CFPB Complaint

Equitable Acceptance Corporation – CFPB Complaint

Consumer Complaint Submission

Date Received: 2018-12-17T00:00:00.000

Product: Federal student loan servicing

Issue: Dealing with your lender or servicer

Consumer Consent Provided to Share Complaint: Consent provided

Consumer Complaint: I was contacted by XXXX XXXX from XXXX XXXX via the phone a year a ago just a few months after graduating from college. The company was going to help me reduce federal student loans payment. I am still struggling to pay back my student loan since I am currently an XXXX XXXX member doing my year of service. I unfortunately believe them and now I have more loans to pay instead of helping me they are adding more problems. XXXX wanted me to sign the contract immediately and pay {$49.00} a month for the service charge to Equitable Acceptance Corporations. However. I recently, I realized that I could do it through them in order to keep my loan payment at XXXX since I dont have enough money to pay for loans. They have been scamming people. They give false information. What XXXX XXXX said on the phone is very different to the contract and the contract were signed on the phone. After reviewing my credit report I notice that the service is a line of credit and not a loan. I am very disappointed that these people have taken advantage of my current situation and used it for their win. I have been paying them for nothing. Please do something about this company. They are criminals who enjoying seeing people suffer.

Company: Equitable Acceptance Corporation

State/Zip: IN

Company Response to Complaint: Closed with explanation

Was Company Response Timely: Yes

Did Consumer Dispute Company Response: N/A

Complaint ID: 3102096

The above data is from the Consumer Financial Protection Bureau. Keep in mind that every company will get a complaint from time-to-time, even the great ones. But there are a few key data points that will give you an idea about how well the company values their customers and handles consumer issues.

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Look at the item Company Response to Complaint: and Did Consumer Dispute Company Response: to get a better idea of how this was resolved. And the field Consumer Complaint: can give you some context of the issue.

In particular what you are looking for was that the company response was timely and that the consumer did not dispute it. The posting of complaints has proven to be a valuable resource for both companies and consumers.




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