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The CFPB alleged that ACS lacked a proper system and manpower for processing changes to repayment, such as deferment, forbearance, or income-based repayment plans. It included properly adjusting relevant loans or making restitution to borrowers.
Xerox shed several business interests in and created the publicly traded company Conduent Incorporated. Conduent moved to start winding down all student loan servicing operations for FFEL loans. Conduent's student loans business is no longer in operation. All Conduent student loans that were previously serviced have been transferred to other services.
What does all of this mean for the borrowers with whom Conduent previously worked? Borrowers should proceed in one of two ways depending on their type of loans. It must make restitution to any affected borrowers. Contact your new student loan servicer and discuss the matter with them if you believe this applies to you but your loans were not adjusted.
You might also want to check on your loan balance, review your previous payments, and request a free copy of your credit report to ensure that it is accurate. Federal Student Aid. Consumer Financial Protection Bureau. In This Article View All. In This Article. Definition and Examples of Conduent Ownership.
How the Termination of Conduent Loans Worked. The CFPB ordered the company to correct unfair loan servicing practices by adjusting principal balances and repaying affected borrowers. Contact your lending institution or look up your loan information on the Federal Student Aid website if you had your student loans serviced through Conduent.
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Traded as. Florham Park, New Jersey. Clifford A. Retrieved 10 August Archived from the original on 4 January The New York Times. Archived from the original on 1 February Retrieved 30 January Archived from the original on 11 January Retrieved 29 October The Wall Street Journal.
Retrieved 4 January Democrat and Chronicle. Retrieved 5 October Xerox Newsroom. Archived from the original on 16 May Retrieved 26 November PR Newswire. Retrieved 6 March Retrieved 12 March United States Department of Labor. Retrieved 14 May
Conduent Inc. is an American business services provider company headquartered in Florham Park, New Jersey. It was formed in as a divestiture from Xerox. The company offers . When you join Conduent, you are engaged in creating the future – both our company’s and your own. Our people are united in their passion to make a positive difference – within their teams, . On 5 June , Xerox announced that it would be spinning off its Xerox Business Services division into a wholly separate corporation, for which the name was yet to be determined. The business scope of the new company was generally understood to be essentially identical to that of former business services company See more.