'Inexcusable blunder': Senate Democrats demand action against Great Lakes for credit score mishap
Senate Democrats are demanding action against a student loan servicer for reporting inaccurate payment information for millions of student loan borrowers, hurting their credit scores.
In a letter to Education Secretary Betsy DeVos, Senate Democrats Elizabeth Warren (D-Mass.), Jeff Merkley (D-Ore.), Richard Durbin (D-Ill.), Sherrod Brown (D-Ohio), Richard Blumenthal (D-Conn.), and Tina Smith (D-Minn.) said the Education Department (ED) must immediately fix the issue and hold Great Lakes, the loan servicer, responsible.
“This error likely caused significant financial harm to millions of federal student loan borrowers, including lowered credit scores and resulting harm, such as denial or increased cost of credit and other significant financial harm,” they stated in the letter. “We demand the Department take immediate action to fully remedy this issue, hold Great Lakes accountable for this inexcusable blunder, and provide Congress with a detailed accounting of how this breakdown occurred.”
The senators’ letter comes days after consumer advocates filed a class action suit for the same issue against Great Lakes (NNI), Equifax (EFX), TransUnion (TRU), Experian (EXPN.L), and agencies owned by VantageScore Solutions in the U.S. District Court’s Northern District of California.
https://money.yahoo.com/senate-democrats-demand-action-against-great-lakes-for-credit-score-mishap-151832608.html
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Last edited Sat May 30, 2020, 02:25 PM - Edit history (1)
Thinking that poor pay more to borrow, rich pay less...exactly upside down...
It is undoubtedly the most unfair system in this whole ugly thing we call capitalism..
