Student Loan Borrowers Suffer Credit Penalty Due to Reporting Errors

Congress Should Take Corrective Action

A new report from the Student Borrower Protection Center (SBPC) notes that millions of consumers with student loan debt are or have experienced significant credit score drops as a result of errors in reporting by loan servicing companies.

John Albanese explains the impact in a blog post:

In May 2020, the student loan servicer Great Lakes Educational Loan Servicing Inc. provided inaccurate information…