Consumer complaint received 2017-07-12
Product: Student loan — Federal student loan servicing
Issue: Dealing with your lender or servicer — Received bad information about your loan
Company: AES/PHEAA (NY)

On XX/XX/XXXX I made a payment of {$100.00} on the fedloan website. I mistakenly put in the incorrect bank account number. The number I put in was to an old savings account that is still open. Days later I went in to schedule a payment of {$150.00} to be debited from my bank account on XX/XX/XXXX. At this time I still have no idea that my payment was declined or that I put in the wrong information. By or around XX/XX/XXXX I was notified by my bank that the XX/XX/XXXX charge was declined and with some research of my own I realized I entered the incorrect banking information. So that very day XX/XX/XXXX I went onto the fedloan website and entered in the correct banking information. I also then called fedloan to verify that the changes went through and to see if there was anything else I needed to do to ensure the bill would be paid on XX/XX/XXXX. I was informed by a representative named XXXX employee number XXXX that my bank account information was updated and I asked him if there was anything I needed to do. He informed me that by me changing the bank account information that will take effect immediately and that I did not have to make any changes to the payment that was pending for XX/XX/XXXX. Well XX/XX/XXXX came and the money was not taken from my account. I then logged online to fedloan again to ensure they had entered the correct information and it in fact was correct. So I thought that like most other institutions it would take 7-10 business days for both my bank account and the companies website to update and reflect the payment I gave it sometime. Fast forward to XX/XX/XXXX I received notice from my bank that the payment was declined. So I noticed again that they were trying to debit my old savings account and not the checking account that I have on their site. So in fear I check my credit report and fedloan reported me to XXXX on XX/XX/XXXX. So since I received incorrect information from one of their representatives my credit has decreased by 75 points. Had the representative given me the correct information I would have made changes to the payment I had scheduled for XX/XX/XXXX. I completely understand that I messed up on XX/XX/XXXX but I made every attempt to fix the issue and even called Fed Loan to ensure that a declined payment would not happen again. I have copies of my bank account showing I had the money and I have screenshots of the fedloan website showing that I changed the banking information to the correct information.It is sad that as a consumer I have zero choice in having to deal with this loan servicer when it is well known and by experience of my own that they are completely incompetent. In doing some research on this company many consumers have been given wrong information by Fed Loan representatives. For something this important I would think that all the employees would be properly trained to answer all questions and if they can not try to figure it out but do not give information that they are not certain about because it could effect more than just the account you have with them it can essentially effect someones entire life as it has for me. So now since I was given the wrong information I have figure out how to get this corrected and removed from my credit.