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How should a change of loan servicer be checked?
Identify the new organization and independently verify its role and payment details.
Retain the notice alongside prior statements and confirm any practical changes. Do not send money solely because an unsolicited message names a new account or uses the old provider's logo.
Details
- Separate quoted conditions from assumptions
- Locate the agreement version and date
- Ask how a change affects the remaining schedule
Before preparing an application
Read the borrowing-cost checklist
Keep a written offer open while you locate the amount received, charges and total amount repayable.