeany. We take you through our proven method, supporting you every step of the way. Unlike items on your credit report which can take several years to correct, CAIVRS does not store a visible history. Once your name is removed (like from defaulted student loans) you will “pass” that section and it will be as if it never happened.
Methods For Clearing Your Name From the Default List
So, what’s the first step to getting the house or starting the business you’ve always dreamed of? Work with the experts at Udeany to get out of default and clear your name from CAIVRS once and for all.
If you are like most people, you have not seen your student loans in years. The first thing you need to know is how to find your student loans.
The Udeany process can help you find all your student loans.
Attempt to consolidate your student loans through a Direct Consolidation Loan or through student loan rehabilitation.
Your name should be removed from CAIVRS within 30 days of being removed from default. This can be sped up considerably by calling the Default Resolution Group (DRG) once you are sure they have received notification that the consolidation is complete or that the rehabilitation program has been completed.
Ready to get started immediately? Udeany has a process designed to lead you through every step necessary in order to escape student loan default. Contact us to get started!