Consumer complaint received 2019-02-01
Product: Student loan — Private student loan
Issue: Incorrect information on your report — Account status incorrect
Company: LendKey Technologies, Inc. (TX)

I am writing to express my dissatisfaction with the level of service I have received from Lendkey Technologies Inc.

I recently reviewed my credit report and found that XXXX XXXX XXXX XXXX reported late payments on my credit report for the months of XX/XX/XXXX, XX/XX/XXXX, and XX/XX/XXXX which were periods in which the account was in an approved forbearance status and the required payment was submitted directly to the insurer of the loan, XXXX.

XX/XX/XXXX- Forbearance was approved and a payment was made on XX/XX/XXXX in the amount of {$270.00} to cover XX/XX/XXXX payment.

XX/XX/XXXX and XX/XX/XXXX- Forbearance was approved from XX/XX/XXXX-XX/XX/XXXX with a required payment of {$0.00} per the attached correspondence sent by your office.

Additionally, I contacted the office to submit a payment via phone on XX/XX/XXXX to satisfy the payment for XX/XX/XXXX. This item was reported on my credit report as 30-59 days past due. When I contacted the office to have this matter resolved, the agent advised that there was no record of my calling to make a payment on XX/XX/XXXX and the 'system ' reflects that I called on XX/XX/XXXX. The agent further advised that the calls are recorded, and I am confident that this call can be retrieved to validate my timely phone payment. No further action was taken by the company to investigate this matter and the negative reporting remains.

I contacted the loan servicer yet again on XX/XX/XXXX after noticing that my payment for the month of XX/XX/XXXX was reflecting as 30-59 days past due. I explained to the representative that I submitted my payment online on XX/XX/XXXX with a payment effective date of XX/XX/XXXX. The agent advised that due to the holiday, the processing time was delayed and that my request to have this updated would be submitted to his supervisor and that I should expect a call back within 1-3 business days. Nearly two weeks passed and I contacted the servicer on XX/XX/XXXX after I submitted a credit dispute which had an unfavorable outcome. The agent initially advised that there was no record of my call on XX/XX/XXXX and after an extended hold came back and was able to validate my call. The agent advised that I was " next on the call list '' which I do not believe to be true. The agent further advised that although my payment was submitted with an effective date of XX/XX/XXXX, it was not processed until XX/XX/XXXX and that the negative reporting would remain.

The payment effective date is the date in which the payment takes effect, which is the date the payment was submitted ( if within business hours ) not the date that the payment is actually processed and credited to the account. I make all of my payments on the same date due to my pay schedule and if the effective date was the processing date as the agent suggested ALL of my payments would be 30-59 days past due which is not the case.

My dealings with this company has been a nightmare. Phone calls are not returned, files are not documented, status updates are not accurate, the website reflects data such as payment effective dates, which is not consistent with the credit reporting, and the level of ignorance displayed by some of the agents is shocking as they are not able to answer simple question regarding payment effective dates and credit reporting. The defer to their supervisors and ensure a call back within 1-3 business days, which never occur.

The negative credit reporting has had a significant impact on providing for my family and the refusal to update the inaccuracies is a poor business practice and has created a huge issue with refinancing this loan. I would like to have this matter expeditiously resolved without taking legal action.