Consumer complaint received 2023-03-02
Company: Navient Solutions, LLC.
State: FL
Product: Student loan
Sub-product: Private student loan
Issue: Dealing with your lender or servicer
Sub-issue: Received bad information about your loan

Complaint:
Over the past few years, I have made several requests for accurate account information directly from Sallie Mae/Navient and submitted numerous disputes with the different credit reporting agencies. 

On XX/XX/XXXX, I requested a copy of my entire Tuition Answer loan files. 

On XX/XX/XXXX, I received a canned response that " copies of your loan agreements will be delivered to your address of record via U.S. Mail. '' On XX/XX/XXXX, I received a letter that only enclosed copies of the loan applications and promissory notes. I followed up with another request for the payment history and charges on my private Tuition Answer loans from XXXX. I made several disputes with the credit bureaus in the past and have received form responses that the disputed items were verified. However, I was never provided the information that Sallie Mae/Navient provided to " verify '' those disputes with the CRAs. 

On XX/XX/XXXX, I renewed my request for the entire loan files. To avoid any confusion, I requested to see all assignment ( s ), notice ( s ), servicing agreements, servicer transfer letters, notes regarding any modifications of the loan terms, and full payment history from XXXX to the present. None of that information was ever provided. 

On XX/XX/XXXX, I received the following email response : " XXXX, " Thank you for your inquiry and for your business with Navient. Please be aware that a transfer of services is unable to be provided as no transfer was taken. In XX/XX/XXXX, Sallie Mae split into two separate companies, Sallie Mae and Navient. When this split occurred, your loans did not move, just the name of the servicer changed, the payment address and all terms and conditions of the loans remained the same. A letter was sent to you as well as notification was provided on your monthly billing statements as well as your online account of company split. 

" Your loans were in In-School Deferment for Voluntary Forbearance from XX/XX/XXXX to XX/XX/XXXX then again from XX/XX/XXXX to XX/XX/XXXX. Payments were not required or made during this time which is why there is a gap in payments for these months. The declining balance history provided to you is an accurate record of all balances and payments made to your loans since origination, either addressed to Sallie Mae or Navient. We do not indicate a payment made in XXXX of XXXX. This could be an inaccurate report on your consumer report. 

" Your loan ending in XXXX was disbursed for XXXX on XX/XX/XXXX. There were several cannibalizations of the interest on your loan from the disbursement date to XX/XX/XXXX. From disbursement until XX/XX/XXXX, no payments were made on your loans. Because no payments were made, the principal balance would not have decreased from origination as interest accrues daily on the unpaid principal balance from the date of disbursement until the loans are paid in full. Unpaid interest after a period of postponement is capitalized if it is not satisfied. The balance of {$37000.00} as of XX/XX/XXXX is accurate and is as close of a transaction on your account we can provide to the balance as of XX/XX/XXXX. 

" The balance on your loan ending in XXXX was {$29000.00} as of XX/XX/XXXX. The balance on the loan as of XX/XX/XXXX was {$34000.00}. '' I received and reviewed the " Declining Balance Histories '' for my Tuition Answer Loans and noted discrepancies between the amounts Navient showed versus the amounts Sallie Mae previously reported prior to Navient 's alleged acquisition of the loans. 

First, both loans have a gap from XX/XX/XXXX through XX/XX/XXXX for which there is no history whatsoever. 

On Loan XXXX, Sallie Mae last reported to the credit reporting agencies that a payment was made on XX/XX/XXXX ( which is not reflected on their " declining balance history '' ) and that the account balance was {$12000.00} as of XX/XX/XXXX. However, where the new servicer 's ( Navient 's ) account history picks up on XX/XX/XXXX, they show a balance of {$42000.00} - almost 3.5 times greater than what Sallie Mae reported, in less than 2 years ' time. 

Likewise, with Loan XXXX, Sallie Mae last reported to the credit reporting agencies that a payment was made on XX/XX/XXXX ( which, again, is not reflected on their " declining balance history '' ) and that the account balance was {$9000.00} as of XX/XX/XXXX. However, where the new servicer 's ( Navient 's ) account history picks up on XX/XX/XXXX, they show a balance of {$34000.00} - almost 3.75 times greater than what Sallie Mae reported, in less than 2 years ' time. 

Navient 's starting balances should properly reflect the last balances reported by Sallie Mae. The fact that Navient asserts that the Sallie Mae-Navient transition was simply a " name change '' makes the account discrepancies all the more troubling. Also, the fact that Navient admitted that its XX/XX/XXXX reporting to the CRAs was " an inaccurate report on your consumer report '' is disheartening when I kept getting responses to my disputes that the information furnished by Navient/SallieMae was " verified ''. 

I have repeatedly requested explanations of these discrepancies, to no avail. 

I have been making program payments for several years yet it seems my loan balances barely decreased. If Navient can not produce the backup documentation to support its claims for these loan balances, it should not be permitted to collect them. 

At this juncture, the Consumer Financial Protection Bureau appears to be my last resort to finally obtain a clear, complete, and accurate compilation of the loan transfer/servicer transfer documents for these private loans. I would also like to see the original loan payment histories from Sallie Mae at the time of the company 's split in XX/XX/XXXX. 


Thank you, XXXX XXXX

Company response to consumer: Closed with explanation