CLOSED AND PAID LOAN STILL REPORTS OPEN

[Sbrooks1]

Marcus Goldman sold my loan to SST back in November, I immediately paid it in full to SST so that loan never even reported. However, MGS continues to reflect an open loan with a 16000 balance and 400 monthly payments to the credit bureaus, has not reported though since loan sold in November. I have filed disputes but no resolution so far after more than 6 weeks , still reports in progress. Any thoughts or advice on this. TIA

[GreatLife]

Appears to me that an incomplete process at SST is likely causing this problem.

SST needs to complete their internal process for receiving the loan transfer from MGS. Then MGS can complete their internal process for successfully transferring the loan, which causes a status update sent to the CB's for MGS loan transfer, closure, and $0 balance.

SST also needs to report your loan to the CB's showing the payment, $0 balance, and loan closure dates.

If you paid the loan so quickly that SST declined to complete the transfer or something was done to record your SST payment as a payment directly to MGS, then I would file a CFPB complaint because the MGS loan isn't being accurately reported.