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Political Factoid
A "faulty" transfer of student
loan accounts from Nelnet*
to Mohela** in 2023 led to
"millions of consumer credit
reporting errors,"
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per letter from federal lawmakers
to government agencies
(and reviewed by CNBC)
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"The change in loan servicers
caused nearly 2 million duplicate
student loan records to appear
on borrowers' credit reports,
while hundreds of thousands
of borrowers' credit scores
were reported incorrectly
for up to a year and a half, '"
| * |
Nelnet, Inc., is a for-profit United
States–based conglomerate that
primary focuses on financial services
including student and consumer loan
origination and servicing
|
** |
MOHELA (Missouri Higher Education
Loan Authority) is a governmental, non-profit
organization dedicated to helping families
successfully repay their student loans and
is one of the largest student loan servicers
in America.
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