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Credit Reporting
Credit Reporting
As of June 30, 2018, we changed how we report your account's Current Balance to consumer reporting agencies. Previously, we reported your Current Balance as your principal balance only; presently, we are reporting your account's Current Balance as your
- Principal balance,
- Unpaid accrued interest and
- Late fees, if applicable.
You must contact the consumer reporting agencies on how this change may have impacted your credit score. Visit AnnualCreditReport.com to get a free copy of your credit report from each of the nationwide consumer reporting agencies; you can receive a free credit report from each agency once every 12 months. You can also order your free credit report by calling 1-877-322-8228 or by downloading and completing the Annual Credit Report Request Form at consumerfinance.gov/askcfpb/311/how-do-i-get-a-copy-of-my-credit-report.html and mailing it to:
Annual Credit Report Request ServiceP.O. Box 105281Atlanta, GA 30348-5281
Under the Fair Credit Reporting Act (FCRA), we are required to report complete and accurate information and are prohibited from making courtesy credit adjustments.
We apologize if this change caused you any inconvenience as that was not our intention. We are required to notify the consumer reporting agencies of your Current Balance on a monthly basis.
AES does not dee a loan is paid in full and is only reported in conjunction with certain Account Statuses.
Consumer reporting agencies collect information and provide reports to other companies about you. You should direct questions about credit scores or scoring models to these agencies. We send information to the following consumer reporting agencies:
- Experian: 1-888-397-3742
- TransUnion: 1-800-916-8800
- Equifax: 1-888-298-0045
- Innovis: 1-800-540-2505
Generally, each loan is reported as a separate tradeline with information that includes:
- Original Balance: This is the original amount of the loan (total amount of all disbursements).
- Current Balance: Other than when the Current Balance is zero, this includes principal balance, accrued interest, and any assessed and unpaid fees.
- Date Opened: The date the loan was first disbursed.
- Date Closed: If applicable, the date the loan was reported in a final credit reporting status (paid in full, transferred, defaulted/charged-off, etc.).
- Payment History: This displays the payment history for each month in the past (up to 7 years), and indicates any months the loan was reported as being current or in a delinquent status.
- Account Status: This indicates the most recently reported status of the loan, such as open or closed, and if the loan is current or delinquent.
- Amount Past Due: This is the total amount of payments that are 30 days or more past due at the time of reporting. If the tradeline is closed or has a current Account Status, this will be $0.
- Payment Rating: This indicates the level of delinquency at the time a loan is paid in full and is only reported in conjunction with certain Account Statuses.
Based on the information we report, each consumer reporting agency uses their own unique scoring model to determine your credit score. You should direct questions about credit scores or scoring models to the consumer reporting agencies.
Consumer reporting agencies are designed to provide an accurate description of your student loan account based on everything we report to them; however, if you believe we reported incomplete or inaccurate information, you may submit a credit dispute.
Credit reporting occurs monthly and is based on loan information as of the last day of the month, excluding loans that were previously reported in a final credit reporting status (for example, paid in full, transferred, etc.) and loans where credit reporting is bypassed or deleted.
The Credit Reporting Resource Guide, which specifies the industry standards for reporting information to the consumer reporting agencies (CRA), lists the Interest Type Indicator field as optional for student loan servicers. Since this is not a required field, we no longer report this information to the CRAs.