Consumer complaint received 2025-06-04 00:00:00
Product: Credit reporting or other personal consumer reports — Credit reporting
Issue: Incorrect information on your report — Account status incorrect
Company: EQUIFAX, INC.
State: GA

Complaint narrative:
I applied for the SAVE Repayment Plan with a Monthly Payment Amount of {$590.00} on XX/XX/XXXX. My loan servicer, XXXX, received the application on XX/XX/XXXX, as per the XXXX XXXX XXXX website. 

A federal court issued an injunction preventing the U.S. Department of Education from implementing the Saving on a Valuable Education ( SAVE ) Plan and parts of other income-driven repayment ( IDR ) plans. 

Since XXXX did not process my application within 60 days before the injunction, my account was placed in an interest free forbearance by application of law. I received a letter from XXXX on XX/XX/XXXX, confirming the same ( I have attached said letter to this complaint ). See also, XXXX 's response on XX/XX/XXXX to my previous CFPB Complaint XXXX, which reads, in part : " On XX/XX/XXXX, a federal court issued a stay preventing the U.S. Department of Education ( ED ) from operating the Saving on a Valuable Education ( SAVE ) repayment plan. ED is assessing the ruling and will be in touch directly with borrowers about how this will affect them. Borrowers enrolled in the SAVE Plan are being moved into forbearance. During forbearance, SAVE borrowers will not have to make payments. The time in forbearance will not count toward Public Service Loan Forgiveness ( PSLF ) or Income-Driven Repayment ( IDR ) loan forgiveness. SAVE borrowers will not accrue interest on their loans during the forbearance. Our records indicate that your loan is eligible for the forbearance and 0 % interest rate associated with the SAVE court stay. We are in the process of processing this information and applying it to your account ... Our records indicate that you have been identified as a member of the population to receive this forbearance and associated 0 % interest rate. We are in the process of updating your account to reflect this information. '' Despite that, XXXX has apparently has not corrected the wrongly interest accrued in my account, and worst, has reported my account as past due for more than 90 days to the credit bureaus as of XX/XX/XXXX, inaccurately claiming my account is past due in the amount of {$4500.00}, which has drastically damaged my credit. My account is NOT past due, and it never was. My account has been in an interest-free forbearance retroactively since XX/XX/XXXX at least, due to the current state of the law and the student loan system. 

I called XXXX on this matter several times, and was told this mistake would be fixed. It has never been fixed. Let me make a note here that every time I call XXXX there is a 2-3 hour wait until I can speak with a representative. I have lost work days trying to solve this matter. My last call with XXXX was XX/XX/XXXX. It lasted more than 4 hours ( 3 hours waiting for a representative ). I was attended by XXXX, ID XXXX. 

XXXX confirmed my account was mistakenly reported to the credit bureaus as past due, however, I was told that the adjustments/corrections with the credit bureaus is still processing and there is no timeframe for it to be accomplished, as they are backlogged. Apparently, they have done this to many other borrowers. I was told that there is nothing they can do and there is nothing I can do. I asked for a letter from XXXX stating that my account was reported as past due erroneously, so I could submit the letter to the credit bureaus and tried to repair the damage, but XXXX representative told me they can not provide any letters. 

The FCRA establishes a right to fair and accurate credit reporting, and it also protects my privacy and safeguards against the misuse of my credit data. 
Because of XXXX 's inaccurate reporting of my student loans, I have suffered denied loans and higher interest rates. Specifically, I have applied for a home refinancing loan for purposes of doing most needed maintenance and finish my home, which has been denied until my credit can be fixed.

Company response to consumer: Closed with non-monetary relief