Consumer complaint received 2024-12-10 00:00:00
Product: Debt collection — I do not know
Issue: Electronic communications — You told them to stop contacting you, but they keep trying
Company: Nelnet, Inc.
State: FL

Complaint narrative:
XXXX, XXXX XXXX XXXX were notified in a submitted dispute that Firstmark Services received 3 cease and desist demands in communications with consumer reporting agencies. Under 15 U.S.C. 1692 c ( c ), the consumer reporting agencies are considered a medium of communication to consumers. Firstmark Services was also instructed to immediately stop selling, buying, sharing/ transmitting and storing held information retroactively effective to XX/XX/XXXX ( extending to loan originator of XXXX ). Firstmark Services has since altered the account date to XXXX ( to which I had no knowledge of their existence or business ). 

The FDCA outlines in XXXX v. XXXX XXXX XXXX, XXXX XXXX XXXX ( XXXX XXXX. XX/XX/XXXX ) which states that a consumer report is a medium of communication and thus subject to cease and desist requirements. Additionally, 15 U.S.C 6802 stipulates non-public consumer information ( inclusive of financial information ) shall not be disseminated to non-financial institutions. XXXX, XXXX XXXX XXXX are private companies. 

An investigation into Firstmark Services leads me to believe this organization engages in unintegral business practices that steer consumers into costly repayment options, mislead consumers regarding all available options, deviate from promissory note details and a litany of other deceptive, unfair or abusive acts or practices which violate consumer financial protection laws. Here is a copy of the loan modification authorization & additional information, terms which would put borrowers under undue prolonged repayment timeframes & severe financial burden based on principal related compounding interest. 

By signing and submitting this Student Loan Modification application, the borrower and any cosigner ( you and your ) listed above hereby requests that Firstmark Serviced Trust ( Lender or us ) amend and supplement the Firstmark Serviced Trust Student Loan Promissory Note/Credit Agreement ( s ) ( Promissory Note/Credit Agreement ). In connection with this application, you expressly understand and agree as follows : 1. You attest that the financial hardship you are experiencing is expected to be temporary.

2. You affirm your willingness and ability to ( a ) repay your loan ( s ) during the Student Loan Modification period based on the modification of terms and conditions of the Promissory Note/Credit Agreement as stated below, and ( b ) make full monthly principal and interest payments following the Student Loan Modification period. 
3. The Student Loan Modification period will last twelve months. During the first six months, your monthly payment amount will be reduced to 50 % of your current monthly payment. During months seven through twelve, your monthly payment amount will increase to 75 % of your current monthly payment. 
4. If you are enrolled in Auto Debit, your monthly payment will continue to be automatically deducted from the checking or savings account of your choice and you will continue to be eligible for any loyalty or ACH discount on your loan ( s ) during the Student Loan Modification period.

5. Each monthly payment is required on its scheduled due date and payments will be applied first to interest, and then to principal.

6. You may submit monthly payments : Online : Log in to FirstmarkServices.com Phone : XXXX Mail : FIRSTMARK SERVICES, XXXX XXXX XXXX, XXXX XXXX XXXX XXXX. If there is a status change on your loan ( s ) in which repayment is deferred or otherwise discontinued ( e.g., you return to school, enter military deferment or file bankruptcy ). You may consider delaying a status change on your loan ( s ) until the end of your Student Loan Modification period. Following any such status change, you will not be prevented from continuing to repay your loan ( s ) based on the terms and conditions of the Promissory Note/Credit Agreement.

8. Your monthly payment amount may change after the Student Loan Modification period to reflect repayment on the remaining balance ( s ) of your Firstmark Serviced Trust student loan ( s ). You understand and agree that your monthly payment amount after the end of the Student Loan Modification period may increase to more than it was prior to the Student Loan Modification.

9. Firstmark will report that your Firstmark Serviced Trust Student Loan has been modified to the consumer reporting agencies, which may impact you and, if applicable, your co-signers, credit profile.

10. You agree that the decision to grant this Student Loan Modification is solely at the Lenders discretion, and that the Lender may refuse to grant this Student Loan Modification for any reason.

11. You understand that all covenants, agreements, stipulations, terms and conditions in the Promissory Note/Credit Agreement shall be and remain in full force and effect, except as explicitly modified by this Student Loan Modification. None of your obligations or liabilities under the Promissory Note/Credit Agreement shall be diminished or released by any provision of this Student Loan Modification, nor shall this Student Loan Modification in any way impair, diminish or affect any of the Lenders rights or remedies under the Promissory Note/Credit Agreement, whether such rights or remedies arise under the terms of the Promissory Note/Credit Agreement or by operation of law. Also, the Lender expressly reserves all rights of recourse to which the Lender is presently entitled in the Promissory Note/Credit Agreement. 

Furthermore I have found XXXX, XXXX, and XXXX have failed to fulfill their duty pursuant to 15 U.S.C 1681 to ensure promised accuracy and uphold the integrity of the consumer report as stipulated by consumer laws. Each private institution has repeatedly demonstrated an inability to properly validate information reported by creditors, lenders and debt collectors AND prevent duplicitous report files which severely impacts the weight of scoring.

Company response to consumer: Closed with explanation