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Did Great Lakes tank your credit score? Here’s how to fix it.

Derrick Nguyen
Did Great Lakes tank your credit score? Here’s how to fix it hero banner

TL;DR

  • Great Lakes violated the CARES Act by incorrectly reporting that many student loan borrowers had missed payments
  • If your credit score dropped as a result, take these steps to fix it immediately:
    • File a dispute with the credit bureaus
    • File a dispute with Great Lakes
  • To check your score and see what is impacting your credit, sign up for a free credit monitoring account with Credit Sesame

According to the CARES Act, federal student loan payments, interest, and collections are automatically suspended for all borrowers from March 13 – September 30, 2020. This means that you will not need to do anything, and your credit score should not be impacted as a result. However, Great Lakes Education Loan Services incorrectly reported to the credit bureaus that many student loan borrowers had “missed” payments during this time, causing their credit scores to drop.

So if you have a student loan with Great Lakes, you should check your credit report and score immediately to see if you have been impacted by this misreporting and have it corrected.

Here’s what you should do next…

To check your score and what is impacting your credit, you can sign up for a free credit monitoring account with Credit Sesame. Credit Sesame will also provide you with credit monitoring alerts, to help you stay on top of your credit.

Do you see issues with your credit report?

If your credit report shows a missed payment with Great Lakes or other errors, we advise taking the following steps:

1. File a dispute with the credit bureaus

The credit data in your Credit Sesame account is provided by TransUnion. To dispute an error, we recommend contacting TransUnion directly via their website or by calling toll free 800-916-8800. Once you submit a report, they 30 days to investigate. If the bureau finds the information your credit report to be inaccurate or unverifiable, it will be removed or corrected.

2. File a dispute directly with Great Lakes

You can also file a dispute directly with Great Lakes. By law, you have a right to dispute the accuracy of any information on your credit report with the company that reported the information. All you need to do is send a letter disputing the specified information. The creditor Great Lakes, will then be required to investigate your claim.

Bottom Line

To stay on top of your credit score and alerts, sign up for Credit Sesame. It’s completely free and takes only 90 seconds to sign up.

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Published May 21, 2020 Updated: May 28, 2020
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Comments(16)

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Alfreda Jackson•  May 22, 2020 Edit
I thought under this Pandemic that Gov. stated no student loan payments until end of September and it should be reported.
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jacqueline samuel•  May 22, 2020 Edit
yes my credit was
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Kenyette Morris•  May 22, 2020 Edit
I'm just so overwhelmed with them
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Clareatha Woods•  May 22, 2020 Edit
I got an email saying Great Lakes may have put down a missed payment by mistake if so could you please fix it
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Credit Sesame•  May 28, 2020 Edit
Hi Clareatha. Credit Sesame is not related to the credit bureaus; therefore, we do not, and cannot, manipulate your score. We suggest that you use the steps in the blog post above to take action. We hope this helps.
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Benny Borrero•  May 22, 2020 Edit
They gave me to next year in March to start my payments up again because of the whole Covic thing
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Tracy kuhn•  May 22, 2020 Edit
I have not missed a payment! It actually said said I didn’t have a payment and I still made one!
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Wanda Short•  May 22, 2020 Edit
Please take away inaccurate payment info for great lakes.
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Credit Sesame•  May 28, 2020 Edit
Hi Wanda. Credit Sesame is not related to the credit bureaus; therefore, we do not, and cannot, manipulate your score. We suggest that you use the steps in the blog post above to take action. We hope this helps.
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Martha•  May 22, 2020 Edit
My score went down 89 points and I had contacted TransUnion. You guys didn't show why my score dropped. I had paid 3 credit cards to zero balance and paid off an installment loan from my credit union in February. My last score was 675 and went down to 589!!! Your site says we're can't dispute our score with you and TransUnion told me since YOU have me the score information that YOU should tell me why it dropped. I was wronging really hard to bring my score up so that I could buy me a place to live but that went down the tube. This is not right pay all. I'm very upset and I'm too old to be going thru this right now.
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Credit Sesame•  May 28, 2020 Edit
Hi Martha. There seems to be some confusion here. Credit Sesame reports on the data that TransUnion gives us; we do not, and cannot, change that data. TransUnion is solely responsible for what they show on your report. However, based on what you told us, we can guess why you had the sudden score decrease. While it seems counterintuitive, that loan you had improved the Credit Mix portion of your score. When you paid it off, that part of your score dropped because your Credit Mix was not as strong. We know this doesn't seem to make sense; however, the credit bureaus like seeing that you are able to manage payments on a variety of credit types. Whomever you spoke with at TransUnion was misinformed, because Credit Sesame has no ability to manipulate your score, we just report on what TransUnion tells us. We hope this helps clear the air.
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Theresa•  May 22, 2020 Edit
This whole Amount they are asking for is outrageous first of all it is more than half of what actually is owed and it isn’t my student loan and I can’t pay it
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Todd J Scott•  May 22, 2020 Edit
My first payment is not due until September.
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Roxanne Singleton•  May 22, 2020 Edit
For some reason my score just dropped drastically n i am not aware how that happened. This explains why
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Brenda Shuler•  May 22, 2020 Edit
I applied a deferment with Great Lakes and I was granted it until 2021 and now they want tp report that I have been missing payments and I want to fight back!
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Terry Blackwood•  May 27, 2020 Edit
I have not received anything since coved 19 started from Great Lakes. I'm not behind on payment
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