Consumer complaint received 2023-04-14
Company: EQUIFAX, INC.
State: TX
Product: Credit reporting, credit repair services, or other personal consumer reports
Sub-product: Credit reporting
Issue: Incorrect information on your report
Sub-issue: Account status incorrect

Complaint:
XXXX reported on my credit report 90 days past due on XX/XX/XXXX causing a major drop on my credit score. 

The Biden administration had paused student loan payments through XX/XX/XXXX which was extended until XX/XX/XXXX. 

XX/XX/XXXX, the White House announced an additional extension through XX/XX/XXXX which has now been extended through XX/XX/XXXX. 

However, per Nelnets reporting, my student loan payment was to resume with due date XX/XX/XXXX. 

I received a notice from XXXX, via email, stating my account was 60 days past due XX/XX/XXXX in which I submitted an application through the Dept of Education for Income Driven Repayment. I obtain email confirmation stating the application had been submitted to Dept of Education the same day. XXXX sent an email XX/XX/XXXX stating Your income-driven repayment plan application has been received Well be in touch. 

XX/XX/XXXX I received another notice from XXXX stating my account was 75 days past due. Since no further communication had been received from XXXX, I assumed the Income Driven Repayment application was in process/completed and waited to receive my letter stating my payment and it would update the account once it was implemented. 

XX/XX/XXXX upon researching loan forgiveness options, I learned I should to submit a request for loan consolidation. I submitted the application on the Dept of Education site XX/XX/XXXX and received email from them stating it was received. 
I also submitted another application for Income Driven Repayment Plan for Direct Consolidation Loan on US Dept of Education on XX/XX/XXXX. 

XX/XX/XXXX - I received email from XXXX stating they received XXXX consolidation loan application. 

XX/XX/XXXX - I received notice that XXXX reported to the credit bureaus that my account was 90 days past due as of XX/XX/XXXX. 

XX/XX/XXXX - I spoke to a representative at XXXX regarding the report to the credit bureaus and they stated they would open an investigation however due to the time of the Income Driven application on XX/XX/XXXX, is the reason for reporting it. Again no communication received from XXXX prior to the report stating this would be the outcome. 

XX/XX/XXXX I spoke to another representative at XXXX asking about the report to the credit bureaus and she stated that because I had submitted the application, my account did not have any remaining time available on the forbearance at the time of the income driven application therefore they could not bring the account current. In which resulted in them reporting the 90 day late notice on the reports. 
The representative stated that since I had applied for the loan consolidation on XX/XX/XXXX, it reset the forbearance which allowed them to then bring the account current however they couldnt update the 90 days past due reported on my credit. 

I opened disputes to the credit bureaus in which did not result in any change once the dispute was completed. 

Ultimately, no communication of this was provided to me that no time remained on the loan for the forbearance to bring it current. If further action was required and communicated to me to prevent the negative impact on my credit I could have taken the proper steps prior to the report to the credit bureaus.

Company response to consumer: Closed with explanation