Advice Needed Please! Late/Sold

MJSeahawks · ‎03-10-2014

I need some advice on the best way to handle this. I've searched the forums and haven't been able to come up with anything. I have several student loans that originated with Wells Fargo which sold/transferred the loans to ACS in March 2011. The Wells Fargo accounts on my CR show 90 days late for Jan, Feb and Mar 2011. The ACS loans show the same late payments. How can both loans be late from the same time period? Is this how student loans normally report when they are sold? It's killing me because Wells Fargo has all of the loans split up depending on when I took them out so they report 8 different TL's plus the 2 now by ACS which gives me 10 90+day late marks all for one account.

What is the best way to handle this? Through the lenders themselves or through the CRA's? Or maybe this is completely normal reporting and I'm going to have to tough it out having 10 90 day late accounts on my report until they eventually fall off.... Any advice or info will be greatly appreciated. Thanks!

MJSeahawks · ‎03-10-2014

UPDATE--

I'm extremely impatient in trying to figure this out so I went ahead and called ACS and asked them about the late payments they are reporting since it was before they had the loan. After a ridiculously long hold time and explaining my situation several times to the csr I was told that they should not be reporting the late payments because they were before ACS was servicing my loan. However, she said it will require further investigation and I will be receiving the results in the mail when it is complete. It's a little annoying because I don't see what investigation is needed since they clearly didn't own my loan at the time and I have been current with them for the 3 years that they have owned it, but oh well.. I'm hoping for good news and that they remove my late payments from my CR.

Then the only thing I will have to be mad about is the fact that WF reports my loan as 8 different TL's giving my 8 negative remarks, but not much I can do about that one.

bahbahd · ‎03-12-2014

@MJSeahawks wrote:
UPDATE--
I'm extremely impatient in trying to figure this out so I went ahead and called ACS and asked them about the late payments they are reporting since it was before they had the loan. After a ridiculously long hold time and explaining my situation several times to the csr I was told that they should not be reporting the late payments because they were before ACS was servicing my loan. However, she said it will require further investigation and I will be receiving the results in the mail when it is complete. It's a little annoying because I don't see what investigation is needed since they clearly didn't own my loan at the time and I have been current with them for the 3 years that they have owned it, but oh well.. I'm hoping for good news and that they remove my late payments from my CR.

Then the only thing I will have to be mad about is the fact that WF reports my loan as 8 different TL's giving my 8 negative remarks, but not much I can do about that one.

You could always tell WF about the double reporting and ask them for a Goodwill adjustment as you are being ding'd twice.