Consumer complaint received 2022-04-20
Company: EQUIFAX, INC.
State: LA
Product: Credit reporting, credit repair services, or other personal consumer reports
Sub-product: Credit reporting
Issue: Problem with a credit reporting company's investigation into an existing problem
Sub-issue: Investigation took more than 30 days

Complaint:
XXXX as of XX/XX/XXXX is negatively reporting on my XXXX, Equifax, and XXXX XXXX XXXX file. XXXX has been found negligent and liable in this suit by the Attorneys General Office. XXXX XXXX XXXX am one of those students. I am a victim of XXXX 's predatory lending practicing. 

As of XX/XX/XXXX state Attorneys General announced today that XXXX, known as one of the nations largest student loan servicers, will provide relief totaling {$1.00} XXXX to resolve allegations of widespread unfair and deceptive student loan servicing practices and abuses in originating predatory student loans. 

This settlement resolves claims that since XXXX, despite representing that it would help borrowers find the best repayment options for them, XXXX steered struggling student loan borrowers into costly long-term forbearances instead of counseling them about the benefits of more affordable income-driven repayment plans. I XXXX XXXX am one of those students. I am a victim of XXXX 's predatory lending practicing. 

According to the attorneys general, the interest that accrued because of XXXX forbearance steering practices was added to the borrowers loan balances, pushing borrowers further in debt. Had the company instead provided borrowers with the help it promised, income-driven repayment plans could have potentially reduced payments to as low as {$0.00} per month, provided interest subsidies, and/or helped attain forgiveness of any remaining balance after XXXX years of qualifying payments ( or 10 years for borrowers qualified under the XXXX XXXX XXXX XXXX XXXX ) XXXX 

XXXX also allegedly originated predatory subprime private loans to students attending for-profit schools and colleges with low graduation rates, even though it knew that a very high percentage of such borrowers would be unable to repay the loans. XXXX allegedly made these risky subprime loans as an inducement to get schools to use XXXX as a preferred lender for highly-profitable federal and prime private loans, without regard for borrowers and their families, many of whom were unknowingly ensnared in debts they could never repay. 
Under the terms of the settlement, XXXX will cancel the remaining balance on {$1.00} XXXX in subprime private student loan balances owed by more than XXXX borrowers nationwide. In addition, XXXX will pay {$140.00} XXXX to the attorneys general. A total of {$95.00} XXXX in restitution payments of about {$260.00} each will be distributed to approximately XXXX federal loan borrowers who were placed in certain types of long-term forbearances. Borrowers who will receive restitution or debt cancellation span all generations : XXXX harmful conduct impacted everyone from students who enrolled in colleges and universities immediately after high school to mid-career students who dropped out after enrolling in a for-profit school in the early to XXXX.

Company response to consumer: Closed with explanation