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FICO® Forums >
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*new error in Sallie Mae reporting* WTH happened - why is FICO contradicting itself? Please help!
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*new error in Sallie Mae reporting* WTH happened - why is FICO contradicting itself? Please help!
[ Edited ]
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gary4872
Regular Contributor
Posts: 143
Registered: 03-27-2008
Message 1 of 214
Viewed 13,110 times
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I was just on the phone with Penfed requesting a CLI (I'm still within 60 days of the initial pull, just refinanced my car with them and figured I may as well go for it all!) and I get a scorewatch notice that my FICO dropped 38 points. I log in to check and there are no notices. I checked on TC also and nothing.
The only thing I can think of is that I sent a dispute re Sallie Mae but it hasn't been 30 days yet and SM verified to EX.
So I just ordered my new Score Watch report and under "Understanding your FICO Score" it says: - 1 serious delinquency 60 days past due
- Balances past due $3,013
- Recently missed a payment 2 months ago
None of that is correct!
"Credit at a glance" says no late payments and no accounts past due
"Accounts" shows Sallie Mae with a balance of $3,013 with a red flag, reporting no late payments current status "Pays as agreed" "Past Due Amount $0" and under description it says "Arrangements made with credit grantor to make partial payments" which is incorrect, I'm making full payments.
It looks like FICO thinks the account is now late and due in full. What is going on? Will this correct itself?
edited to change the thread title: I do hope that you don't mind, OP, but I edited your thread title to reflect that this is a Sallie Mae error. Please see my post #4. You might well have been the first to post about this.
Message Edited by haulingthescoreup on 05-09-2008 06:03 PM
Message Edited by gary4872 on 05-13-2008 07:23 PM
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05-08-2008 09:41 AM
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Re: *new error in Sallie Mae reporting* WTH happened - why is FICO contradicting itself? Please help!
[ Edited ]
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pil
Contributor
Posts: 25
Registered: 05-09-2008
Message 3 of 214
Viewed 13,017 times
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Same thing here... only my score dropped ONE HUNDRED AND THREE POINTS. I contacted SM consumer advocate line as well. I don't think this will last too long with the outcry... It would make a great story to call into your local news bureau though: struggling student loan company destroys credit of remaining financially secure customers...
Edited
Message Edited by pil on 05-09-2008 02:34 PM
edited thread title
Message Edited by haulingthescoreup on 05-09-2008 06:07 PM
edit by cheddar: removed link
Message Edited by cheddar on 05-09-2008 06:44 PM
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05-09-2008 02:33 PM
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Re: *new error in Sallie Mae reporting* WTH happened - why is FICO contradicting itself? Please help!
[ Edited ]
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pil
Contributor
Posts: 25
Registered: 05-09-2008
Message 4 of 214
Viewed 13,010 times
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Okay folks, good news. I contacted myfico.com over the phone and apparently they are getting a large volume of complaints and they are escalating the issue. The woman stated that it is an error and they are trying to resolve it with Sallie Mae. Call the support line here and they will take your contact info and get back to you when they resolve the issue.
edited thread title
Message Edited by haulingthescoreup on 05-09-2008 06:08 PM
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05-09-2008 02:45 PM
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Re: Oh wow I just missed this thread and posted mine, took 75...
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cheddar
Moderator Emeritus
Posts: 7115
Registered: 09-29-2007
Message 7 of 214
Viewed 12,955 times
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DF has the same problem. She went from 776 to 653 overnight because of it.
----------------------------
App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip.  )
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05-09-2008 07:01 PM
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Re: *new error in Sallie Mae reporting*
[ Edited ]
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rse2008
Contributor
Posts: 10
Registered: 05-09-2007
Message 8 of 214
Viewed 12,904 times
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SM added the below to my credit report. Arrangements made with credit grantor to make partial payments I have had perfect credit for years. SM says that I reduced my payment under a prior lender and that new federal goverment guidelines require that they report that fact which is killing my credit score. I spoke with a supervisor in a call center in India and they are researching it and going to get me additonal details. The thing that kills me is if I did this it was years ago. I am going to dispute through the credit reporting agencies. I was hoping ot buy a home in the next year or but am I am not sure if I am screwed or if I payoff th eloan if it will help anything. RSE
Message Edited by rse2008 on 05-10-2008 07:15 AM
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05-10-2008 07:13 AM
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Re: *new error in Sallie Mae reporting*
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RAZ09
Visitor
Posts: 5
Registered: 05-10-2008
Message 9 of 214
Viewed 12,870 times
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The same thing happened to my BF. His score went from 693 to 551. This is ridiculous, In a few months we are about to buy a home. With this low score we won't qualify for a loan or if we do it will be a very high rate. We don't know what to do. His credit report is completly clean. Just this Sallie Mae junk. It looks like it hit everyone at the same time, the alert. If its affect hundreds of people you know its a major issue.
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05-10-2008 08:45 AM
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Re: *new error in Sallie Mae reporting* WTH happened - why is FICO contradicting itself?
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specultr
Regular Contributor
Posts: 239
Registered: 11-29-2007
Message 10 of 214
Viewed 12,862 times
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I'll be co-signing for a student loan for my wife in the next couple of months. I guess we won't be using Sallie Mae.
04/01/2009: TU 799 EQ 816
01/01/2009: TU 779 EQ 791 EX 785
01/01/2008: TU 712 EQ 768 EX 748
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05-10-2008 09:11 AM
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