Navient is one of the largest servicers of federal student loans in the country. An offshoot of Sallie Mae, it is estimated that Navient services $300 billion of government and private student loans. So, it’s a big deal for borrowers all over the country if something happens to the company. That’s why a new lawsuit from California is making big waves, but will that lawsuit affect your student loan? How a Lawsuit Against Navient Could Affect How Your Student Loans Work Xavier Becerra, the Attorney General of California, has announced a lawsuit against Navient for unlawful business practices. These practices are being blamed for over payments and several permanent disability discharges that were not completed. For now, the state’s accusations are focused solely on federal student loans backed by the federal government, but it’s not alone. Illinois, Pennsylvania and Washington have also sued Navient for the same reasons. Plus, the…
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The Consumer Financial Protection Bureau (CFPB) has filed a lawsuit against Freedom Debt Relief, the largest debt settlement company in the United States. According to the CFPB, Freedom Debt Relief deceived and took advantage of vulnerable customers who wanted to get out of debt. The CFPB claims the company’s business practices violate multiple consumer protection laws. Freedom Debt Relief requires its customers to create dedicated bank accounts to participate in its program. Customers are told by the company that it will negotiate with creditors to accept settlements for less than what was owed once these accounts contain sufficient funds to make settlement offers. Freedom Debt Relief would charge fees worth 18 to 25 percent of what the original debts were worth after obtaining settlements. According to the CFPB, Freedom Debt Relief deceived its customers into believing it could negotiate settlements with all creditors, despite knowing that some would not negotiate…
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Errors on your three credit reports could reduce your access to credit and certain types of employment. Unfortunately, credit reporting errors are quite common. According to the Consumer Financial Protection Bureau (CFPB), it received 43,000 complaints involving credit score errors during 2016. Common credit report errors may include: Incorrect reporting status: Your credit reports could contain very old accounts that should no longer be listed. Accounts that you have paid may be listed as unpaid. In addition, your credit reports may list the wrong balance or lender for an account. Mistaken identity: Your credit reports could list accounts that do not belong to you. This type of error may occur when your credit report lists an account that belongs to someone with a similar name. A family member’s negative account status may also be listed on your report by mistake. Data management errors: On its website, the CFPB lists common…
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