great lakes student loans credit reporting

Find out how Federal Student Aid partners with loan servicers to be here when you need help. Student loan servicer Great Lakes Education Loan Services allegedly mishandled reporting the student loan status and provided inaccurate information about millions of student loan … Great Lakes services Federal Family Education Loan Program (FFELP) loans, Federal Direct Loan Program (Direct Lending) loans, and private loans. I write and speak about leadership and greatness. They've never missed a payment. He has more than $150,000 in student loan debt after attending college for several years and ultimately receiving a bachelor's degree in Outdoor Recreation Leadership and Management from Northern Michigan University in 2014 and a master's degree in 2016 in Integrated Geospatial Technologies from Michigan Technological University in the state's Upper Peninsula. Similarly, Experian noted on its website that “the Department of Education will report suspended payments to the national credit bureaus as though they were on-time payments.”. Like many student loan servicers, Great Lakes offers the borrowers it oversees a 0.25% interest-rate reduction on federal direct student loans when you set them to autopay. Nearly 5 million student loan borrowers were harmed by an unusual mistake that was triggered after new rules offered debt relief during the COVID-19 crisis, according to consumer watchdogs. It's important to note that, VantageScore stated: "When accounts are reported with a natural disaster reporting code, information that would normally have a negative impact on a consumer’s credit history is instead 'set to neutral' and thus is not included when calculating the consumer’s credit score. Borrowers need to request many types of relief typically, unlike the automatic provisions relating to federal student loans. Our priority is providing an exceptional customer experience. Go to AnnualCreditReport.com for a free copy of your credit report from all three major credit bureaus. © 2020 Forbes Media LLC. According to his lawsuit, Great Lakes inaccurately reported that his federal student loans had been “deferred” (rather than lawfully paused under the CARES Act). Harrington, who works as a cartographer at a civil engineering company, wondered just how long it would take to see his score regain lost ground. As a result, borrowers are not required to make federal student loan payments. How long do your unemployment benefits last? Debt relief was welcome this spring but the credit scoring mix-up came at a time when he was working hard to rebuild his score. Zack is the Founder & CEO of Make Lemonade (www.makelemonade.co), a leading online personal finance company that empowers you to live a better financial life. He also completed a graduate certificate program through Central Michigan University Global Campus online to receive a college teaching certificate. The major reporting bureaus own VantageScore Solutions, a credit score model, and VantageScore allegedly treated the inaccurate information in a way that hurt the credit scores of many consumers. Method Great Lakes Educational Loan Services Ombudsman Contact Information : Phone (866) 348-0708 : Fax (866) 451-1183 . greatlakesservicingombudsman@glhec.org . The first one is "FEDLOAN SERVICING", and the other is "US DEPT OF EDUCATION". Follow her on Twitter @tompor. Should you pay off student loans during COVID-19? Dispute Resolution Overview . A new lawsuit claims that student loan servicers and credit bureaus allegedly ruined your credit score. Remember, too, that scammers are taking advantage of the economic chaos and confusion that surrounds the pandemic. You may opt-out by. In the meantime, if your student loans are serviced by Great Lakes, you should check your credit reports. This is in direct violation of the C.A.R.E.S act section 3513(d). While Great Lakes have had their up and downs and still far from perfect, a lot of students who dealt with them rated the company with a 3.8 out of 5 stars and that is not too bad. Great Lakes is a Servicer to Federal Student Aid. Great Lakes Credit Union is here to help with any of your banking and borrowing needs in Northern Illinois . points. Adjust Contrast ( Press C ) Text Size ( Press T ) Sitemap ( Press S ) Accessibility Statement ( Press A ) Close Toolbar ( Press Escape ) Need help? It’s absolutely irresponsible that Great Lakes(@MyGreatLakes) my student loan provider knocked my credit score 20 points because they reported the 4 month forebearance period to the Credit Bureaus. You have a network of support to help you succeed with your federal student loan repayment. Great Lakes is among the largest servicers of federal student loans and services student loans for approximately 8 million customers. Nelnet spokesperson Ben Kiser apologized for the inconvenience, saying Great Lakes remains committed to resolving the issue promptly. Borrowers think they're current and this will cause a blemish on their report. Finally, you can also contact your lender to inform them of the error so they can correct it for you. Then in a matter of days, his score unexpectedly tumbled by 91 points in May. Both women have the loans paid automatically each month. Start with these four options, all of which have no fees: Don’t expect student loan forgiveness or a $2,000 a month stimulus check, Student loan forgiveness reduced in new stimulus bill, Here’s when Social Security recipients get their stimulus check, Navient settles lawsuit — what it means for your student loans. Find out how Federal Student Aid partners with loan servicers to be here when you need help. He simply was caught in a COVID-19-related glitch connected to some student loans. On May 6, Great Lakes reported repayment borrowers to the credit reporting agencies in a manner it believed would not have a negative impact on borrower credit scores. But the good news is that a fix apparently may be in the works, as he saw his score go up somewhat as of June 7. Two items from Great Lakes Higher Education showed up on my report with the status "Claim filed with government." A few months ago I was checking my credit report and my score has shot up over 100 points. You shouldn't see a ding on your credit report if you weren't late in the past and now a lender agrees to postpone payments on your auto loan or credit card debt or mortgage as part of COVID-19 relief. You can also contact the Student Borrower Protection Bureau if your credit score changed on or after March 13, 2020 and you believe it was reported from Great Lakes. You may see something called a "natural disaster" code on your account. Contact Susan Tompor at 313-222-8876 or stompor@freepress.com. But now you have access more frequently, if you need it. Opinions expressed by Forbes Contributors are their own. Great Lakes student loan on credit report Hello, I am new to these forums and have a question about disputing an item on my credit report. Wu noted that some consumers have reported that their credit reports were wrongly marked as "in forbearance," when they simply inquired about a COVID-19-related mortgage forbearance, which also lowered their VantageScore. ", More: Student loan debt relief is coming amid coronavirus — but not for all, More: Adjustable rate mortgages might not be the deals you think they are, More: Michigan couple lost thousands in deposits, fees for spoiled dream wedding. "The Equifax has gone up only 2 points and sits at 590 for now. On May 11, Great Lakes … You'd go to AnnualCreditReport.com. The lawsuit named the student loan servicer Great Lakes (a subsidiary of Nelnet) as well as consumer reporting agencies Equifax, TransUnion, Experian and Vantage Score. It is very important with short-term loans, as with any loan, that you repay the loan on time or contact the Lender directly to agree on a modified repayment plan if this option is available. On May 14, 2020, Great Lakes released a statement stating that it is working with the major credit reporting agencies to accurately report the status of student loan accounts. How to pay your student loans during Coronavirus, Student loan forgiveness benefits these members of Congress, How to get financial relief for your student loans during Coronavirus, 5 ways to lower your student loan payments during Coronavirus, Student loan refinancing rates are incredibly cheap, Zack Friedman is the bestselling author of the blockbuster book, THE LEMONADE LIFE. When we fall short of our goal, our focus is to communicate openly and resolve the issue as soon as possible.". Previously, he was a chief financial officer, a hedge fund investor, and worked at Blackstone, Morgan Stanley, and the White House. She accused the Great Lakes of qualifying for PSLF program. If the borrower fails to repay the loan, then the cosigner is responsible for payment. Who is Great Lakes Educational Loan Services? "An updated credit file was provided to the credit reporting agencies on May 15," Kiser said, "and all four reporting agencies have processed the file. If you look at Vickie and Higgins’ credit reports, you see the problem is with their student loans. This may affect your ability to get a mortgage, a car loan, or a personal loan in the future. The loan holder reports the discharge to all consumer reporting agencies to which the holder previously reported the status of the loan and requests the removal of any adverse credit history previously associated with the loan. This mistake - which may have been due to a “coding error” may have impacted as many as 5 million student loan borrowers. What’s the best way to pay off student loans faster? "Immediately, Great Lakes began researching these borrower accounts and determined there was an inconsistency between Great Lakes reporting and that of other student loan servicers," he said. Apple named The Lemonade Life one of "Fall's Biggest Audiobooks" and a "Must-Listen.". The plaintiffs make several allegations, including that their credit scores were improperly damaged when their federal student loans were paused due to the CARES Act - the $2.2 trillion financial stimulus package. When you take student loans from the Department of education you can't pick your student loan servicer from the beginning, but if Great Lakes happen to be your student loan servicer you are lucky!. The student refers to the student the parent borrower obtained a Direct PLUS Loan or Federal PLUS Loan for. This is the organization that you will have to deal with when handling your student loans. Great Lakes is a Servicer to Federal Student Aid. Some borrowers with student loans serviced by Great Lakes saw their credit scores drop after payments in forbearance were reported incorrectly. If Great Lakes is the loan servicer, the borrower may call the Great Lakes Educational Loan Services Ombudsman. They accused Great Lakes of violating the articles of FCRA (abbreviated as Act of Fair Credit Reporting). Remember, your federal student loans are paused and your credit should not be negatively impacted through September 30. Great Lakes Student Loans. Student loan servicer Great Lakes Education Loan Services allegedly mishandled reporting the student loan status and provided inaccurate information about millions of student loan borrowers to Equifax, TransUnion and Experian — which reported that wrong information to third parties, such as Credit Karma, advocates for borrowers say. — Izzak Mireles (@izzak_mireles) May 13, 2020. But Wu said the mistake did not lead to a drop in FICO scores so someone who was seeking a loan might have been OK if the lender was using the FICO score, as most do. 03/01/2018 ©2018 Great Lakes … Great Lakes has reported some borrowers' accounts as delinquent or in default. Go to AnnualCreditReport.com for a free copy of your credit report from all three major credit bureaus. You have a network of support to help you succeed with your federal student loan repayment. Borrowers deserve justice.”. The lawsuit states that Great Lakes, along with its parent company, services 50% of all student loans in the United States. Despite this law, plaintiffs allege that their credit score was damaged anyway. Typically, you can request one free credit report from each of the three major bureaus — Equifax, TransUnion and Experian — each year. I got a notification that my credit score dropped 40 (!!) Another example of lawsuits against Great Lakes was the case filed by one of the student loan borrowers- Amanda Ross. Harrington had been regularly monitoring his credit score via Credit Karma after struggling in the past to keep up on bills. For example, plaintiff Cody Hounanian, program director at the nonprofit Student Debt Crisis, learned that his credit score declined after his federal student loans were paused. Five years ago, he was diagnosed with multiple sclerosis and decided that some background in education would be good in case his symptoms ever prompted him to seek a career change. You can visit StudentAid.gov to see a list of our trusted federal student loan servicers, all of which are fully vetted. 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