Reply
Established Member
Posts: 14
Registered: ‎01-29-2010
0

Sallie Mae Student Loan showing as consumer finance account

I've been scratching my head for months trying to figure out how I have 7 consumer finance accounts on my Equifax.  I just got my Transunion today and it has a better score(660 TU - 614 EQ) despite what is an obviously worst report (overlooking the 7 consumers)...as there is a collections on it.  I compared the two, and TU has the old Sallie Mae student loan accounts with a Student Loan symbol and the details say the type of loan is student loan.  On the other hand, EQ shows these same loans with a money bag symbol and the type of loan is Installment.  I think EQ is seeing these as consumer finance accounts.  On top of all of this all of these loans were consolidated into one and the old loans closed 8-9 years ago.  Both the old loans and the consolidated new one are in good standing - pay as agreed, no late payments.  Should the old loans even still be showing up with last activity dates from 02 and '03?  And should I dispute these Sallie Mae loans being classified as what appears to be consumer finance loans?  The old loans total 7 the exact number of consumer finance accounts on my Equifax.

 

Thanks in advance for any advice.  I'm new to this.

 

TU 660 7/21/11;719 6/14/12
EQ 643 8/4/11; 686 6/22/12
EX 667 12/10/11 (creditor pulled)
Established Contributor
Posts: 645
Registered: ‎03-20-2010
0

Re: Sallie Mae Student Loan showing as consumer finance account

From what I understand, when an account is "closed", it can remain on your report for up to 10 years (possibly longer depending upon the creditor). 

Filed BK 12/5/14
341 meeting 1/9/15
Anticipated discharge 3/10/15

Goal: 700 by 3/2017
Established Member
Posts: 14
Registered: ‎01-29-2010
0

Re: Sallie Mae Student Loan showing as consumer finance account

Ok.  Other than they are being, apparently, listed as consumer finance accounts, I don't have a problem with them remaining on my account.  Like I said, they were all in good standing (for the life of the loans).

 

 

TU 660 7/21/11;719 6/14/12
EQ 643 8/4/11; 686 6/22/12
EX 667 12/10/11 (creditor pulled)
Established Member
Posts: 14
Registered: ‎01-29-2010
0

Re: Sallie Mae Student Loan showing as consumer finance account

So, I put in disputes online on all of these old Sallie Mae accounts yesterday.  Basically, that these should be listed as educational loans.  I just got an SW alert today, and the alert is basically the disputes...but my score went up 15 pts.  Even though they are still "reinvestigating" (?)

 

Not that I'm complaining:smileywink:

TU 660 7/21/11;719 6/14/12
EQ 643 8/4/11; 686 6/22/12
EX 667 12/10/11 (creditor pulled)
Senior Contributor
Posts: 3,889
Registered: ‎05-24-2011
0

Re: Sallie Mae Student Loan showing as consumer finance account

Hi killer - Sallie Mae is a drag about this.  I have almost the exact same thing.  My credit report from the lender says I have too many consumer finance accounts"  Yah right.  I don't have hardly anything.  All loans were consolidated, they list the payment as $1.00.  But I believe (and i could be wrong) that these accounts are actually helping my score because they are all very old (2001) and in good standing (except one has two 90 day lates listed for 08 and 07).  Anyway,

 

Let us know how your dispute turns out.  I disputed my Sallie Mae lates in November of 2010 (long paid off) and the dispute came back verified!   But when I called them 100 times during the last month to get rid of my 90 day lates, they couldn't even find me in their stupid system.

STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720
New Member
Posts: 7
Registered: ‎07-14-2011
0

Re: Sallie Mae Student Loan showing as consumer finance account

Please let us know how this goes...i just looked at mine and see the same thing...EQ shows money bag and TU shows education.

 

So do you really think it makes a difference if it has the little hat symbol?

 

Mine are 10 years closed with zero lates, so not sure if this would hurt or help if they stay the way they are.

 

 

Established Member
Posts: 14
Registered: ‎01-29-2010
0

Re: Sallie Mae Student Loan showing as consumer finance account

Booner,

 

Was yours coming back consumer finance on Equifax?  My transunion report is fine...Equifax has them consumer finance (evidently)...they aren't listed as educational!  The odd this is that the consolidated account, also Sallie Mae, that I'm still paying on is listed as educational loan.  Other thing of interest is that my consumer finance Sallie Mae are from roughly the same time period as yours.  I only disputed to have the accounts described as Educational loans, not to have them removed.  Mine have no baddies on them at all.

TU 660 7/21/11;719 6/14/12
EQ 643 8/4/11; 686 6/22/12
EX 667 12/10/11 (creditor pulled)
Established Member
Posts: 14
Registered: ‎01-29-2010
0

Re: Sallie Mae Student Loan showing as consumer finance account

Smack,

 

Every other Sallie Mae account on the other reports (even on EX fako), show these as educational loans in loan type.  Even my current Sallie Mae on EQ is showing educational.  I disputed to have these closed accounts listed as educational loans, because it's obvious to me that these are the accounts that are being labeled consumer finance by equifax.  I didn't ask to have them removed because of the length of credit and because my record on them was flawless.  I put in the disputes...they came up on my SW alert the next day...as did a 15 pt jump in my EQ score. I;ll let you know what comes of the dispute.

 

Tony

 

 

TU 660 7/21/11;719 6/14/12
EQ 643 8/4/11; 686 6/22/12
EX 667 12/10/11 (creditor pulled)
Established Member
Posts: 14
Registered: ‎01-29-2010
0

Re: Sallie Mae Student Loan showing as consumer finance account

Booner,

 

I'm same situation on consumer finance accounts...the only one I've ever had was a gym membership - didn't know this when I signed up.  So seeing SEVEN listed on my report is frustrating.

 

 

TU 660 7/21/11;719 6/14/12
EQ 643 8/4/11; 686 6/22/12
EX 667 12/10/11 (creditor pulled)
Senior Contributor
Posts: 3,889
Registered: ‎05-24-2011
0

Re: Sallie Mae Student Loan showing as consumer finance account


cortezthekiller wrote:

Smack,

 

Every other Sallie Mae account on the other reports (even on EX fako), show these as educational loans in loan type.  Even my current Sallie Mae on EQ is showing educational.  I disputed to have these closed accounts listed as educational loans, because it's obvious to me that these are the accounts that are being labeled consumer finance by equifax.  I didn't ask to have them removed because of the length of credit and because my record on them was flawless.  I put in the disputes...they came up on my SW alert the next day...as did a 15 pt jump in my EQ score. I;ll let you know what comes of the dispute.

 

Tony

 

 

 

 

 


Hi, Tony - yes I just went and looked (I never noticed the symbols before) and the SL's have the graduation hats next to them on both EQ and TU.

 

STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.