Date Received: 2017-08-26
Issue: Incorrect information on your report
Subissue: Information belongs to someone else
Consumer Complaint: Dear Neltnet, I would like to see the accounting records on the loans that you are accusing me of owing. Are you aware that it 's illegal to give out a loan if interest is being charged without having an insurance policy against the loan. I am aware of my rights and the statue of limitations in my state as a borrower. According to The Consumer Credit Act of 1974, it gives the credit consumer a legal process by which to proceed if he/she feels as if their rights have been or are being violated! At this point I feel that you are accusing me to be the owner of the loan accounts listed on my credit file. I feel that my rights are violated in several ways. Accusing a consumer of an unknown debt and misuse of ones credit can turn into a big problem. It is impossible for a creditor to verify a consumers debt attempting to verbally verifying the debt with a credit bureau. The debt was deleted several months ago and it was reinstated back on my credit file just recently. No documents we 're sent over to the address I have on file for the creditor. The creditor nor any credit bureaus attempted to contact me during this incident until I sent over police report documents, certified letters, etc.
Company Response:
State: FL
Zip: 33161
Submitted Via: Web
Date Sent: 2017-08-26
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2017-08-24
Issue: Getting a loan
Subissue: Problem with the interest rate
Consumer Complaint: This complaint is regarding intentionally deceptive business practices engaged in by XXXX XXXX. During XXXX 2017 I entered into an agreement with XXXX XXXX to refinance existing student loans. The rate I selected was a variable rate that was pinned to 1 month Libor. Per the final disclosure documents I received, this rate at inception of the loan was 3.32 %. However, upon entering the loan, I found the opening rate not to be 3.32 %, but rather 3.56 % ( a 24 basis points difference ). I have been in contact with XXXX customer services for weeks to no avail. I have supporting documentation for this claim and am myself very well versed in financial concepts and disclosures as I myself am a XXXX This intentionally deceptive company needs to be reprimanded and consumers made aware.
Company Response:
State: MO
Zip: 63129
Submitted Via: Web
Date Sent: 2017-08-25
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2017-08-24
Issue: Dealing with your lender or servicer
Subissue: Trouble with how payments are being handled
Consumer Complaint: Hello Consumer Financial Protection Bureau, I hope you 're doing well and thanks for all you do. However, please help me! Nelnet ( with its sky high interest rates already ) is doing everything it can to get even more out of me. Specifically, I have three groups of student loans - A, B & C. Groups A & B have higher interest rates ( 6.550 %! ) ; Group C is somewhat lower ( 6.160 % ). I 've done what I can though to get these lower rates, down from the original ones, which were even higher ( basically 7 % ). Namely, I 've signed-up for direct deposit and automatic payments. Researching Nelnet further, I determined after my minimum payment, I could actually put the rest of my payment, exclusively, toward the higher interest rate Groups, A & B. Doing so, put approximately an extra {$150.00} of my $ XXXX payment toward my principal ( making it a great option for me )! However, Nelnet appears to not like me paying-down my account in this way. Thus, instead of applying my directed payment toward the two high interest groups ; instead, Nelnet keeps, accidentally, putting half of my payment toward the lower interest group ( C ). This means about an extra 14 % /month ( of my monthly payment ) goes to Nelnet as interest, instead of toward my principal. I 've called-in for several months now to get this corrected, and I 'm told -each time- it was a one-time mistake and will never happen again. Yet it just did, again, with this month 's payment. Am I the only one? It 's unlikely. I would really appreciate your help in fixing this matter ( or Nelnet all together ). Most appreciated. XXXX XXXX XXXX
Company Response:
State: IN
Zip: 47401
Submitted Via: Web
Date Sent: 2017-08-24
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2017-08-24
Issue: Struggling to repay your loan
Subissue: Can't get other flexible options for repaying your loan
Consumer Complaint: In XXXX 2017 I submitted my forbearance letter the company said it will be deferred until next year. within weeks I get a noticed that I am delinquent and need to pay. contacted the company faced the needed information yet again get an information my account is delinquent and need to make payment. what I have noticed is that this particular company is n't clear on the information they provide for my student loans. I honestly do n't know what to do.
Company Response:
State: NY
Zip: 11373
Submitted Via: Web
Date Sent: 2017-08-24
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2017-08-23
Issue: Incorrect information on your report
Subissue: Old information reappears or never goes away
Consumer Complaint: Dear Neltnet, I would like to see the accounting records on the loans that you are accusing me of owing. Are you aware that it 's illegal to give out a loan if interest is being charged without having an insurance policy against the loan. I am aware of my rights and the statue of limitations in my state as a borrower. According to The Consumer Credit Act of 1974, it gives the credit consumer a legal process by which to proceed if he/she feels as if their rights have been or are being violated! At this point I feel that you are accusing me to be the owner of the loan accounts listed on my credit file. I feel that my rights are violated in several ways. Accusing a consumer of an unknown debt and misuse of ones credit can turn into a big problem. It is impossible for a creditor to verify a consumers debt attempting to verbally verifying the debt with a credit bureau. The debt was deleted several months ago and it was reinstated back on my credit file just recently. No documents we 're sent over to the address I have on file for the creditor. The creditor nor any credit bureaus attempted to contact me during this incident until I sent over police report documents, certified letters, etc.
Company Response:
State: FL
Zip: 33056
Submitted Via: Web
Date Sent: 2017-08-23
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2017-08-22
Issue: Dealing with your lender or servicer
Subissue: Received bad information about your loan
Consumer Complaint: On XXXX XXXX, XXXX, I received a call regarding my student loans by a company called XXXX XXXX XXXX. The salesperson stated that the company provided services for relieving student loan debt, providing an income-based driven repayment plan, and could consolidate my federal student loans through the Department of Education. The salesperson made it sound like there was no other way to do this except for going through a company just like XXXX XXXX XXXX to do it for me. It was not clear that the company did not have a relationship with the DOE, and they continued selling the service by calculating my monthly payment and quoting an interest rate. I signed up. They sent me forms to fill out ( assuming they were power of attorney ) and requested my XXXX ID and Social Security number. I emailed the forms back. In the mean time, I was thinking that I could save money by having someone else contact the DOE for me and situate my repayment options, until they stated that for the services, they needed a fee payment of nearly {$700.00} which could be broken up into XXXX payments, or I could save by paying {$590.00} that moment. The guy on the phone XXXX XXXX XXXX, stated that " usually customers will put the amount on their credit card instead of a monthly payment ''. So I did. After getting off of the phone with XXXX, I looked up the company and found that people were calling the company a scam, and that there were ways of doing this on my own where I did not need a third party assist. I emailed XXXX XXXX XXXX the next day XXXX XXXX XXXX ) and requested to have my {$590.00} refunded back onto my credit card and let them know that I would not be needing their services. However, I received an email back later the same day that stated verbatim, " Please understand that it is imperative that you speak with a case XXXX in order to file an official report and/or to request your enrollment agreement contract to be void in null. Please leave your best available phone number, and available time to reach you, or you may contact us at the numbers listed below. We look forward in resolving this matter in a timely manor. '' Based on the instructions, I called the number from the e-mail and requested a refund. The case XXXX I spoke with stated that they would put in a refund request with the cancellations department, but because it was late in the day and the weekend was coming up, that it may not be processed until the following Monday. I told the case XXXX that it would be fine, as long as I got my money back and my account was canceled. A few weeks later, I received my credit card statement and saw that the {$590.00} had still been charged. I immediately called XXXX XXXX XXXX again, and none of the reps I spoke with had any record that a cancellation request had been submitted. I was also told that they would need a XXXX to approve of the request, and that the XXXX would not be back to the office for a few days. I waited, and called back a few days later. Still no record of my calls, nor the cancellation request. The policy sent back to me once I signed the documentation clearly states : " XXXX. XXXX XXXX. The XXXX cancellation policy is designed to exceed state law requirements ( for the Clients protection ) and be easy to understand : If you are unhappy or dissatisfied at any time prior to receiving your completed application documents ( the services you are purchasing from the Company ) then simply send a letter, email or facsimile to the Company requesting a refund and cancelling. Once Company completes its document preparation services and sends documents to the Client, Client shall not be entitled to a refund unless subject to above guarantee or if Client requests such cancellation within their state statutory cancellation right. If at any time you have questions, please do not hesitate to call or write to us directly. " Also, I have not seen any paperwork sent from them in regards to servicing my student loans as promised. My loans have not been consolidated, and I received a notice from my current servicer that my first loan payment will be in XXXX.
Company Response:
State: CO
Zip: 80247
Submitted Via: Web
Date Sent: 2017-08-22
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2017-08-22
Issue: Took or threatened to take negative or legal action
Subissue: Threatened or suggested your credit would be damaged
Consumer Complaint: All my student loans are with NELNET. I was never offered an income driven plan, even though I asked about it several times. Instead I was put into forbearance for years and incurred interest costs in the amount of {$35000.00}. The only other option that I was offered was to pay over {$2000.00} a month, and for sometime I had no job or I was making very little. They threatened me with ruining my credit or garnishing my paychecks.
Company Response:
State: NJ
Zip: 07601
Submitted Via: Web
Date Sent: 2017-08-22
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2017-08-22
Issue: Credit monitoring or identity theft protection services
Subissue: Billing dispute for services
Consumer Complaint: *******************************THIS IS NOT A DUPLICATE******************************** Re : Late Payment Removal Account # XXXX Dear Sir or Madam : This correspondence is in response to the Dept of Education/Nelnet account dated XXXX XXXX, XXXX company 's response I received regarding my request to have late payments removed from my credit score report. In the complaint I was told that such reports could not be removed due to regulations promulgated by the DOE and the FCRA. However they did find a error on Nelnet end and retracted the reporting of late payments on XXXX XXXX. Contrary to these assertions, by failing to update previously reported information, Nelnet is in violation of Section 623 ( a ) ( 2 ) of the FCRA. I have attached a FTC advisory opinion which interprets Section 623 ( a ) ( 2 ) of the FCRA. The issue posed in the advisory opinion is how a lender is to handle a situation when subsequent information updates a report that was allegedly accurate when it was made but no longer is accurate in the present time ( i.e., the identical situation I am currently in ). The advisory opinion states that the Section 623 ( a ) ( 2 ) of the FCRA addresses the duty to correct and update information by furnishers, or persons who furnish information to consumer reporting agencies ( CRA ) such as credit bureaus. In particular, this section requires a person that has furnished to a consumer reporting agency information that the person determines is not complete or accurate to promptly notify the consumer reporting agency of that determination and provide any information needed to make it complete and accurate. Thus, on its face, this provision requires a furnisher to provide corrected or updated information to the consumer reporting agency that it had reported to originally. This duty extends to all student loan accounts reported to CRAs, regardless of whether they were accurate at one point, because the section requires the furnisher both to update accounts as well as to correct. Nelnet representatives told me that because the delinquent payments were accurately reported on the following months and year XXXX, XXXX, XXXX, XXXX, XXXX that any subsequently initiated forbearance/deferments would not allow for Nelnet to update reports to CRAs to show that the payments were not late and actually in forbearance/deferment. However, Section 623 ( a ) ( 2 ) clearly shows that the reports must be updated/corrected regardless of whether they were accurate at one point. * All of my Nelnet accounts that were part of the XXXX XXXX, XXXX XXXX, XXXX XXXX, and XXXX XXXX late payments show forbearance status effective as of XXXX XXXX, And a economic hardship deferment was submitted and applied onXX/XX/XXXXAlso, I had an administrative forbearance added to my loans on XXXX due to accident and illness. Therefore, my credit reports do not currently accurately reflect previous payment statuses with Nelnet, both as they actually existed and as Nelnet has recorded them. I am thus requesting that in compliance with Section 623 ( a ) ( 2 ) of the FCRA that the four accounts showing a late payment from XXXX to XXXX be updated and/or corrected and removed. SINCE MY XXXX XXXX EMAIL, I HAVE DISCOVERED THAT ALL OTHER LOAN PROVIDERS TIMELY PROCESSED THE DEFERMENT/FORBEARANCE LEAVING ME TO SUSPECT A PROCESSING ERROR ON BEHALF OF NELNET. In addition to the possible Section 623 ( a ) ( 2 ) claim, I intend on disputing the processing of my deferment if need be. In the event that these reports are not immediately updated to accurately reflect my forbearance/deferment status during those times I intend on filing disputes with the FTC, Florida Attorney General, and BBB, and pursue other legal routes if necessary.
Company Response:
State: FL
Zip: XXXXX
Submitted Via: Web
Date Sent: 2017-08-22
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2017-08-21
Issue: Incorrect information on your report
Subissue: Account information incorrect
Consumer Complaint: Nenet has reported me as delinquent on student loans, shredding my credit score. I stopped school last winter and made repayments. Then, I transferred to another school for my XXXX in XXXX. Last payment I made was mid-XX/XX/XXXX. I asked for deferment. I was told by a Nelnet representative that they would contact the school and I would be deferred, once verified. Well, they only contacted the school in XXXX. I thought I was okay. Now, I get reported to at least two credit bureaus as being in default on my student loans. I have asked Nelnet repeatedly to rectify this and, if I have to pay, let 's start payments again, but after they fix the grand mess they caused me through apathy and incompetence. Please contact them and MAKE them fix this. How can you be delinquent, if you do n't know you are delinquent? Their communication is horrific. I do want to consolidate my loans with XXXX XXXX to get away from this company. Need help fixing the credit reporting and some fairness here. Thanks.
Company Response:
State: WI
Zip: 53027
Submitted Via: Web
Date Sent: 2017-08-21
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2017-08-20
Issue: Dealing with your lender or servicer
Subissue: Received bad information about your loan
Consumer Complaint: I have been paying off my $XXXX loan since XX/XX/XXXX. A few years ago my servicer was changed from XXXX to XXXX education. Today I received a notice in the mail that my loan was going to be changed again and serviced by "Nelnet" as of XX/XX/XXXX that any payments past this date would be automatically forwarded to "Nelnet". (date I received this letter is XX/XX/XXXX) I have not received any info from this other company "Nelnet" regarding them acquiring my loan and how to proceed with payments. As of today the XXXX education website goes to a blank web page. No information is available about any of the payments I have paid over the last 5 years. XXXX "This Page isn't working." "HTTP ERROR 500" How is it legal for a loan servicing company to make my financial records regarding over $25,000 in payments completely inaccessible to me. I can't believe that this is a legal action that this company, XXXX, has taken. If it is yet another transfer of my loan, fine, but why haven't I received some sort of record to date of what my current loan balance is along with the information about how my loan is being transferred? These companies should have an ethical obligation to provide such information before rendering their services unavailable to loan payers. Since they obviously don't have moral compass, it should be made a law to require there loan servicers to provided this paper trail {all it would need to be is a XXXX spreadsheet printout} before transferring loans, to prevent the new loan servicers from taking advantage of those of us that haven't been taking screenshots of every new balance after payment. This is highly unethical and I am stressing out that this new loan servicer, Nelnet (who has zero info about me so far) might conveniently get my balance wrong causing undue stress and anxiety over having to prove that I have already paid down over $21,000 on this loan's principle. It happened to me before when I transferred from XXXX to XXXX and I had to make them correct it. It would have cost me thousands if I had not noticed. I am so sick of this XXXX. AND my interest on this federal loan is 6.75% < unethical to the max > a sad story for another day.
Company Response:
State: TX
Zip: 78660
Submitted Via: Web
Date Sent: 2017-09-24
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A