Target: Richard Cordray, Director of the U.S. Consumer Financial Protection Bureau
Goal: Charge Xerox under the full extent of the law for alleged service errors on hundreds of thousands of student loans.
Xerox’s student loan business is under federal investigation after it was found to have allegedly made years of service errors like overcharging borrowers or miscalculating their payments. The errors span over a decade and have allegedly affected the recipients of hundreds of thousands of student loans.
Xerox Education Services is a sector of the business services and document management company that services federally backed loans on behalf of big banks like Wells Fargo and JPMorgan Chase. It now manages more than 2 million loans.
The errors committed by Xerox allegedly went unreported by the company until last year. The student loan industry has a whole has been under investigation recently due to major issues like the current situation with Xerox.
This company cannot get away with its alleged errors that have swindled borrowers. Urge officials to charge Xerox under the full extent of the law if it has committed these errors.
Dear Director Cordray,
Xerox’s student loan business may have made a decade’s worth of service errors that completely swindled borrowers. These errors allegedly affected the recipients of hundreds of thousands of student loans by overcharging them or miscalculating their payments.
To make matters worse, Xerox allegedly left these errors unreported for years. Xerox cannot get away with making alleged errors like this that may have unfairly cost borrowers thousands during a time of economic downturn. I urge you to charge Xerox under the full extent of the law if it has committed these errors.
[Your Name Here]
Photo credit: Ken Bosma