College Foundation, Inc.

They continue to send billing statements each month since April stating my account is past due even though payment was received by due date each monthI received my bill in March stating my April payment was $67.00 due 04/10/14. I mailed a check for $67 and it was received & posted by due date of 04/10/14. My next bill dated 4/22/14 for 5/10/14 due date stated my account was $3337.65 past due? I called and spoke with a rep and she could not figure out why it was stating I was past due. She stated they would research, but I was concerned that my credit report would be dinged while they researched, so she suggested we place a forbearance on the account for the month of May. I was later contacted & was told they figured out the issue. I have 3 loans-Loan A: $25, Loan B: $34 & Loan C: $36 making the total due each month $95.00. The forbearance was lifted & I was told to send $59.00 to get the account correct for the month of June. So I sent check for $59.00 for 06/10/14 payment. I then received my July statement stating now my account is $162.00 past due? I was then told just send the $95.00 payment and it would be corrected on their end. So I mail a check for $95 and payment is received and posted by 07/10/14 due date. I just received my August bill and again it states I'm past due $162?? I called twice on 07/28/14 and 2 different reps stated they would research AGAIN call me back that day and I did not get a callback on that date...and still waiting on a callback and confirmation the issue is resolved finally. I am beyond frustrated now. I have been very patient since April and I have made every attempt to resolve this matter. I continue pay in a timely manner the amount I'm told to pay and I continue to get a statement reflecting a past due amount.Desired SettlementI want my account to reflect the correct amount due each month and for the payments to be posted corrected.Business Response RESPONSE TO Revdex.com COMPLAINT CASE #XXXXXXXXBorrower wants account corrected to reflect the correct amount due monthly and the payment posted correctly.This account was sent back to the College Foundation, Inc. on 1/29/14 by the [redacted] Agency as repurchased loans. All (3) loans were put back into the Company's books on 2/05/14 to resume monthly payments starting 3/10/14. The first statement sent on 2/14/14 for a payment of $67.00, due on 3/10/14 was for loan #3 only. The second statement sent on 3/20/14 for the payment due on 4/10/14 was again for $67.00 on loan #3 only. The billing issue was as a result of a disclosure error on 2/05/14 which was fixed on 5/01/14 after the 4/22/14 statement was sent for the amount $3,337.65, with loans 1 and 2 showing past due because no payments were made since 3/10/14. Because of the different payment amounts received the loans did not have the same due date and a forbearance was granted to align the due dates on all (3) loans to make the next payment due on 8/10/14. The billing problem was resolved when the loans were re-disclosed on 5/01/14 for a monthly payment amount of $95.00 which will be posted to each loan as follows: loan 1 - $25.00; loan 2 - $34.00 and loan 3 - $36.00 to be applied towards the accrued interest and the outstanding principal balance. At no time was the borrower's account reported past due to any of the (4) credit bureaus.CFI will send this borrower a letter of apology for the frustration encountered and for any inconvenience caused during the period the Accounting Department was trying to correct the problems on her account. A new billing statement was sent on 7/30/14 for the correct amount of $95.00 due on 8/10/14. More info received from the consumer XXXX-XX-XXI received a call today from a manager assuring me that the account billing has been corrected. My next bill (to be issued in August) will reflect the correct amount due ($95.00) and no past due amount. She was apologetic for the issue.

CFI bills me every month stating that I owe them 6,588.64 for a student loan. My federal income taxes for the years 2011, 2012, 2013, and 2014 have been taken due to my student loan debt. I contacted the Revdex.com to investigate on what company had been taking my federal taxes and how is it possible to owe the same amount I borrowed if my federal taxes have been taken from me for four years. I contacted the company that had been taking my income taxes ( [redacted]) and they confirmed to me that they indeed have been taking my federal income taxes and that I was at a zero balance on my student loan debt. which means its been paid off correct? So how do I owe the cfi inc money?Desired SettlementIf it is true that my student loan debt has already been paid off in full I would like the student loan to be removed from my credit report and to end all contact with CFI company. If it is a fact that I owe CFI I would like to negotiate because I borrowed and paid back in its entirety the same amount CFI is requesting from me. Meaning I borrowed 6,000 but I have to pay back 12,00 in total between the two companies WHICH MAKES NO SENSEBusiness Response Response to Revdex.com Case #[redacted]Two [redacted] loans were disbursed to this borrower on 1/11/06 totaling $6,625.00 under the terms and agreement of the promissory note signed by her to attend the college listed. The borrower withdrew from that college on 5/03/06 and the loans were placed in a grace period for six months. Both loans were converted to a repayment status on 11/04/06 with the first payment due on 12/10/06. The borrower briefly returned to another college for the one month, from 1/08/07 to 2/07/07 and again for three months from 1/07/08 to 3/24/08. Apart from the school deferments placed on the account for those four months, no other arrangements were made to keep the account current. The original loan balances plus the unpaid accrued interest totaling $7,586.86 defaulted to the [redacted] ([redacted]) on 5/14/09. The default claim was paid on 6/25/09 and CFI had no reason to contact or bill this borrower for payments since that date. Therefore, we are not in a position to provide any information regarding her claim about her federal income taxes being taken towards her student loan debt.Notwithstanding the above, the loans were rehabilitated at the state level and were sent back to CFI on 6/01/15 to resume collection of the outstanding loan balances totaling $6,489.20. A billing statement was mailed to the borrower on 6/17/15 for the payment of $67.00 due on 7/10/15. No payments have been received since the rehabilitation of the loans, but the borrower has contacted CFI and requested three separate periods of forbearances to advance her payment date to 4/10/16. In the absence of payments, the accrued interest is capitalized to the principal at the end of each forbearance period. The principal balance now stands at $6,538.81. The borrower stated that she is currently working and she should be able to make the scheduled monthly payments.In keeping with the rehabilitation agreement, all negative credit ratings reported on these student loans since 12/10/06 were changed to an I-1 status on 6/04/15.Consumer Response yes I went to [redacted] college from 08-2008 to I believe march or may of 2009 all the dates you have provided are wrong and so is the time frame I need documentation of the intrest rate and the breakdown of when these fees started to accrue because according to your response in 1 year I borrowed money, went to school, left school, and started accruing intrest in less than 1 year thats wrong. that sounds like 100% intrest rate is that legal? show me how you came to this I need documentation Final Business Response Additional Information - Revdex.com claim #[redacted]With regards to the additional information requested, we will send the borrower a copy of the Promissory Note with her signature, dated 8/24/05. Both [redacted] loans were disbursed on 1/11/06. The larger loan for $4,000.00 was unsubsided, meaning the borrower is responsible for the accrued interest regardless of the status. While we have records that the borrower attended another college from 1/07/08 until 5/05/08, [redacted] College reported her enrollment status from 8/23/05 until 5/03/06. As a result, these loans went into repayment on 11/04/06 after the six months grace ended. The first payment due on 12/10/06 but no payments have been received by CFI to date. The interest rate applied on both loans is variable and is subject to change by the federal government on July 1st of each year. A letter is mailed to in June to inform all borrowers of the interest rate applicable for the fiscal year. The interest rate on the principal of $6,538.81 is 2.32% for this fiscal year. The interest is calculated on the unpaid principal balance. The borrower's payment goes towards paying the accrued interest with the remainder going towards reduction of the principal balance, but no payments have been received by CFI since 12/10/06. In fact, the principal balance returned from the[redacted] on 5/15/15 has since increased to $6,598.20 due to unpaid interest being capitalized to the principal balance at the end of each forbearance period requested since 7/10/15.

College foundation was supposed to give me a forbearance for Nov 2015 payment and did not which resulted in a derogatory late mark on my credit reportI have had the student loan for over 10 years now and have always paid on time. I had a family member become ill and I accepted responsbility in helping my family member with their debt. I contacted NC College foundation and let them know my situation and they told my I would be deferred until December which I was very happy to accepty. Little did I know that the customer service representative at NC College Foundation did not do what she told me she would as I did not receive a deferement in Novemeber in 2015 and it was marked on my personal credit bureau I am 30 days late in which it prevented me from getting a debt consoldation with my personal bank to pay out my debt. This was directly cause by the customer representative not following through with the forbearance or deferment she told me I would receive during the month of November 2015. The payment amount is $106.00 and my account # is [redacted]. I dont deserve this late mark on my credit as long as have had this loan and the customer service rep not following through on what she told me I was elligible for. Now my credit is suffering from her mistake.Desired SettlementAll I am asking is for NC College Foundation to remove the late mark on all three of my credit bureaus as they are reporting I was late in the month of November 2015 due to the fact I was not giving the deferment or forbearance for Novemeber resulting in my credit being damaged personally and affecting me financially.Business Response Response - Revdex.com Complaint Case # XXXXXXXX In response to the complaint filed by this borrower, we have reviewed our telephone records as well as borrower history and found no instance where this borrower requested a period of forbearance for his November's payment prior to the delinquency being reported to the credit bureaus. CFI contacted the borrower on 12/30/15 for additional information to assist with our research, such as; the dates of his telephone call, the telephone numbers he may have called from and the name of the CFI representative to whom he spoke. Based on the information provided, another search of our records was conducted. No record was found regarding calls received from the telephone numbers provided during the entire month of November. This information was conveyed to the borrower on 12/30/15 and he was asked to further assist us by providing any telephone records of available to him regarding the call made to CFI. If the event the borrower provides his phone records showing that a call was made by him to CFI during the month of November, 2015, we will re-evaluate his request to remove the derogatory credit rating reported on 11/23/15.We do appreciate the efforts being made by this borrower to repay his student loans and will continue to work with him to resolve this situation.Consumer Response Yes I am responding to why my complaint has been close. For the past 10 years or so I have been making my payment to the NC College Foundation faithfully. I do not feel my complaint should be closed nor should I have to provide my November 2015 call history to show that I called and made an arrangement with my payment only for their customer service rep to make a mistake and it cost my credit score to go down on account of their actions. To my knowledge, all their calls at Nc College Foundation are recorded and suprisingly now they are since I filed a complaint. I do not want my complaint closed until my deliquent account is corrected on my three credit bureaus. This is their mistake and I am hurting because of it. I do not want this complaint closed.Final Business Response REBUTTAL RESPONSE, Revdex.com CASE #XXXXXXXX In response to the original complaint from this borrower, submitted on 1/5/16, CFI indicated that we had reviewed our telephone records as well as borrower history and did not find any instance where this borrower requested a period of forbearance prior to the delinquency being reported to the credit bureaus.We asked the borrower to further assist us in this research by providing any telephone records available to him regarding the calls made to CFI. We have not received any additional information from the borrower to date regarding this matter.Without evidence that CFI has made an error, we are unable to change the credit rating previously reported that the borrower has concerns about. We are obligated to ensure that our credit reporting is accurate and reflects the actual payment history. If the borrower can provide additional evidence or information to help us evaluate any error or oversight on our part we are glad to review in order to help resolve this situation.

Reported Delinquency to Credit Bureau because they failed to process my auto draft form.My loan came due after I graduated. I called to inquire how I could set up auto pay online and was told I am not able to do this online but needed to submit a form through the mail. I then completed the form and submitted in the mail. Three months later I went to apply for a car loan and was denied because my otherwise perfect credit score showed a delinquency on an account I had with [redacted]. I then called [redacted] to resolve the matter and was told my auto draft form was never processed because I didn't submit a voided check, which I explicitly remember including. I was then transferred to a supervisor who told me that she could not make a decision and needed to submit a report to a manager to see if they could remove the delinquency from my account. After 3 weeks of follow up phone calls by me, the origninal supervisor told me that she reviewed my account and they would not be removing the delinquency because they only do so when they make a mistake. And when I questioned if giving me incorrect information about enrolling in auto pay online was their mistake, I was told no because, as she so rudely put it, "everyone knows you can pay online." I guess when she said everyone she meant everyone besides the support staff who is paid to know this information. Now my credit score is down over 200 points due to a $65 missed payment that I would of signed up for months earlier if 1. They processed my auto draft form or 2. I was given the correct information in the first place.Desired SettlementRemove the delinquecy from my credit score. I havent missed a payment since the incident and would even be willing to pay to account in full to resolve the matter. Business Response Case #XXXXXXXX Complaint: Request for credit removal.In response to the complaint made by this borrower, we have reviewed the negative credit rating reported against his loans on 9/21/15. Our records showed that borrower's loans became past due for the 7/10/15 payment. He promised to make the past due payment online on 8/19/15 but called back later to say that he would be mailing the payment and signed up for automatic draft. The payment promised was never received and no contact was made with CFI despite three voice messages left at different stages of delinquency for a return call. The automatic draft agreement form was received on 9/21/15 when the loans were 73 days past due but the payment was not received. The automatic draft could not be set up as the required voided check or bank deposit slip with the bank's routing number was not provided. The borrower was informed of the situation when he contacted CFI on 9/25/15. Again, he promised to send in the amount due to bring his loan current and submit a new automatic draft agreement form online. The new automatic draft agreement form was received on 9/30/15 but again the payments were not received as promised. To avoid setting up an automatic draft on a past due account, a forbearance was granted on 10/05/15 to bring the account up to date and allowed the borrower's bank time to process the automatic draft request. The automatic draft started on 11/10/15 and no payments have been missed since.Our records indicated that the borrower was informed on more than one occasion that the automatic draft agreement form and this past due payments could be submitted to us online. The borrower had ample time to send in the automatic draft agreement form and bring his loans current. The negative credit rating reported was as a result of the borrower's failure to make the past due payments promised. Since no error was found in our processing or reporting for the period, we would not able to change the credit rating reported on 9/21/15.

My payments are consistently misapplied despite my best efforts so I am accruing higher interest on my debts and I have no recourse.I hope you can help me. I am so frustrated that I have begun researching options to take out a personal loan so I can settle with CFI and give another entity the benefit of the interest on my debt. In 2015, my loan payments were consistently mis-applied and this problem became worse over the last six months. I have paid for years with no problem, but recently I seem to have nothing but problems. I have called basically monthly for the last few months because my payments have been mis-applied. A while back, I spoke to [redacted], a manager, and she said I could mail my payment to a specific PO Box so the payment would go toward Loan E on my account. More recently, I confirmed that address because my payments were improperly applied. The last payment I made was sent to the address provided and the payment was still misapplied. I do not have time to call during the week because of my work schedule and these continuous problems have been a great inconvenience and source of frustration, not to mention that when these overages going to "next payment" instead of Loan E (or toward any part of my principal would be acceptable at this point) they cost me money. The interest paid on my loans is also not going to be correct once the payment amount for November and December are fixed with the overage amount being applied to Loan E so I need to talk to someone who can correct my account to ensure the correct interest amount is available for my tax preparation. An online search provided no information about a board of directors that I could contact with this problem. I am tired of calling customer service and holding for long periods of time to no end, apparently, but have no other option since no higher level management or board of directors contact information is accessible.Desired SettlementI want my account reviewed for 2015 and all overages on payments ($143 is my monthly payment) applied to Loan E. I want the interest on Loan E to be corrected to reflect those updates, along with corrections to any inappropriate interest accrued because of misapplied payments on my account. Finally, I want a letter detailing all corrections and reflecting the correct amount of interest paid to CFI in 2015 for tax purposes. Thank you for your help, in advance. Business Response In response to the complaint # XXXXXXXX filed by this borrower regarding monthly payments being consistently misapplied. A review of her account indicated that the borrower has requested that any overage in her monthly payment be applied to her Group E - Unsubside Stafford loan. The monthly payment received is programmed systematically to allocate a certain percentage of the payment received on all loans to align the due date for the next payment due and pay off the loans within the term set. Regardless, a borrower can make a specific request to apply more money to a particular loan when more than the required payment is being made. However, the system will apply the amount received in the same manner and a re-allocation is done manually on the next business day or as soon as possible. This does not result in higher accrued interest as the re-allocation is done with the same effective date of the payment. Payment is due on the 10th of each month and interest is calculated daily based on the interest rate which accrues until the next payment is received. Therefore, fluctuating payment dates could result in more accrued interest from month to month and not as a result of the re-allocation of a payment.The payments received 11/30/15 and 12/17/15 have been re-allocated with the extra amount applied to the Group E loan as requested. To ensure that the monthly payments are reallocated promptly, the payment should be mailed directly to: CFI, P.O. Box XXXXX, Raleigh, NC XXXXX-XXXX. A form 1098-E for the total interest paid in 2015 will be mailed out to all borrowers with the January, 2016 billing statement. Also, this information can be viewed on the CFI website at: www.cfnc.org. by borrowers who have signed up for e-statements.

My account was sent to collections after a resolution was made.Back in February 2016, my account was past due and a resolution was made between [redacted] and I to back date a deferment so I would not have anything negative on my count. With that said, I made my first two payments and I got a notice from [redacted] that my CFI negatively effected my credit score, as well as my co-signer's [redacted], AFTER my account was taken care of internally. Desired SettlementI would like to have my CFI account pulled from the credit agencies for both myself and cosigner since the account was fixed prior to the negative effects.Business Response [redacted] Removal of negative credit ratingOur records indicated that a payment was due on this borrower's loans on 12/10/15. Despite past due notices sent to her at the address on file on - 12/21/15, 1/20/16 and 2/19/16 in addition to attempts made by telephone, no arrangements were made to take care of the delinquency until 2/24/16 when the loans were (76) days past due and were already reported two months late to the credit bureaus on 2/22/16. During our telephone attempts, we were able to reach the co-signer on two occasions on 2/01/16 and 2/24/16 where she was informed of the delinquent status on the loans she co-signed. In addition, two past due notices were sent directly to her on 12/21/15 and 2/19/16.While a discretionary no-pay forbearance was processed retroactively on 2/25/16 to bring the loans current, in keeping with the Fair Credit Act regulations, CFI cannot changed the negative credit rating that was previously reported on 2/22/16 as the borrower's loans were two months past due at the time of the credit reporting. The same would be the case for the credit rating reported on the loans co-signed as the co-signer was fully aware of the delinquent status.We look forward to continue providing counselling to this borrower and suggest that she contact us for as soon as possible to avoid any future negative credit ratings.Consumer Response Please re-read the file because I called twice early 2016 and used the Contact Us on the cfi website where I sent in paperwork for the Income Based Sensitive plan. From previous experience, I know it takes a little while for the paperwork to come through so I waited for the February bill to come in with the new price and that's when I noticed it had not changed again. I called on February 18th and spoke with [redacted] and this is when I was given new options. It obviously took a week to kick in and then I had to confirm something else on April 4th. Multiple attempts were also made on my part and I responded to the phone calls in February. Please re-review my accounts and fix this issue. I'm on the phone wasting my time with CFI on a monthly basis because I've noticed my payments have not come through the last two months, but they're being taken out of my bank account. Please take care of your customers, I'm trying to pay properly, but CFI makes it difficult.ThanksFinal Business Response Follow-up Response Revdex.com Case #11112737The borrower's request in her initial complaint was to remove the negative credit rating reported on 2/22/16 as her loans were (74) days past due when the negative credit rating was reported. As stated in our response submitted on 8/08/16, our records indicated that her loans was delinquent at the time of the credit reporting, therefore, CFI could not remove or change that credit rating for both the borrower or the co-signer as no error were found in our processing or reporting for that period.In response to the borrower's latest complaint received on 8/09/16, we would like to point out that CFI was able to reach the co-signer on 2/01/16 when the loans were (53) days past due. She mentioned that the borrower may need lower monthly payments and an email link was sent to the borrower to download and complete an alternate repayment plan application that was income-based (IBR). The IBR request form was not received and there are no records showing any contact with the borrower prior to 2/22/16 when the negative credit rating was reported.Our records showed that CFI contacted the co-signer again on 2/24/16 when she was informed of the delinquent status and that no paperwork was received from the borrower. The borrower was aware that her loan payments were past due since 12/10/15, yet no contact was made with CFI until 2/24/16 apparently after she received our message from the co-signer to get in touch with us. The borrower did contact CFI later that day on 2/24/16 and spoke with our representative mentioned in her complaint. She asked if the paperwork for the Income Sensitive Repayment plan was received and was told that there are no records of any paperwork received on her account. During that contact, the borrower agreed to a verbal discretionary no-pay forbearance to bring her loans up to date and a reduced-payment forbearance to lower her monthly payments for the maximum period of 12 months.The borrower stated that she was waiting on the February's bill to determine how much was due, but action should have been taken from the bill sent by CFI in November, 2015 showing the amount due on 12/10/15. In the event she was not able to afford the payment due, it is her responsibility to reach out to CFI and make other arrangements including an alternate repayment plan to lower her monthly payments and follow up with the approval of the plan in order to keep her loans current and avoid negative credit ratings.Please note that online payments are posted promptly upon receipt and delays could have been with the borrower's bank having to clear the payment pending their one time daily transmittal of all payments. There are other ways to set up the transmission of a payment and avoid this issue and the borrower could reach out to CFI for guidance.