The Trump administration has been rushing to fix errors made by a company the federal government hired to collect and manage student loans
Nearly 5 million student loan borrowers who got a break on their monthly payments from Congress under the economic rescue law have been hit with incorrect information on their credit reports that lowered credit scores in some cases, POLITICO has confirmed.
The company, because of a “coding error,” erroneously reported to the credit bureaus that borrowers’ accounts were “deferred” — a notation that appeared on credit reports and triggered a lower credit score for some individuals. Education Department spokesperson Angela Morabito said on Wednesday that the agency responded “aggressively” to fix the credit-reporting problem.
Ben Kiser, a spokesperson for Nelnet, which owns Great Lakes, declined to comment further, referring questions to the Education Department. “Across the economy, America has decided that what’s on your credit report is a proxy for how responsible you are,” said Pierce, who is now policy director at the Student Borrower Protection Center. “There are no guarantees when millions are newly looking for work that their job prospects or their housing prospects aren’t going to be held back by the fact that, for millions, their credit reports say they’re less responsible.
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