Sallie Mae Reporting Issue

[Barry]

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smileystar78 wrote:
Yeah, my score hasn't gone back to normal either. I haven't gotten any alerts about changes to my report either.

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You should get a Score Watch alert within a day or two after the correction was made to your Equifax report.

[Anonymous]

Thanks - yeah, I got an alert a couple of hours after I posted. 

[Anonymous]

No correction on my account yet. I wonder how long before they correct the mistake? Shall I call SM?

Thank you!

[Anonymous]

My score still has not changed. Is there anything I should do?

[onceabyrne]

I haven't gotten an alert yet with myFICO, but my score did go back up when i pulled all 3 credit reports through TransUnion. I freaked out when I got the alert last weekend and immediately called Sallie Mae. Unfortunately, I ended up talking to someone in a call center and weren't very helpful, so I emailed Sallie Mae. I did get a reply back from them indicating the error was on their end and isolated to just Equifax. Now just waiting for the alert from myFICO to let me know everything is back to normal.

[Anonymous]

Thank god my score went bank up,  BUT and this is a big but, now the account is reporting twice.  The two account numbers are different but witht he same balances.  So now instead of having 36000 in loans it shows 72000 in loans.  Will this be fixed by SM also?  Barry can you explain what is going on?

Michelle

[Anonymous]

why are you touting a discount on your services when the credit reporting agencies made the mistake sallie mae DID NOT CHANGE WHAT THEY REPORTED. YOU CHANGED THE WAY YOU LOOKED AT IT. this was your (credit agencies) fault to begin with.

[Anonymous]

Why is it that they took 52 points, and I got a notice today that I got 41 points back? WTF is going on? I haven't done anything wrong, and this happened for no fault of my own. When will I get my additional nine points back? Do I need to contact anyone?

[Barry]

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MichelleRichards65 wrote:

Thank god my score went bank up,  BUT and this is a big but, now the account is reporting twice.  The two account numbers are different but witht he same balances.  So now instead of having 36000 in loans it shows 72000 in loans.  Will this be fixed by SM also?  Barry can you explain what is going on?

Michelle

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Hi Michelle,

I don't really know what's going on, other than this problem is between SM and the bureau.  That is, either SM is reporting the account twice, or the bureau is misreporting what they're getting from SM.

Since the account numbers are different for the two loans, that is probably contributing to the problem to some degree, but again there's no way for me to tell whether it's SM or the bureau that's causing the duplication.

In terms of your FICO score, I can tell you not to worry about the loan amounts since the scoring formula doesn't pay a lot of attention to installment loan balances.  The duplicated open dates could affect your average length of history and the additional trade line could affect the "thickness" of your credit file in the eyes of the formula, but neither of these changes will have anything close to the effect of the "partial payment" status that was being reported and has now been corrected.

If you haven't already, I'd suggest contacting SM or the bureau or both.  Let us know how it goes.

Barry

Message Edited by Barry on 05-27-2008 01:10 PM

[Anonymous]

I don't understand what the situation is if someone can explain? My student loan is through Sallie Mae so of course I'm concerned!