Student Loan Servicers Are Dinging Credit Reports

[Anonymous]

https://www.forbes.com/sites/adamminsky/2020/05/19/student-loan-servicers-are-dinging-credit-reports...

The CARES Act payment suspension is not supposed to have any adverse credit consequences. The months of suspended payments are supposed to be counted towards federal loan forgiveness and rehabilitation programs, as if the borrower was still making normal monthly payments. The U.S. Department of Education has confirmed to the media that a borrower’s credit should not be impacted by the CARES Act forbearance.

Despite this, some student loan servicers appear to be reporting the student loans as delinquent or in a non-payment status to national credit bureaus.

[dynamicvb]

I just read this. I'm glad I'm not with that servicer. If they ding me for it going into forbearance then I'm going to be very angry as I just crossed over 800 on all three.

[Anonymous]

Great Lakes, Experian, TransUnion, and Equifax are being sued over this. 

It seems Great Lakes was already trying to change the reporting before the lawsuit was even filed. 

https://finance.yahoo.com/news/student-borrowers-sue-credit-scores-coronavirus-pandemic-114704744.ht...

[Anonymous]

My student loan is with Great Lakes and I did receive the email back in March that my account was going into forebearance regardless.

I still made march,april, and may(as of yesterday) payments, but the interest is 0% until Sept 2020. 

When it was first put into forbearance I did get a ding on all 3 of my reports and it did dropped my score and the comments said forbearance and no mention of "natural disaster" , but I checked Experian last week and the comment was erased

[ahutchga1972]

The forebearance comment was updated on mine too.

[calyx]

Cornerstone/UHEAA just added the comment "affected by natural disaster" to my account, but nothing else has changed as far as reporting.   It's reporting current though I have no payments due (I'm still making sporadic payments to pay it down anyway).