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Student Loans moved from ACS to NELNET however BOTH are reporting on my CRs - Need Your Advice

Regular Contributor

Student Loans moved from ACS to NELNET however BOTH are reporting on my CRs - Need Your Advice

Good Afternoon MyFicoFam,

I need suggestions on how to sort this out:

 

In December 2017 ACS informed me that my student loan is being assumed by NELNET effective December 8, 2017 and to send payments to NELNET.  I received a statement from NELNET acknowledging that they will become my new loan servicers, etc. and I moved forward with making my payment to them.  No problems there.  

 

The issue is, January 5, 2018 I received an alert from Experian that my credit score had gone up 22 points (always a good thing), but I didn't know why.  So I reviewed my accounts and noticed that both ACS and NELNET have reported my student loan account (in good standing) however, the amount of the debt has doubled because both companies have reported it.  So now my installment debt has increased significantly (from $46K to $92K) because of the duplicate reporting. 

 

I called ACS and they stated "We aren't servicing your loan anymore, blah, blah, blah" and when I called NELNET they stated "We've reported accurately to the bureaus, so not our problem".  I'm going to give this another month at most to see if ACS will report a zero balance during their normal reporting cycle (and hopefully that will clear this up) and then I guess my only option if they do not update their report is to dispute the debt with the CBs, right?

 

Has anyone else had to deal with this?  Any suggestions you can provide to assist me with addressing this issue and making sure my credit report is accurately reflecting the accounts I have?

 

Thanks in advance!

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2 REPLIES
Frequent Contributor

Re: Student Loans moved from ACS to NELNET however BOTH are reporting on my CRs - Need Your Advice

I think it sounds like you are just in limbo between reporting cycles.  I would guess that ACS only reports once a month and it was before the account was actually closed and sold.  You are most likely correct in needing to wait a month or so until things work themselves out.  

FICO8 Scores as of 8/8/17: EQ-643 TU-644 EX-629
Current FICO8 Scores as of54/7/18: EQ-668 TU-651 EX-652
Current Mortgage Scores: EQ-681 TU-655 EX-648
Goal: all FICO8s above 700

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Message 2 of 3
Regular Contributor

Re: Student Loans moved from ACS to NELNET however BOTH are reporting on my CRs - Need Your Advice

Happy to report that after speaking with ACS again, they sent an updated report to the bureaus and I’ve already seen an update on Experian. Best part, I only lost 5 of the points I gained!

Solid 800 is right around the corner! Super excited about how far I’ve come in such a short period of time!!
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