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How Student Loan Errors Can Affect Your Credit Report

When it comes to your credit report, you want to ensure that all information is accurate. This includes all financial information, like your student loans. You don’t want your student loans to affect you any more than they should. If you’ve paid your loan payments on time, you want that reflected on your credit report.

Unfortunately, many credit reports contain student loan errors that impact thousands of people.

Find out how student loan errors can affect your credit report and what actions you can take to fix them in today’s blog from Sharmin & Sharmin, Attorneys at Law.

How student loan errors affect your credit report?

Common Student Loan Errors

Credit agencies are responsible for ensuring that all information on your credit report is accurate. When the information is outdated or incorrect, it can negatively impact your credit report. Many student loan errors can be found on a credit report, including:

  • Student loans listed as delinquent. Sometimes, your student loan payments may be listed as delinquent when you’ve had the approval to pause your payments.
  • Closed accounts that are still listed as open. Even though you’ve paid off your student loans, they may still be listed as open.
  • Student loans that should not be listed on your credit report. Another common mistake is that someone else’s student loan is listed under your credit report. This happens when two consumers share a similar name.
  • Multiple listings of student loans. Even though you possess one student loan, it may appear several times on your credit report.
  • Forgiven student loans listed as delinquent. If you’ve been approved for loan forgiveness, that should be reflected on your credit report. Your loan should not still be listed as open.

Negative Consequences 

Student loan errors can affect the outcome of your finances. Your credit history and debt-to-income ratios can be affected by these simple mistakes. If it appears that you’ve missed student loan payments, that can impact your credit score as well. These issues can cause you to be denied other loans or credit in the future.

These fraudulent errors can also affect your ability to seek the job or the apartment you deserve. It’s common for loan servicers to submit the wrong information when it comes to a person’s student loans. But these servicers can be held liable if these errors cause you to suffer financially. Fortunately, there are some steps that you can take to fix the student loan errors on your credit report.

Inform Your Loan Servicers

You can speak with your loan servicer and inform them of the student loan error. Mistakes happen, and thousands, if not millions, of people are applying for student loans. The loan servicer is obligated to help you resolve the error on your credit report.

You also want to make sure to document the time that you reached out to the loan servicer. Make sure to record the date, time, name of the person you spoke with, and the content that was addressed.

File a Complaint

You also want to file a complaint with several other organizations. You must file a complaint with the credit agencies to expedite the process. If possible, you may also want to file with the Department of Education.

While mistakes happen, these mistakes affect your finances. These errors could have prevented you from being accepted for a job or approved for a line of credit. Filing a complaint will help you hold the appropriate organizations accountable for their mistakes.

Contact a Florida Credit Report Error Attorney Today

When you want to correct the student loan errors on your credit report, speak with a Florida credit report error attorney today. Call the office of Sharmin & Sharmin, Attorneys at Law, to schedule a consultation.

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