What collection agency does student loans use?
All defaulted Direct Loans are held by ED. Defaulted FFEL Program loans may be held by ED or by a guaranty agency. Defaulted Federal Perkins Loans may be held by a school or by ED. ED’s Default Resolution Group, at Federal Student Aid, oversees the collections process for all defaulted loans that are held by ED.
How do I find out what collection agency owns my debt?
Review your credit report
Stop by AnnualCreditReport.com to pull a free copy of your report from one of the three major credit bureaus. Now take a look at your report – specifically, look at the Creditor Account Information section and the Collection Agency Account Information section.
How do I contact student loans in collections?
If you have a federal student loan, you must contact the collection agency that has been assigned to collect on the loan. If you don’t know which collection agency your loan might have been assigned to, you can contact our Default Resolution Group at 1-800-621-3115 for the agency’s address and phone number.
What happens when a student loan goes to collections?
If your account goes to collections, you’ll be assessed collection fees in addition to the student loans you owe. … As long as your loans remain in default, the following can also happen: Wages can be garnished and income tax refunds can be taken to repay debt. You can become ineligible for federal financial aid.
How do I find out my student loan debt?
Contact the financial aid office for the records they have on file related to your student loan debt. Start by having the office look up your account information, including all the loans that were processed in your name. As you conduct your research, be sure to track each loan’s most recent loan servicer or holder.
How do I get rid of student loans in collections?
How to get your student loans out of collections
- Dispute the debt. First, ensure that the information the debt collection agency has is accurate. …
- Settle your debt. …
- Pay the amount owed. …
- Consolidate or rehabilitate your loans. …
- Declare bankruptcy.
Does a collection agency have to identify themselves?
Right to know the debt collector or debt collection agency
Under the FDCPA, debt collectors are required to identify themselves when they attempt to collect a debt as well as note that any information you give them will be used in an attempt to collect the debt.
How do I find out what accounts I have in collections?
To find out what you have in collections, you will need to check your latest credit reports from each of the 3 credit bureaus. Collection agencies are not required to report their account information to all three of the national credit reporting agencies.
How do I find all outstanding debts?
How to Figure Out Your Total Debt Balance
- Obtain a free copy of your credit report at AnnualCreditReport.com.
- Make a list of all of the active accounts on your credit report.
- Call the creditors or sign into your online accounts to find out your current balance.
- Add up the total amount you owe on each loan.
Who do I call about my defaulted student loan?
Please call us at 1-800-621-3115 (TTY: 1-877-825-9923) for questions regarding defaulted student loan accounts.
Is nelnet a collection agency?
Nelnet must be honest about who they are and what they are trying to do. They must notify you that they are a collection agency both orally and in writing. Nelnet cannot threaten to have you arrested, and they are not allowed to threaten to take legal action if they have no intention of doing so.
Is ECMC a collection agency?
ECMC is a debt collection agency. They use collection tactics to collect on defaulted federal student loans. They send negative information to your credit report, thereby destroying your credit score.