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Late Payment on CR - I have proof It's wrong, What to Do?

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Established Contributor

Late Payment on CR - I have proof It's wrong, What to Do?

I have a student loan that I requested a temporary forbearance on in Dec 2017. In January 2018 (a few weeks after my request), I received a letter stating that my forbearance was granted and no payment would be due for 6 months effective retroactively and applied to my January 2018 payment and going forward. Then, in March 2018 (in the middle of my forbearance), the loan was sold to another lender. I discovered a few months later that the original lender reported my loan as 30 days and then 60 days late for January 2018 and February 2018. This is not accurate and I have the forbearance letter to prove it. I suspect the forbearance somehow got lost in the shuffle of them transferring the loan to another lender (this is still absurb bu I'm trying to be reasonable), but nonetheless, the late reports are wrong. I have contacted them and asked them to correct my report - providing the forbearance letter - but I'm getting the run-around and a few months later, nothing is still fixed. I'm getting frustrated and handling this is a huge amount of time on my end.

 

Is there a process for resolving this directly with the CBs instead? Can I provide them with the written proof instead? It just seems that the original lender doesn't care - they don't hold my loan anymore and they don't seem to have any interest in helping. For what it's worth, the original lender is AES, who is just generally horrible to work with.

 

Thanks in advance!

Mid-2010 Starting Scores: FAKO EQ 476 FAKO EX 506 FICO TU98 575
July 2017 Current Scores: Approx 710 (waiting for official updates)
Message 1 of 5
4 REPLIES 4
Moderator

Re: Late Payment on CR - I have proof It's wrong, What to Do?

Write a letter of dispute to each of the CRAs that this appears on send a copy of your proof with demand for correction. If it comes back not resolved then you your next move is a complaint to the CFPB on the reporting creditor.

 

Adding: Send the letters certified mail.

"If there's a lack of money in your life, understand that feeling worried, envious, jealous, disappointed, discouraged, doubtful or fearful about money can never bring more money to you, because those feelings come from a lack of gratitude for the money you have."

"Reactions are powerful creators because they contain every element needed to manifest—they're a combination of thought, belief, and feeling in action. Positive reactions create more positive things, and negative reactions create more negative things. If you can respond to negative situations calmly and lightly, instead of with emotional turbulence, what happens next in your life will be so much better."

- Rhonda Byrne

Message 2 of 5
Established Contributor

Re: Late Payment on CR - I have proof It's wrong, What to Do?

Great, thanks. I wasn't sure whether the CRAs had an obligation to correct wrong information (without involvement of the creditor) or whether that obligation fell only on the creditor and therefore, I would have to contnue my fight only with the student loan company.

Mid-2010 Starting Scores: FAKO EQ 476 FAKO EX 506 FICO TU98 575
July 2017 Current Scores: Approx 710 (waiting for official updates)
Message 3 of 5
Established Contributor

Re: Late Payment on CR - I have proof It's wrong, What to Do?

here any special language to use in the letter to the CRAs?

Mid-2010 Starting Scores: FAKO EQ 476 FAKO EX 506 FICO TU98 575
July 2017 Current Scores: Approx 710 (waiting for official updates)
Message 4 of 5
Community Leader
Legendary Contributor

Re: Late Payment on CR - I have proof It's wrong, What to Do?

When you file a dispute with a CRA, the CRA is required to forward a copy of the dispute to the party who furnished the disputed information, and that party is required to conduct a reasonable investigation of your dispute and respond back to the CRA within the 30-day reinvestigation period.  Thus, if a dispute involves the accuracy of information reported by a creditor or debt collector, the CRA will always involve that furnisher in the dispute process, as it is a requirement of law.

The CRA then makes the final determination, based on all the evidence.

 

A CRA will typically, if the furnisher replies with a verification of the accuracy, accept the furnisher's finding, and essentially rubber-stamp by verifying the dispute.  However, the CRA is ultimately responsible for the final resolution, and could choose to correct or delete, notwithstanding a verificaiton response from the furnisher.  That is rare, but possible.

 

If the CRA verifies the accuracy, notwithstanding your evidence to the contrary, you can then either file a complaint with the CFPB is you feel they are clearly at error, or you could bring your own civil action and get an independent and full review of all evidence of both parties by the courts.

Message 5 of 5