A Hiccup with Student Loan Relief Could Lower Your Credit Score

According to the CARES Act, payments, interest, and collections on federal student loans are to automatically be suspended for all borrowers from March 13 - September 30, 2020. This should in no way effect credit scores; however, if you have a student loan through Great Lakes, a reporting error on their end might have just lowered yours. Great Lakes accidentally reported missed payments that were allowed under the CARES Act as delinquent, lowering credit scores for all affected. And although Great Lakes is in the process of correcting the error, you might want to take action. First, check your Credit Sesame account. If your score is impacted, we suggest reaching out to the credit bureaus as quickly as possible.

For complete information on what to do, along with contact information, check out Credit Sesame’s blog post.

Have you been affected? Letting us know about your experience could help others. Please comment below.