Consumer complaint received 2017-07-06
Product: Credit reporting, credit repair services, or other personal consumer reports — Credit reporting
Issue: Incorrect information on your report — Account status incorrect
Company: AES/PHEAA (OH)

I am an XXXX XXXX XXXX, just starting my final ( 5th year ) of XXXX. I attended XXXX XXXX University in Colorado from XX/XX/XXXX-XX/XX/XXXX. When I started at the university, the school did not qualify for Federal Loans because of two reasons : 1 ) It was for profit 2 ) It only had initial accreditation as you can not be fully accredited until you graduate your first class which was XX/XX/XXXX. Because of this only private loans were an option. <P/>Right before we started our first year of XXXX school, XX/XX/XXXX, the economy suffered a major recession. The only real option for private loans ( XXXX XXXX ) was not offering students at a reasonable rate ( something like 15 % or higher ). Because of this, the school knew that they would not have students without finding an alternative financing option. What the school did was work with XXXX XXXX XXXX XXXX to underwrite the loans for all of the first and second year students. The terms seemed reasonable, 8.5 %, but what we did not realize was the loans did not offer XX/XX/XXXX deferral after 15 months, only forbearance, and that only for an additional 24 months. <P/>For me, my first 2.5 years were financed through the school/XXXX XXXX XXXX XXXX. The economy recovered by XX/XX/XXXX, and my last 1.5 years were financed through XXXX XXXX at very reasonable rates. <P/>Fast forward to XX/XX/XXXX. I was still in XXXX, XXXX XXXX allows in XX/XX/XXXX deferral of the loans because they know that XXXX does not pay very well, but these other loans through XXXX XXXX XXXX XXXX XXXX do not. These other loans had since been sold to XXXX, and are serviced by AES and AES rejected my forbearance request in XX/XX/XXXX. <P/>I appealed this decision and resubmitted in XX/XX/XXXX, which was also denied. The payments for the balance of these loans ( Principal was roughly {$290000.00} ) were scheduled around $ 4000 monthly, my gross income. The lowered payments, interest only offered by AES were in the neighborhood of $ 2400 monthly, which was pretty close to my net pay, and I have a family of XXXX, so I could not make these payments either. I submitted a letter to the lender ( XXXX ) through AES stating my situation, and asking if forbearance could be granted for 18 more months ( when I finished my XXXX ) or offering $ XXXX monthly good faith payments. I had to write indirectly to XXXX through AES because AES would not disclose the lender 's information, and on AES website, the loans were still written as XXXX XXXX University as the underwriter/holder of the loans. <P/>I never received a written response to the letter, nor did I receive a phone call from AES/XXXX. Instead I got an e-mail from XXXX XXXX stating that he was hired by the school as an independent contractor to help graduates in financial trouble. I had to e-mail the school to confirm he was legit, because the school and XXXX did not give me pre-notification that he would be contacting me. XXXX was very nice, and tried to work as an intermediate to find refinancing options, but all to no avail. The larges problem is that all of the refinancing options for XXXX loans ( XXXX, XXXX ) etc would not refinance loans from XXXX XXXX for whatever reason. My credit score at that time was very good at XXXX, but the rejections were always related to the school, not the loans. <P/>In XX/XX/XXXX, I was finally able to find a lender, XXXX XXXX, that gave me initial approval with a cosigner my father, with my credit score at that time of XXXX. It took a while to get all of my father 's supporting documents because he is retired and was travelling a lot in XX/XX/XXXX, with final documents submitted on XX/XX/XXXX, a Friday. On Monday, XXXX did one last credit check on Monday XX/XX/XXXX because it had been 30+days from the initial application. I was denied on final approval because my credit had fallen to XXXX! <P/>I pulled my credit report, and the only negative accounts on the credit report were three AES loans : XX/XX/XXXX, XX/XX/XXXX, and XX/XX/XXXX. All one payee, all the loans that I was trying to get refinanced. I reached out to AES and XXXX, who would not help me change the reporting on these accounts for one month ( long enough to refinance the loans with XXXX XXXX ). I received no response to e-mail or phone requests. <P/>I reached out to XXXX XXXX, and they could not help me unless the negative reporting was removed from my credit score by AES/XXXX I reached out to my school for help, and received no response to my e-mail. I reached out to XXXX XXXX who was supposed to be acting as an intermediary, and he responded numerous times about calls with XXXX XXXX ( XXXX ) and attempting to resolve the situation, all to no avail. I was finally able to get XXXX XXXX on the phone who flat out refused to help me, refinance the loan, grant forbearance, or change the reporting on my accounts to help me, even when I provided proof that XXXX XXXX would refinance the loans if XXXX/AES would change the reporting on my loans. <P/>Finally, at the end of XXXX, I was able to refinance my loans through a friend of my father 's, who agreed to refinance my loans despite my ruined credit, with deferred payements until the end of my XXXX. The loans were paid off in their entirety in XX/XX/XXXX. <P/>I have requested that my credit be restored with all negative reporting removed because I attempted all reasonable avenues to rectify the situation going back to XX/XX/XXXX. My credit is still ruined at XXXX.