Consumer complaint received 2019-05-26
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 (CO)

Bottom Line Up Front : Fedloan erroneously reported a delinquency on my account to the credit agencies and has not yet a ) fixed the error on my account, or b ) provided me with adequate documentation acknowledging the error so that I might successfully dispute the negative reporting and restore my otherwise excellent credit rating. 

I am an XXXX XXXX XXXX with the XXXX XXXX XXXX. I have nine active loans with Fedloan totaling roughly $ XXXX. Throughout the life of these loans ( ranging five to eight years ), I have never missed a monthly payment, and have never been delinquent. In addition to my monthly payments, the XXXX XXXX XXXX is also making periodic lump-sum payments to Fedloan in accordance with the Judge Advocate Student Loan Repayment Program ( J-SLRP ). For several months, I have been in " pay ahead '' status with Fedloan, wherein my monthly statements indicate I owe {$0.00}. Despite this, I have continued to make my own monthly payments of an amount more or less consistent with my income-based repayment plan amount. 

On XXXX XX/XX/2019, a monthly statement was generated by Fedloan indicating I owed {$920.00} by XXXX XX/XX/2019. I first viewed this statement on XXXX XX/XX/2019 when I logged into my online Fedloan account to make a routine payment. Upon accessing my online account, I saw that I owed not just the {$920.00} indicated on my monthly statement, but over {$4000.00}. The reason for this amount was not evident. Furthermore, Fedloan indicated on my account that two of my nine loans were 211 days past due. I checked my XXXX XXXX account and found that the erroneous delinquency had been reported to the credit agencies and had resulted in my credit score plummeting from close to 800 to the low 600s. 

After weeks of calls with multiple Fedloan representatives in multiple departments and painstaking hours invested into rectifying this problem, here 's where we stand : Fedloan representatives finally acknowledged the reported delinquency had been made in error, and promised they would provide me with a letter to that effect which I could then submit to the credit agencies in conjunction with my credit dispute form. To date, Fedloan has not provided me with documentation adequate to demonstrate they erroneously reported a non-existent delinquency. Fedloan representatives tried to explain the sudden high balance due by attributing it to " interest capitalization '' resulting from the " redisclosure '' of my income-based repayment plan. While I can not understand this explanation ( and it seems clear to me that Fedloan representatives can not either ), it still does not explain or warrant the sudden delinquency status. With my permission, Fedloan placed the two allegedly delinquent loans in " administrative forbearance '' and placed the other seven loans into general forbearance, until the end of XXXX so that they have enough time to fix the problem without generating another round of negative credit reporting. As far as I can tell, Fedloan has still not fixed the underlying problem with my account. 

To exacerbate the problem, I am currently trying to gain access to credit to purchase a home pursuant to XXXX orders I have received. I hope to close on a home by the end of XXXX to allow me to XXXX in XXXX. Because of the erroneous negative reporting on my credit report, my access to credit has been significantly hampered. The loan officers working with me to qualify me for a mortgage have indicated they are able expedite a credit correction to the credit agencies so long as they have a letter from Fedloan indicating they made an error, a letter which I still do not have. 

While I do not have the employee ID numbers of the myriad representatives I've spoken to over the past three weeks, I do have the following IDs of two representatives who have promised to resolve this issue but to date have not : XXXX ( XXXX ) and XXXX ( XXXX ).