CommonBond, Inc. CFPB Complaints

2000 Latest Complaints

Date Received	Timely Response	Product	Issue	State / Zip	Submitted Via
04/10/2020	Yes	Student loan Private student loan	Dealing with your lender or servicer Trouble with how payments are being handled	TX 78741	Web
My main issue is with XXXX XXXX. They are the servicer of this loan. I have reached out to Commonbond for help, and they initially responded to my emails, but I have not heard anything from them in over a month. They are ignoring my requests for help and are complicit in the dishonest and scammy practices of XXXX. I have two loans with Commonbond that are serviced by XXXX XXXX. The two payments are drafted from two different checking accounts on different dates. In XXXX, 2019 I opened a new checking account and switched my banking. I updated the auto debit details for one of these loans on the XXXX website. When I did this XXXX automatically cancelled the auto debit that was set up on the other loan. At no point did they advise me that one of the auto debits had been cancelled while only one had been modified. They sent me a confirmation email confirming the new auto debit but said nothing of the existing auto debit set up for the other loan. The only correspondence I received from XXXX were nondescript emails saying I had new messages on Commonbond.com. Nothing was displayed regarding late payments. The only thing the website showed were the details of my last payment and saying I had a payment due. It said nothing about a late payment. I tried logging in using my other XXXX username and it showed a zero balance. At no point did XXXX tell me a payment had been missed or that I was behind on payments. They did not tell me that my auto debit had been cancelled by their systems. They did not advise me by email, writing, or by phone. I have zero records of them reaching out to me saying I missed a payment. I received another email late XXXX saying I had a new message on the website. I logged in again and this time it displayed a late payment. Yet when I went to the payment history page it showed my auto debits proceeding as usual, but for just one account. It does not show any payment history for the other account. I was very confused as to what the situation was so I called XXXX. It took one hour on the phone for them to even figure out what was going on. XXXX could not even get my account numbers correct. The first two agents I spoke to confirmed that when you update the auto debit details for one account it cancels any other auto debits automatically and it does not warn you. The last agent I spoke to denied this and accused me of cancelling the auto debits. I would not have done this. It was still unclear how much was due and on what loans. It took more time on hold for them to sort through the loans and figure out what had happened and what needed to be paid to stay current. They advised me that it had already been reported negatively to the credit bureaus despite them not reaching out to me. They did not call, email, or send mail saying anything was past due. The only place this information was displayed was in an obscure inbox on their website that is cumbersome to navigate to. I told them to set up the auto debits again. The person I spoke to said after this payment to bring everything current was made that he'd set up the auto debits again. I also requested that they removed the negative information from my credit report. He said that's not possible. I called again to confirm the payment was made and the account was current. The agent I spoke to this time confirmed that if I was in school ( which I am ) that the negative information could be removed from my credit report. I needed to fill out a form confirming my enrollment, which I did. Fast forward to the next payment date of XX/XX/XXXX, and the payment was missed AGAIN. I called XXXX again and they confirmed there was no auto debit and that the payment wasn't made. I asked them how this was possible. The phone rep accused me of not setting up the auto debit and I assured her we did. I asked her to dig through the records of our calls. After 20 minutes on hold she confirms that the last agent said he'd set up auto debit, but he failed to do so. It was so infuriating to have them blame me again for failures on their end. I set up a manual payment, and the lady assured me auto debit would be set up this time. I asked her about the handling of my paperwork confirming that I am enrolled in school. She again didn't know what I was talking about. After even more time on hold she came back and told me the last agent failed to submit the request! I was absolutely flabbergasted. No one at this company is doing their job or doing what they say they will. At this point I've lost my .25 % interest rate deduction, I've paid late fees, and I have the account negatively reported to the credit agencies because of XXXX 's flawed systems and inept agents. I asked her to submit a request asking the negative information be removed from my credit report. She said that's a manual review process and she'd submit the paperwork when I hung up the phone. I urged her to make a strong case. I called back a week or so later to follow up on this. They told me the request had be denied. I asked them why the in school deferral wouldn't help, and she said the date was applied incorrectly. She told me it would be a few days for that to be fixed but that the negative reporting should happen. A few days later I logged onto XXXX and saw that both auto debits had been cancelled yet again! I did not request for the auto debits to be cancelled! This is my fifth call to XXXX in the month of XXXX. She told me that the agent who processed the forms confirming I am enrolled in school put my loans into a deferred status. I told her I did NOT want to do this! The entire time I've made it abundantly clear that I want to pay these loans as prescribed on their 7 year time schedule so this is done with and paid for. Now I am off my payment plan, again, and I've lost the .25 % interest rate deductions. I am still waiting for call backs from XXXX to get this resolved and get me on auto debit again. No one has reached out to me and my loans remain in a deferred status against my wishes. They've told me I can manually make payments whenever I want to, but I want auto debit set up and the .25 % interest rate reduction! XXXX is inept at handling auto debit and loans, keeping records, or processing payments accordingly. They did not tell me they turned off my auto debit and that I was missing payments, they penalized me with late fees and negative reporting to the credit bureaus, and cancelled my auto debits again thus raising my interest rates. Getting anyone reasonable to help with or take accountability for their own shortcomings is impossible. Perhaps the most frustrating thing in all of this is that they've continued to blame me for these things despite them needing 30+ minutes every phone call to even get a grasp for what is happening with my accounts. XXXX XXXX are crooks, and Commonbond is complicit in using them and not responding to customer service requests. XXXX says they are bound by what Commonbond tells them to do, and Commonbond says they can not do anything as XXXX handles the loan. They're both shady and fraudulent in their practices.
08/17/2023	No	Student loan Private student loan	Dealing with your lender or servicer Trouble with how payments are being handled	NY 139XX	Web
On XX/XX/2023 I logged into my Commonbond account to check the upcoming balance that was to be due come XXXX. Once I logged into my account, I noticed that my status had changed from 'Enrolled ' to 'Grace '. I called XXXXommonbond on XX/XX/2023 to inference about why my status had changed. The customer service agent informed me that my enrollment status has changed because I had graduated from my educational institution in XXXX of XXXX. I informed the customer service agent that I had been accepted into a graduate program, and inquired about what steps I needed to take in order to have my status changed back to 'Enrolled '. Per the contract that I signed upon dispersement of my loan, if I am enrolled in an educational institution I am only responsible to pay the accrued interest every month, I am not required to pay anything towards my principal balance. The customer service agent directed me to complete a form titled 'Enrollment Verification ', and to have this form verified ( via official stamp ) by the educational intuition I was now enrolled in. On XX/XX/2023 I completed the 'Enrollment Verification ' Form, and had this form officially stamped by the registrars office at my current educational institution. After verifying my full-time enrollment and stamping the 'Enrollment Verification ' document, my educational institution faxed this document directly to Commonbond. I have email confirmation from the registrars office that this document was shared directly with Commonbond. On XX/XX/2023 I received notification from Commonbond that I had been sent an e-correspondence, and to check my online account. I logged into my account on the Commonbond website and was surprised to find Commonbond had notified me that my status had been updated to 'Repayment '. As a result, I was now required to make set monthly principal and interest payments at an amount XXXX that of the payments I had been paying while enrolled in my previous educational institution. I called Commonbond directly in the afternoon of XX/XX/2023. The customer service agent informed me that the 'Enrollment Verification ' form they had received from my current educational institution did not indicate whether I was enrolled full time or part time. I questioned why as a result of them receiving an " incomplete '' enrollment verification form, I was removed from my contracted 'Grace ' status ( 4 months earlier than the contractual agreement ), and immediately entered into the 'Repayment ' status. The customer service agent could not provide a reason as to why my status was immediately changed from 'Grace ' to 'Repayment '. The customer service agent did confirm with me that the change from 'Grace ' status to 'Repayment ' status was a mistake on the companies behalf. I continued to inquire about how I could get my status returned to 'Enrolled '. The customer service agent directed me to re-complete the 'Enrollment Status ' verification form, have it again verified by my current educational institution, and to have them re-fax the document directly to Commonbond. On XX/XX/2023, I re-completed the 'Enrollment Verification ' form, had it re-verified by my current educational institution ( where I am enrolled full-time ), and my educational institution faxed the document directly to Commonbond. The customer service agent assured me that upon Commonbond receiving my Enrollment Verification form, they would revert my status to 'Enrolled ' so that I could continue to make payments towards my accruing interest. On XX/XX/2023 I received an email from Commonbond informing me that they had sent me another e-correspondence, with instructions to check my Commonbond account. In the afternoon of XX/XX/2023, I logged into my Commonbond account to check the e-correspondence I had received. Commonbond had sent me a letter informing me that my status had been changed to 'Deferment '. Upon checking my account, I could see that my status had, in fact, been changed to 'Deferment '. Within the e-correspondence from Commonbond, they informed me that I was now ineligible for interest-rate reductions. The contract that I signed with Commonbond indicates that I am entitled to a 6-month grace period following graduation from my educational institution. Commonbond did not honor their agreement within in contract, and have not allowed me a 6-month grade period. Additionally, I was falsely led to believe by a Commonbond customer service representative that submission of an 'Enrollment Verification ' document to Commonbond would revert my status to 'Enrolled '. Upon submission of this document, I was forced into a status of 'Repayment '. This again goes against the contract agreed upon by myself and Commonbond. Following this, I took all proactive steps possible on my end to remedy the situation through the avenues I was directed to by the Commonbond representative. My educational institution re-submitted a completed the 'Enrollment Verification ' form with further clarification on my enrollment status ( full time ) as directed by the Commonbond representative. Instead of honoring the contract agreed upon by both Commonbond and myself, Commonbond, without my consent, changed my status to 'Deferment ', a request which I did not make, therefore rendering me ineligible for future interest rate reductions. The customer service agent I spoke to on the phone, on a recorded line, never indicated that submission of the 'Enrollment Verification ' form would change my status to Deferment, or that a status change to Deferment would render me ineligible for future interest-rate reductions. Not only did Commonbond not honor the agreed upon contract which indicates my right to a 6-month grace period upon graduation, they took it upon themselves to declare me in a period of 'Deferment'- a request I never made. I was never infomred that submission of an 'Enrollment Verification ' document was related to or indicative of a request for deferment. The Enrollment Verification document itself does not mention deferment anywhere on it. Over the time period spanning from XX/XX/2023 to XX/XX/2023, Commonbond repeatedly broke the terms and conditions of our signed agreement and misled me as a customer. Commonbond does not honor the conditions of their contracts, and therefore I do not believe I should be hep responsible for upholding my end of the contract. I do not believe, nor do I feel comfortable, continuing to do business with a company that misleads its customers and scams them. I believe that Commonbond and the Commonbond representatives knowingly misled me to believe that submission of an 'Enrollment Verification ' form would revert my status to 'Enrolled ' so that they could, instead, change my status to 'Deferment ' therefore rendering me ineligible for interest-rate reduction in the future. Commonbond broke their contract, and is trying to scam me of every single cent they can.
02/21/2018	No	Student loan Private student loan	Dealing with your lender or servicer Trouble with how payments are being handled	IL 605XX	Web
Commonbond solicited me in XX/XX/XXXX, with a letter, claiming to consolidate my total student loan balance, under a lower interest rate. I submitted my paperwork online electronically, and when it came to verifying my loan amounts, the Commonbond website reported that it had retrieved the information electronically, and that no further documentation would be needed from me. I signed the promissory note with the company on XX/XX/XXXX. I was notified through my Commonbond account, that the loan payment would be dispersed to XXXX on XX/XX/XXXX. At that time, I expected that a check would be sent for the total payoff amount, to my previous lender which did not occur. On XX/XX/XXXX, XXXX ( previous lender ) withdrew {$200.00} from my bank account, for my usual student loan payment. I contacted XXXX to verify that a payment had even been sent from Commonbond, for a total loan payoff.. I was informed that XXXX applied a check for {$36000.00} on XX/XX/XXXX. I was also informed, that I still carried a current balance with XXXX, of {$250.00} ( that accrues XXXX cents in interest daily ). On XX/XX/XXXX, I spoke to " XXXX, '' at Commonbond. I informed him of my dilemma. I explained that I was disappointed that a balance remained with XXXX, and that I was completely unaware of it. I informed him that it was gaining interest charges daily, and that this was unknown to me. I explained that I did not anticipate the additional payoff expense, which felt like a penalty, and burden to me. I explained that I had already inquired with Commonbond, prior to signing documents, regarding penalties and fees, of which I was informed, there were none. XXXX informed me, that Commonbond verifies the loan amount owed, through a credit reporting agency, and sometimes there is a discrepancy between the payoff amount and the interest being accrued, until it is paid off. I explained that I should have been informed that there would be an additional expense owed on my part. I expect that when you payoff a loan, the current and exact payoff amount is verified, and then a check is sent. This was not how the company Commonbond / XXXX XXXX has handled my account. XXXX explained that if I sent a screen shot of my 6 month payment history and my current balance, he would forward it to another department, for resolution. Later on XX/XX/XXXX, I received an email from " XXXX, '' at Commonbond. To my disappointment, he gave me two options, which again, felt like penalties : 1. ) To put my account with Commonbond into forbearance, to allow me the time to close my previous account balance with XXXX. 2. ) Complete a new application with Commonbond and refinance a new loan, with the remaining balance applied, from my previous lender. It is unfair, to put my current account / loan terms with Commonbond in forbearance, and delay the payment and progress, as well as incur additional penalties or fees associated with forbearance. So I refuse this offer. As well, refinancing the loan, and adding the amount onto a new loan, to pay on for the length of the loan, isn't a sound fiscal decision either. I refuse this offer. I feel the current offers from Commonbond, to resolve this issue, only present further expenses to myself in the long term, and allow Commonbond to profit from their error. For these reasons, I feel deceived and wronged. After receiving the email, I followed up with Commonbond the same day. I had questions for the company Commonbond, about forbearance fees/penalties, further the impact that forbearance or refinancing would place on my credit score, and why I was the responsible party, for the amount remaining, although I had been informed, during the application process, that the payoff amount had been verified electronically. I was told by a Commonbond representative, that " XXXX '' was unavailable to speak, and that I could respond to his email, or respond in email, that I preferred to speak over the phone.
07/12/2018	No	Student loan Private student loan	Getting a loan Problem with the interest rate	TX 77007	Web
I put in an application to refinance my loan in XX/XX/XXXX with CommonBond ( www.commonbond.co ). I was given an offer for 2.57 % ( 2.82 % with 0.25 % autodebit discount ) on XX/XX/XXXX. I looked over the loans and compared with another lender and signed their documents on XX/XX/XXXX with the loan closing/disbursement on XX/XX/XXXX. My issue was that the lender was using interest rate quotes from XX/XX/XXXX when quoting me a variable rate on XX/XX/XXXX and then with final documents on XX/XX/XXXX still reflecting the rates from XX/XX/XXXX. Since I was comparing to other lenders using the current market interest rates ( either XX/XX/XXXX or even XX/XX/XXXX ), I was not able to make the best decision for my loan. Since this is a variable rate loan, I was curious as to why the company was quoting interest rates nearly 40 days only for my loan which if they used the current market rates, their rate would have been higher than competitors. The lender sent me a disclosure clearing stating in fine print, " Your loan has a variable interest rate that is based on a publicly available index, the 1-Month London Interbank Offered Rate ( LIBOR ), which is currently 1.92 % '' While this was true for all of XX/XX/XXXX, once XX/XX/XXXX arrive this was no longer a current rate. So this statement, the LIBOR is currently 1.92 % was false. I tried to resolve this with XXXX a manager at Commonbond and XXXX one of their representatives and they said they couldn't do anything. I checked on the website commonbond.co on XX/XX/XXXX today - and the company is still advertising the LIBOR at 1.92 % which is now 62 days old and thier interest rate quotes are consistent with a 62 day old quote. I think this is confusing to consumers when they are comparing offers as one company is using current interest rates and another company is using 40 day or 62 day old rates to quote a customer while other companies are at least updating the rate quotes every 30 days. I did not that the same website has XX/XX/XXXX LIBORs listed for other loans, so clearly they are updating parts of the offers and not other parts. I did print a PDF of the website on XX/XX/XXXX at XXXX central time for my records. Historically the Libor has moved as much at 1.5 % in a single 30 day period ( not recently, these larger changes were in the financial collapse in XXXX ). I believe because of this, it is negligent for a company to be quoting LIBOR interest rates >30 days old and certainly 40-62 days old is not acceptable. I would like to warn consumers to be very wary of when the interest rates are being quoted from as one company could use a current rate and another could be using 40-62 day old rates ( or more ) which could result in their loan disclosure being as much as 1.5 % different than what they were quoted. Again, this is with the knowledge that it is 1.5 % higher they are quoting it at 1.5 % lower. Commonbond thought when I was calling that I didn't like that the rate adjusted upwards, but the funny thing is it hadn't adjusted upwards ... the rate was basically the same as when I closed the loan - the upward rate adjustment had happend well before I was approved and well before I was quoted and well before my loan was closed and disbursed. My problem was with them quoting interest rates that are 40-62 days old and other companies not doing this - confusing customers. I uploaded the PDF of the XX/XX/XXXX webstie dislcosure showing them still quoting a XX/XX/XXXX rate. I also uploaded the TIL sheet showing an interest rate quoted around 40 days old.
10/30/2018	Yes	Student loan Private student loan	Dealing with your lender or servicer Problem with customer service	FL 34761	Web
On XX/XX/2016 I applied to CommonBond for refinancing my two XXXX XXXX Student Loans into one with a smaller monthly payment. I received letters from XXXX that they had taken over my loans from XXXX XXXX ( via CommonBond ) and got my new amount and payment information. Two years later I found out that there was still a balance owed to XXXX XXXX. My mother was getting the notifications sent to her junk email and told me about it a few months ago. She made a payment at one point, not exactly sure why XXXX XXXX still had a balance. For the last couple months, I have been talking to Customer Service at Common Bond and XXXX XXXX, trying to figure this out. I got in touch with CommonBond and worked with a rep named XXXX. We spoke back and forth for a few months. Eventually, she agreed that I should not have a remaining balance with XXXX XXXX, as Commond Bond should have paid all of the remaining balance when I refinanced ( I have our email conversations. ) So I told her that I would like them to fix the issue because they messed up when they consolidated my two loans in to one. She agreed and asked me to refinance again. I went to do so, but then she informed me that my payment cycle would reset. The problem with this is that I am now under a year away from removing my mother as a cosigner. I have never missed a payment or made a late payment and I do not believe it is fair that I should have to start over when they made the error in the first place. I called XXXX XXXX to get the exact reason and timing why Common Bond made their error. Here is what I was given : Common Bond paid the incorrect amount for both of the loans they were supposed to pay in full for my refinance. The amount due was {$28000.00} and they paid {$28000.00}, leaving {$620.00} on one. The other amount due was {$15000.00} and they paid {$14000.00}, leaving {$360.00}. They did not do their job in properly refinancing my loan. Where I should have {$0.00} left on XXXX XXXX and only one payment to make, I have been left with two loans like it never even happened. The amount has been sitting an accruing interest. XXXX XXXX also informed me that they didn't pay the amount until XX/XX/2016, even though I applied in XX/XX/2016 and was approved.
08/18/2020	Yes	Student loan Private student loan	Getting a loan Denied loan	SC 29681	Web
I was checking rates to see if I could save money on my student loan ( which has a relatively low outstanding balance ) and was referred to Commonbond. After discussing their loan to get rates for a few minutes it became obvious that they were NOT ABLE TO COMPETE with my current rate, but I was really disappointed to hear " we don't offer our services self-employed individuals ''. I told the representative that I had all of my schedule C tax returns going back 10 years proving more than adequate income along with current proof that my income situation has not changed - in which she replied " we've chosen to not do business with self employed individuals at this time ''. I feel this is a generic move which is obvious discrimination against self employed individuals and has prompted me to NEVER attempt to do business with this bank moving forward. I advised the representative that the bank was discriminating against an entire group of individuals without basis and her manager called me shortly after. She told me they were not discriminating, but chose not to do business with self-employed. The fact is I have an 800+ credit score and an outstanding D/I ratio ( which is why commonbond couldn't compete with my current rate to begin with! ). All of this is easily documented because the IRS knows a XXXX of a lot more than Commonbank. They provided this information to me with NO FINANCIAL INFORMATION FROM ME. I believe it is important for every bank to NOT MAKE JUDGEMENT-BASED DECISIONS WHEN IT COMES TO LENDING. This is the same exact behavior that leads to denying minorities loans. What exactly is the difference between refusing my refi without any financial proof - just because I'm self-employed and refusing my refi without any financial proof because of what I look like? COMMONBOND IS A DISGUSTING BANK THAT MAKES SNAP DECISIONS WITHOUT LOOKING AT ANY NUMBERS. They should be ashamed of their policy and I'll be spreading the news that this bank discriminates regardless of how much money people actually make! Self employed people typically have to work twice as hard to pave their own way - just to get this IGNORANT response from SOME banks.
12/07/2015	Yes	Student loan Non-federal student loan	Getting a loan Can't qualify for a loan	DC 20002	Web
I just applied to consolidate my private student loans via CommonBond. I filled out quick application which required a " soft '' credit pull to see if I would be eligible for a loan with their company. I agreed to the application terms and the result was that I was qualified for a consolidation loan with an interest rate from around 4 % - 6 %. Then I was asked by CommonBond to do a " hard '' credit pull to dial in on the exact interest rate for my loan. After receiving the first confirmation from my initial application I was led to believe that the second credit pull was a routine task that would finalize my loan. Instead of getting my final interest rate and terms, I was denied and told I needed co-signer who makes more than {$80000.00} per year. Unfortunately, I do n't have access to a co-signer who makes more that {$80000.00} per year. Had I know that there was even a mild chance that my application would result in denial and/or a co-signer requirement, I would have not risked applying. I went back and read through all the literature in the process before I clicked on the hard credit pull. It definitely is presented in a way that easily leads applicants to believe their initial credit check approves your loan and that this final credit check just figures out the final details of a pre-approved loan. I am very frustrated with my experience with CommonBond. The end result is major damage to my credit due to indirect and misleading information from Common Bond 's initial application process. If I was provided the proper loan eligibility information prior to my hard credit loan request, I would not grant CommonBond proper authorization to pull my credit report. Unfortunately, CommonBond 's credit pull was completed under false pretenses. I send XXXX messages to CommonBond explaining how I was misled by their application process. I requested that they contact the XXXX major credit reporting agencies and request to remove the hard credit pull on my file. They have refused to do this and also refuse to accept any fault in this process.
01/11/2022	Yes	Student loan Private student loan	Dealing with your lender or servicer Problem with customer service	MN 55104	Web
I was approved for a refinance student loan in XXXX of 2021. According to Commonbond, that loan was disbursed on XX/XX/2021. However, my previous lender has not yet received a disbursement check and has continued to expect payment. According to Commonbond, they issued a check but it was returned. I was not informed of this until XX/XX/2021. Rather than contacting the lender for an explanation, Commonbond sent me an email requesting the mailing address on that date. I did not see the email until later when I was charged again for both loans. I sent my response with the address provided by my previous lender on XX/XX/2021. I did not receive a response to my email. I contacted Common bond on XX/XX/2021 to confirm receipt of my email. They confirmed that the email was received and that a second check had not yet been issued. The representative said that he would forward this issue to his supervisor and would send an update the next day via email. I did not receive an email. I called again on XX/XX/2021 and was told that the representative had no additional information and would follow up with me later that day. I did not receive a call or an email with more information. I called again on XX/XX/2021 and was informed that a second check was not yet issued and that the representative had no information to share and could not provide an accurate estimate of a response time. I requested that further steps be taken to ensure that this issue is resolved. They declined to take further action and repeated the offer to follow-up with an email. Throughout this time, Commonbond has required payment of this loan despite not paying off the original loan. This has resulted in double payment for several months. It is unacceptable that their customer service representatives do not follow-up on their commitments to address this issue It is also unacceptable that they do not have any information to share when reached by phone.
10/22/2023	No	Credit reporting or other personal consumer reports Credit reporting	Incorrect information on your report Account status incorrect	WV XXXXX	Web
I have a private student loan through XXXX XXXX XXXX, a private loan through XXXX XXXX, and federal loans. I have never once EVER had an issue with my loans from the federal government nor have I ever had an issue with my private student loan through XXXX XXXX. From day one, there have been nothing but continuous issues with CommonBond. Even when Im a XXXX they put me in repayment and do NOT defer my loans. My co-signer and I have credit reports backdating to XXXX when they initially started making these reports and I was a XXXX XXXX XXXX. Fast forward to XXXX. They started reporting in XX/XX/XXXX to the credit reporting agencies that I was not making payments. No I was not making payments as I was a FULL TIME XXXX XXXX IN XX/XX/XXXX! When confronted with the facts and that they CAN NOT EXPECT ME TO PAY ON MY LOANS FOR AT LEAST 6 months. They continued making reports and both mine and my co-signers credit scores have dropped tremendously. The ONLY BAD REPORTS are coming from XXXX XXXX CommonBond. As I have explained to these people. I will be back in seat in my XXXX XXXX on XX/XX/XXXX. Nonetheless, they can not continue making these false reports because I had 6 months from the time that I ended the semester in XXXX to make my first payment. We want to seek legal action as we have well documented records clearly depicting that I have always maintained XXXX XXXX XXXX status. Which is evident by the FACT that both XXXX XXXX and the FEDERAL GOVERNMENT HAVE NEVER EVER EVER put my account in repayment. The attorney that I spoke with said to put it in writing with you first so that is what my co signer and I are doing.
04/21/2022	Yes	Payday loan, title loan, or personal loan Installment loan	Getting the loan	GA 302XX	Web
These XXXX companies need to better regulated as they are using a lot of bait and switch tactics to lure consumers in and then quickly change up the pricing/rate on people. With Commonbond, I sought them to refinance my student loans currently with XXXX. I went through filled out their application with the correct information, they did a soft pull of my credit and offered me a rate of 4.15 % for 20 years, in which I was elated because I am currently paying 5.235 % with XXXX and that reduced by rate by more than XXXX and would shave almost {$120.00} dollar off my current payment amount. Submitted my paystubs, connect my XXXX loan so they were able to see the rate and current amount, and commonbond proceeded did a hard pull of my credit. As of this morning, for the same 20 year loan, the rate has now jumped up to 6.3 %. I have high income, excellent credit, and low DTI. Ive never been late on any bill or my student loans. While most folks loans are deferred and not paying, since mine are private I have been consistently paying on-time during this COVID environment. So I do not understand why I was originally quoted 4.15 % and now being shown 6.3 %. All information provided was accurate and I provided my paystub to support the income I provided. I feel that if I were of XXXX decent and not XXXX XXXX, my rate would be still 4.15 %. These companies have been allowed to skirt many of the rules put in place to avoid skeptical business dealings and enforced with banks and it is about time they fall under the same rules. They should no longer be allowed be loose pitbulls.
11/07/2022	No	Student loan Private student loan	Dealing with your lender or servicer Trouble with how payments are being handled	PA 178XX	Web
I refinanced my loan with Commonbond ( held with XXXX XXXX ) over a XXXX XXXX ago. In that time I have never failed to make a payment and even paid extra per XXXX. I went back to school in XX/XX/XXXX and entered into a school deferment period that would end when my program ended. I attended XXXXXXXX XXXX in XXXX, XXXX. My final assignment, classes, and time on campus ended as of XX/XX/XXXX however my graduation date is not until XX/XX/XXXX. I was contacted about repayment beginning again by CommonbondXXXX XXXX XXXX and was told repayment would begin on XX/XX/XXXX. I applied for post-graduation grace period XXXX XXXX after my end date, and was denied. They told me I was denied because " I agreed to instant repayment plan ''. When I said I never agreed to that, they told me that because I didn't call XXXX XXXX of** my graduation, I forfeit the right to have a post-graduation grace period. The need to call in the XXXX of my graduation was never expressed in my deferment agreement or in the letters/emails they sent that if I didn't call ( from abroad ) the XXXX of my graduation I give up the right to apply for graduation grace deferment and " agree '' to instant repayment. When I mentioned this and that this policy wasn't published anywhere, I was told " too bad, that there was nothing they can do ''. It is not only unfair, but surely a legal gray area ( at best ) to create a binding policy that is never covered, mentioned, or agreed to ; but then hold students to the claim " I agreed to start payments immediately ''.
06/10/2020	Yes	Student loan Private student loan	Getting a loan Problem with the interest rate	CA 94568	Web
I applied for a student loan refinance with Commonbond ( commonbond.co ) on XX/XX/2020 in the amount of {$25000.00}. When they did the soft pull on me, I was offered a 5 year variable rate loan for 0.8 % APR. I opted to select that loan option and submitted documents verifying my Id, Income as well as my loan statement from my current financial institution. At this point in time, I also agreed to a hard credit pull given the rate was 0.81 % ( variable ) which was better than the 1.95 % APR loan I have with XXXX XXXX XXXX. After I did not hear from the company for a while, I contacted them again at which point in time they told me that the rate has increased to 4.26 %. I have been able to provide proof for the income I had stated in my application as well as any ID documentation they needed. This is purely bait and switch. I would never have accepted a 4.26 % APR to begin with as my current APR on my loan is 1.95 %. These practices are deceptive and in my opinion against UDAAP. Now, not only do I not have the lower rate, there is also a hard credit pull on my bureau which I would never have had if CommonBond had fairly disclosed their rates after the soft credit pull. I have screenshots to prove the rate offered to me. Very disappointed in the unfair and deceptive practices that CommonBond is following, and at the same time this is classic bait and switch. I hope you take actions against this company. Thanks!
07/06/2022	Yes	Student loan Private student loan	Getting a loan Confusing or misleading advertising	IL 60622	Web
On XX/XX/2022 I applied as was approved for and signed for a loan. At this point, the loan was sent to my school ( XXXX ) for certification ( email attached ) In XX/XX/2022 CommonBond exited the student loan industry. I was concerned that my loan would not be funded given the rising interest rate environment. On XX/XX/2022 I reached out to the company to ensure my loan would be funded. On XX/XX/2022 the company affirmed that since the loan was approved pre-exit it would be funded as soon as my school certified the loan ( email attached ) On XX/XX/2022 my cost of tuition was certified by my school and and I received a " Welcome to the Family '' email from Commonbond ( emails attached ). However, upon trying to access my documents on the CommonBond website, I am taken to a page stating they are no longer providing student loans with a link to a partner. I reached out to CommonBond for clarification and they not state they are no longer able to disburse my loan even though my school has disbursement dates confirmed in their system ( emails attached ). I believe this violates UDAAP regulations as it will cause me substantial harm without funding and with potentially higher costs, I forwent rate shopping based on their approval and more importantly the explicit promise of disbursement, and I was not reasonably able to avoid these injuries due to their assurances
03/22/2021	Yes	Student loan Private student loan	Getting a loan Confusing or misleading advertising	PA 19335	Web
Hello, I received an email entitled " Get up to {$5000.00} back when you refinance by XX/XX/XXXX! ". on Friday XX/XX/XXXX late afternoon from CommonBond. I confirmed via email with their support that this was a legitimate offer and the only requirement is that you are approved for a loan and submit documentation by midnight on XX/XX/2021. During the application process, their system did a hard credit inquiry and automatically pulled in information from my 2 existing private student loan lenders and balances. It required " verification '' of 1 of the 2, which is a loan from XXXX XXXX, serviced by XXXX. Unfortunately XXXX XXXX customer service department is closed on Saturday and Sunday, not opening back up until Monday so I was unable to retrieve the requested information and submit the application in time. This makes me both ineligible for the promotion and I now have a hard inquiry and lower credit score as a result. It seems to be a common practice for financial institutions to be closed over the weekend so it seems like it is deceptive of Common Bond to run a promotion that is only offered during a very small period where it would be difficult or impossible to finish the loan application. Not to mention, I was approved and eligible for the promotion until after my credit was pulled.
12/08/2019	Yes	Student loan Private student loan	Getting a loan Confusing or misleading advertising	CO 80206	Web
I have been shopping around to refinance my Student Loans. I found an advertised rate for the company " Common Bond '' of 1.85 % on a variable rate 5 year loan. You can see this same rate if you navigate to their main company page now. I applied for this loan, but was only approved for their fixed 5 year loan at their lowest offered rate of 3.21 %. I have absolutely perfect financials, XXXX credit score and superb debt/income ratio. When I asked them what they would offer for a variable rate loan, they only replied they would do a variable rate at 3.21 %. I thought that was odd, since most variable rate loans are lower than their fixed rate counterparts. I asked them to look again, and they said, yes this is the best rate they could offer me. It seems to me that the advertising on the offered rates is very misleading by this company. Every other company I have applied to refinance through has offered me their lowest rate for either fixed of variable rate loans. Now this company has a great deal of my personal financial information as a result of my application, plus made a hard pull on my credit, so the result of their false advertising I do not feel is harmless. Thank you for your time in considering this harmful practice.
09/16/2016	Yes	Student loan Non-federal student loan	Dealing with my lender or servicer Trouble with how payments are handled	MD 208XX	Web
I refinanced my loans back in XXXX for a lower rate. At the time of origination I completed the paperwork for auto payment of my loans. Doing so would lower my rate by .25 %. The lender contacted me in XXXX saying my account was 2 month deliquient and I would be responsible for late fees and other penalties for non payment. At that time I submitted a payment for the full amount due and signed up again for auto payment. Just today I received a notice saying I was 2 months late and they were going to assess late fees and penalties. I contacted the company and they said they never received the auto payment paperwork. I have sent them the back up document but I am concerned about the late fees they are assessing on my account and the .25 % I am due for having signed up for auto payment in the first place. Please note on the website it shows I am enrolled in auto payment. Additionally when I originated the loan I received a letter from a services stating that my loan amount was twice the amount borrowed. This has since been resolved but was a serious concern at the time. Finally, looking at my online statements I never received any communication in XXXX in the form of a statement. I would expect this to be common practice.
11/25/2015	Yes	Student loan Non-federal student loan	Getting a loan Can't qualify for a loan	MN 55406	Web
I applied for a student loan consolidation product from Common Bond. I have excellent credit and always pay my current bills on time with no trouble. I 'd like to take advantage of lower rates in the current marketplace. Common Bond 's marketing products suggested that a cosigner would help me get a " better '' rate. Common Bond 's advertising materials made me feel as if I would be eligible for a good rate based on my excellent credit, good income, and good payment history. Additionally, my husband would have been happy to cosign. When I finished the application, I was told that I need a cosigner with an annual income of {$80000.00} to qualify for any loan. This requirement came AFTER Common Bond pulled my credit report, and Common Bond made no previous mention of requiring a cosigner with such a high income. I feel that this is a deceptive marketing practice and it unfairly limits my access to credit. Common Bond has wasted my time and potentially damaged my credit report. I have made payments on my current student loans for three years with no problems, and feel that I should qualify, especially because student loans with lower interest will be even easier to pay.
12/25/2021	Yes	Debt collection Private student loan debt	Written notification about debt Didn't receive enough information to verify debt	NY 11104	Web
XXXX XXXX, a loan servicer for CommonBond has been sending me statements with billing errors pursuant to 15 USC 1666 ( b ). The most recent one was a statement from XX/XX/2021 stating I allegedly have a total amount due of {$49000.00} and that I have a current amount due for the month for {$620.00}. I am asking for proof that I owe this debt due to the debt being in the positive. You can not offset a positive with a positive therefore this is a billing error, and if there is a debt that is owed I would like XXXX XXXX and Commonbond to provide proof and that there is no billing error. They also sent a letter on XX/XX/2021 that a late payment will be furnished on my consumer report. Pursuant to 15 USC 1681 ( 2 ) ( A ) ( i ) transactions and experiences between the consumer and the person should be excluded from my consumer report which includes late payments.
05/20/2020	Yes	Student loan Private student loan	Dealing with your lender or servicer Received bad information about your loan	PA 19147	Web
I applied for a loan to refinance my student loans with CommonBond on XX/XX/2020. I received confirmation via email. Since then I have not received a a result and have been asked for multiple information by them including adding a co-signer. I have not received an answer to them since XX/XX/2020 regarding if I was approved, a loan rate, or anything. I have contacted them via email multiple times and via phone. CommonBond asked me to add a cosigner 4 days later on XX/XX/2020. I was back and forth with them by them stating that my co-signer put the wrong income amount. When they sent two years of tax returns they stated they could only verify a wrong amount. When I looked at the tax returns and it was more than half of what is listed on the tax return. They did not reply to any emails that I sent after this. I have attached all of my communication with them.
06/02/2020	Yes	Student loan Private student loan	Dealing with your lender or servicer Trouble with how payments are being handled	MN 55423	Web
I refinanced my student loans with CommonBond in XX/XX/XXXX and there was an overpayment upon payoff. A refund was issued by the prior servicer ( XXXX, a XXXX company ) on XX/XX/XXXX but XXXX ( CommonBonds servicer ) continually tells me it has not been received that refund and that I should contact the prior servicer. This has created a continuous loop where I ask the prior servicer if the payment was sent and they confirm it was sent then XXXX tells me it hasnt received the funds and to follow up with the prior servicer. Ive done this 3 times now. No one can provide any answers or steps that need to be taken to resolve where these outstanding funds are located and when they will be applied to my account.
09/22/2021	Yes	Student loan Private student loan	Dealing with your lender or servicer Trouble with how payments are being handled	FL 33547	Web
Refinanced a student loan with CommonBond and servicer XXXX. The new loan has started on the XXXX yet my old loan has not received any funds. In contacting them the payment is being sent by mail and may take 3 weeks to reach my old servicer. In the meantime I'm accruing interest on both loans. Also, when contacting to see when the check will be received I'm told there is no tracking information available! When refinancing all my information was provided, how is it that when one electronic loan is started the payment can not be sent electronically to the old? Old loan is through XXXX and XXXX XXXX.
10/27/2021	No	Debt collection Private student loan debt	Attempts to collect debt not owed Debt was paid	NY 11104	Web
I, XXXX XXXX entered a consumer credit transaction with Common Bond on XX/XX/2021. Common Bond has sent me a bill every month from XXXX to XXXX in the amount of {$310.00} in which I have paid. Pursuant to 18 USC 8 all bills are the obligation of the United States so the debt was paid for already ; Common Bond should not have collected money from me monthly in that time period. There are also multiple violations that Common Bond has committed and I have included those in the attached documents.
05/13/2019	Yes	Student loan Private student loan	Dealing with your lender or servicer Received bad information about your loan	CA 94117	Web
During a refinance process, I received confusing communication regarding my loan balance and as a result of this miscommunication, my account was reported as late and adversely affected my credit score unfairly. I now have to spend a ton of time disputing my credit with the bureaus as a result of their faulty operations. This has been a total nightmare.
12/07/2020	Yes	Credit reporting, credit repair services, or other personal consumer reports Credit reporting	Problem with a credit reporting company's investigation into an existing problem Investigation took more than 30 days	TX XXXXX	Web
THIS IS NOT A DUPLICATE COMPLAINT I have a student loan with Common Bond but XXXX is the servicer. I applied for a forbearance in XX/XX/2020 and it was granted by the Note holder Common Bond but XXXX continues to report it late. I have all my e-mails and documents showing this but XXXX and the credit bureaus have not corrected my credit report.
09/21/2022	No	Student loan Private student loan	Dealing with your lender or servicer Received bad information about your loan	WA 98045	Web

05/31/2022	Yes	Student loan Federal student loan servicing	Dealing with your lender or servicer Need information about your loan balance or loan terms	MI 48116	Web Referral

02/04/2022	Yes	Student loan Federal student loan servicing	Dealing with your lender or servicer Trouble with how payments are being handled	MI 48117	Postal mail

01/31/2022	Yes	Debt collection Private student loan debt	Attempts to collect debt not owed Debt was paid	NY 11104	Web

01/12/2022	Yes	Debt collection I do not know	Communication tactics You told them to stop contacting you, but they keep trying	NY 11104	Postal mail

01/14/2021	Yes	Student loan Private student loan	Dealing with your lender or servicer Received bad information about your loan	VA 22630	Web

04/23/2020	Yes	Student loan Private student loan	Dealing with your lender or servicer Trouble with how payments are being handled	TX 76180	Web

09/30/2019	Yes	Student loan Private student loan	Dealing with your lender or servicer Trouble with how payments are being handled	VA 23229	Web

11/04/2018	Yes	Student loan Private student loan	Dealing with your lender or servicer Received bad information about your loan	CO 80108	Web

09/11/2018	No	Student loan Private student loan	Getting a loan Problem with signing the paperwork	NY 11375	Web

02/21/2018	No	Student loan Federal student loan servicing	Dealing with your lender or servicer Trouble with how payments are being handled	CA 92262	Web

03/14/2017	Yes	Bank account or service Other bank product/service	Account opening, closing, or management	TN 37146	Web

10/22/2016	Yes	Student loan Non-federal student loan	Dealing with my lender or servicer Received bad information about my loan	MI 48108	Web

05/26/2016	Yes	Student loan Non-federal student loan	Getting a loan Can't qualify for a loan	NC 27103	Web

04/09/2016	No	Consumer Loan Installment loan	Managing the loan or lease	NC 27703	Web

03/08/2016	Yes	Student loan Non-federal student loan	Dealing with my lender or servicer Having problems with customer service	NJ 08003	Web