Student Loans Report Claims You Failed to Get Student Loans During the Covid-19 Pandemic

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A new report reveals that your credit score may have been damaged due to student loans.

Here’s what you need to know:and what does it mean for your student loans

Student loans

Several student loan companies – companies that manage student loan payments – have allegedly done major mistakes during the Covid-19 pandemic, which may have an immediate damage your credit score… These are accusations of shocking reportwhich describes the widespread mistakes associated with your student loans that were more than previously known. The report contains several alleged statements, including:

1. Student loan payments were not listed correctly

Care Act, $ 2.2 trillion incentive package, allowed student loan borrowers to pause student loan payments during the Covid-19 pandemic. However, the report details tens of thousands of new cases in which student loan servicers did not report the correct student loan repayment status to credit reporting agencies. Simply put, even if you were not required to make a student loan payment, your student loan servicer may have told credit reporting agencies that you are late on your student loan payments… The report notes that if true, this misinformation would violate the rights of student loan borrowers under the Nursing Act, as well as federal and federal consumer protection laws, including the Fair Credit Reporting Act. For example, according to a lawsuit last May, Great Lakes, one of the leading student loan servicing companies, incorrectly told credit reporting agencies that nearly 5 million borrowers stopped paying student loans. As a result, the credit ratings of these student loan borrowers could be damaged, which could cause them financial damage during the Covid-19 pandemic.


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