Established Contributor
bahbahd
Posts: 729
Registered: ‎08-12-2011
Specific law forbidding removal of federal loans lates
[ Edited ]

My goodwill to Nelnet asking to remove lates on Stafford loans was denied. I sent a letter to an executive but received a call from a low level account manager who stated something along the lines of "I have reviewed your account all day, but there is nothing that we can do. Legally we must report..." The late payments are accurate, accrued after forbearance was up and another forbearance term was denied. I began making minimum payments, but was still accruing lates for many months until I was able to start making much larger payments to catch up.

 

I'm reading through the United States Code and the Federal Credit Reporting Act to find why student loan lates legally cannot be removed. Is it just the accuracy clause of  FCRA 602a  [15 U.S.C. § 1681]

 

http://www.ftc.gov/os/statutes/031224fcra.pdf

 

http://www.law.cornell.edu/uscode/text/20/1080a