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Discussion in 'Credit Talk' started by Mozilla, May 18, 2001.
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this is very interesting to me. I do not have the exact same situation. Instead, I have a Sallie Mae loan that was in an unemployment deferal for a year. I took out the deferal after the loan was late.
they sent me the form (I called and asked when do they need it by). I was bluntly told it didn't matter when I sent it in or how late I was. As long as I was granted the UE deferal, my account would be brought "current" and all derog info would, in essence, be expunged on their system.
BUT NOT W/THE CRAs. It makes no sense, and they agree w/me in principle... If my loan has a legal deferal, and I legally owe no payments for the year, and I have written proof... How is it that I show either 1 or 2 90 day lates on my credit reports (each report is different from the other). NO payments were due... so how could I ever be late?????
The only thing I've been told is technically, I did go late and the form was sent in after I went late... but I was absolutely told it would correct all my lates.
An honest supervisor admitted that it sucks... but they won't budge. By the way, had they told me I could've sent the form in before the account hit 90+ days... I didn't realize that was the cutoff to protect my credit with the CRAs.
But I have already hit the wall w/Sallie Mae. I called so many times it's a joke. I'm just hitting the bureaus. They screw up enough to warrant a lawsuit... and they'll settle w/full removal or I will at least get some cash to offset the net affect on my credit.
BY the way, are the student loan servicing centers even subject to FCRA???? And just out of curiosity, have you learned of when they will ammend their CRA reporting???
Also, just as a side thought... what about truth in lending laws??? I mean, Good lord, your story is worse than a loan shark. How can they do that??? Is it in our promissory notes??? Maybe I need to go back and read mine again.
Student loan servicers are subject to the FCRA. It is right there in the Higher Education Act. What you should know is that there is no specific private right of claim provided for in the HEA. However, it is my claim (that I am making in Court) that the promissory note contract incorporates the HEA into the contract. So, the private right of claim occurs because of a contract that assumes a breach allows for recovery of damages. There are specific rules that govern the activities of servicers and lenders under the HEA (34 CFR 682 or somethin). I can quote the section for guarantee agencies, but not lenders. Anyway, the lender is a furnisher of credit information under the FCRA. There is an automatic private right of claim against furnishers, but only if they fail to update the results of an investigation (consumer dispute verification form) to all consumer reporting agencies to which the information was provided. For example, if you contact them directly they don't have to do squat. If you dispute the debt through Equifax, Experian, or Trans Union, they have to do an investigation, fill out the form, and verify the information. However, they don't have to fill it out right. They only have to report the results of their investigation. Get it? I am nailing NELA on a technicality. They didn't update the results of the request made from Experian and Equifax to Trans Union. Be careful with Sallie Mae. They know what they are doing, and believe it is OK to lie as long as it doesn't violate a law. I would never ever call them on the phone unless it is simply to collect information on your account, but never to get a promise or a substantive question answered. I mean, you could check your loan balance and payment status, but not ask how long you have to return a form. Anyway, good luck with the late references. Who guarantees your loans?
Well, unfortunately... Sallie Mae is now paid off completely. Consolidated into 1 WDFord Direct loan now. I was actually consolidating when it went "late"... the consolidation took a long time and I just didn't worry about it due to the comment from the SM rep.
If I knew then what I know now. I really don't think it penalizes me much anymore. It's almost 3 years old, and I just got a CAp1 Platinum card... so I've moved on. It just ticks me off everytime I see it.
Also, if they had just told me that the account was getting reported late (and had offered the 12 month rehab deal) I would've waited 12 months... paid SM, gotten the lates cleared, then consolidated for a lower rate w/Direct Loans.
I have always hoped that SM would either purge my records at some time... or not respond and the CRAs would remove it. Course, as far as I know the CRAs don't really even investigate it because when I ask for proof of an investigation I only get the method... not the proof of the actual investigation.
If I'm reading your post correctly, are you saying that you caught your student loan servicer in a technicality??? They didn't fill out the CRA investigation form correctly??? If that's so, where did you even get a copy of it? From the CRA/ STudent loan???
This is interesting. I appreciate all the info.
I got the information through discovery. They didn't keep the "Consumer Dispute Verification" form in my student loan file. By discovery, I mean I had to sue them in Federal District Court (in Seattle) and make a request for documents. By the way, you have a right to view your student loan file and have copies made within 30 days of a written request (they have to respond within 30 days...it might take them longer to actually cough up the docs).