Now a part of Nelnet, Great Lakes Higher Education Corporation was previously one of the four largest federal student loan servicing agencies in the US, with loans of over $51 billion to more than 10 million borrowers. A few months ago I was checking my credit report and my score has shot up over 100 points. Harrington had been regularly monitoring his credit score via Credit Karma after struggling in the past to keep up on bills. The company also has a pretty extensive Knowledge Center that can help current students, former students and parents learn more about student loans and the best ways to go about paying them back. 03/01/2018 ©2018 Great Lakes … They accused Great Lakes of violating the articles of FCRA (abbreviated as Act of Fair Credit Reporting). "I had never even been close to 700," said Harrington, 38, who lives in Flint Township. How COVID-19 affects student loan forgiveness, Here’s everything that’s happened to your student loans in 2 weeks, 15 most popular questions about student loans and Coronavirus. "So most of that 91 point drop has been recovered," Harrington said. If Great Lakes is the loan servicer, the borrower may call the Great Lakes Educational Loan Services Ombudsman. According to a May 13 Tweet from Great Lakes, the company will change the way it reports COVID-19 student loan forbearance to credit bureaus and will retroactively change the reporting for April. Today, individuals representing a class of millions of student loan borrowers filed a federal lawsuit in Northern California against five of the nation's largest financial companies for allegedly illegally ruining borrowers' credit and mishandling student loan debt relief under the CARES Act in the wake of the COVID-19 pandemic. Free credit reports are now available every week through April 2021 in recognition of the financial struggles people may be facing as a result of the economic shutdowns used to fight the pandemic. Go to AnnualCreditReport.com for a free copy of your credit report from all three major credit bureaus. You can also contact the Student Borrower Protection Bureau if your credit score changed on or after March 13, 2020 and you believe it was reported from Great Lakes. There are two different accounts. Federal student and parent loans must be held by the U.S. Department of Education to be eligible. Find out how Federal Student Aid partners with loan servicers to be here when you need help. For example, plaintiff Cody Hounanian, program director at the nonprofit Student Debt Crisis, learned that his credit score declined after his federal student loans were paused. "I could always teach online from home," he said. "Immediately, Great Lakes began researching these borrower accounts and determined there was an inconsistency between Great Lakes reporting and that of other student loan servicers," he said. Yet, he's now hopeful, some fixes will take place sooner rather than later. Public Service Loan Forgiveness program was created in 2007 when George W.Bush was president. You can also contact the Student Borrower Protection Bureau if … Student loan servicer Great Lakes Education Loan Services allegedly mishandled reporting the student loan status and provided inaccurate information about millions of student loan … You may opt-out by. He has more than $150,000 in student loan debt after attending college for several years and ultimately receiving a bachelor's degree in Outdoor Recreation Leadership and Management from Northern Michigan University in 2014 and a master's degree in 2016 in Integrated Geospatial Technologies from Michigan Technological University in the state's Upper Peninsula. Then in a matter of days, his score unexpectedly tumbled by 91 points in May. Great Lakes is a Servicer to Federal Student Aid. What it’s offering: Great Lakes Educational Loan Services Inc. has a coronavirus information page that provides details about the CARES Act and the suspension of payments and interest accrual on all federally held student loans until Dec. 31, 2020 If you have questions about your account, you can call 1-800-236-4300 or complete an email form. "Instead of reporting borrowers as current with monthly payments of $0, Great Lakes reported borrowers as current with deferred monthly payments of $0," he said. — Izzak Mireles (@izzak_mireles) May 13, 2020. Support You Can Trust. The first one is "FEDLOAN SERVICING", and the other is "US DEPT OF EDUCATION". Borrowers think they're current and this will cause a blemish on their report. Great Lakes Credit Union is here to help with any of your banking and borrowing needs in Northern Illinois . points. If you obtain a loan and do not repay your loan on time, your delinquent payment may be reported to a credit bureau, which could negatively impact your credit score. Great Lakes said it’s working quickly to fix the problem. But each month was to be treated in the credit reporting process as if a loan payment was made. The Education Department estimated that the credit-reporting error affected about two-thirds of the 7.3 million federal student loan borrowers whose accounts were assigned to Great Lakes. Find out how Federal Student Aid partners with loan servicers to be here when you need help. Zack holds degrees from Harvard, Wharton, Columbia, and Johns Hopkins. It’s absolutely irresponsible that Great Lakes(@MyGreatLakes) my student loan provider knocked my credit score 20 points because they reported the 4 month forebearance period to the Credit Bureaus. Who is Great Lakes Educational Loan Services? 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