topic Re: Nelnet Hell in Rebuilding Your Credit

Nelnet Hell

felyasocal — Fri, 13 Sep 2013 18:14:43 GMT

So I had a loan that started off with Wachovia then was transferred to Wells Fargo then to ACS then to US Department of Education and now with Sallie Mae

While it was with Nelnet I could not pay the loan. After some time and after it was transferred to US Dept of Education I was able to continue to pay for the loan and I am current on the loan right now.

Nelnet is still reporting this loan as 120+ days past due as the current status. I don't know what to do. I called them and they are nothing, but robots who are saying that it will stay on my credit for 7 years. All I want them to do is to update that the loan has been transferred to another lender and its not currently past due.

PLEASE HELP. THIS IS DRIVING ME UP THE WALL. ITS JUST NOT FAIR =)

thank you!

Re: Nelnet Hell

Anonymous — Fri, 13 Sep 2013 20:06:24 GMT

You might get more assistance in Rebuilding Forum.

I have asked for your post to be moved.

Re: Nelnet Hell

Anonymous — Fri, 20 Sep 2013 18:11:27 GMT

Nelnet requires you to send in a copy of your credit report along with your dispute to be reviewed. Their fax number is 402.458.2298.

Re: Nelnet Hell

RobertEG — Fri, 20 Sep 2013 18:26:00 GMT

Are you SURE that 120-late is being reported as the current status, and not simply as the fact that within your payment history, you had a prior 120-late?

Current status is only a snapshot of status as of the last reporting. It does not reflect any prior status, which is retained under separate, payment history codes.

If the current status is reporting as delinquent when the account is in good-standing, the basis for dispute would be their non-compliance with FCRA 623)a)(2), which requires any furnisher of information to promptly update that information so as to maintin its current accuracy.

If you choose to file a direct dispute, you are NOT required to provide them a copy of your credit report.

The implementing regulations for the direct dispute process (16 CFR 660.4) suggest that a consumer include a copy only of the relevant portion of their recent credit report only to show that they are actually reporting the asserted inaccuracy. It is a suggested item, and not required. If you adequately include sufficieht information to identity the account and the disputed information, there is no requirement to include a copy of your credit report.

Re: Nelnet Hell

bahbahd — Fri, 20 Sep 2013 20:23:35 GMT

Good Luck. Nelnet does what they want and gets away with it. Their internal policy is to (almost) never adjust past reporting. They are not a good organization. History of promoting loan recycling, aggressively pushing borrowers to go through unecessary consolidation (locking rates, getting kickbacks), knowingly defrauding the US gov, etc. After they were sued by the US government, Nelnet even wormed their way out of paying the $55M in fines. The company is run by some bad people.

Just use the thoroughly cited controversies section here as a jumping point to see how evil they really are: http://en.wikipedia.org/wiki/Nelnet