When you get a student loan to help pay for college, you want to know that you are getting the best rate possible from a credible institution.
But now, hundreds of complaints have been filed by former and current students against the student loan management company ACS.
If you go to the Consumer Affairs website, there are currently more than 200 complaints and bad reviews filed against the organization, including the denial of loan payments, non-issuance of loan statements, retroactively assigning interest on alleged missed payments and not sending out monthly bills to customers.
In one case, the ACS accused a customer of not making a payment, when in fact, that person had an electronic record of the transaction.
ACS is also accused of increasing the interest rates on Access loans, which ACS recently began managing, without ever notifying Access customers. And some people have filed complaints alleging they received threatening letters and phone calls from ACS over so-called loan defaults and late payments.
All of these actions are considered unfair business practices or violations of consumer protection laws and could be grounds for a lawsuit.
If you or a loved one has suffered due to the actions of ACS, which could result in credit- rating damage, you may want to consult with a qualified attorney for legal advice.