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Just checked my credit report--Sallie Mae is still reporting all my old loans with them which were recently consolidated with Direct Loans, so my installment loans is reporting double what I owe!
Should I give SM time to take them off or contact them right away?
Well, I sent them an e-mail asking that someone there please update my credit reports, but it usually takes them a good two or three days to reply. My loans were officially consolidated in early February, so it's been a little over a month. I might be jumping the gun a little bit, but it really surprised me to see the Sallie Mae loans still there reporting balances since they'd been paid by Direct Loans.
I will wait to see what sort of e-mail response I get, and if I'm not satisfied with that (their e-mails always look like boilerplate text to me), I will call them later this week, I guess.
@Anonymous wrote:Just checked my credit report--Sallie Mae is still reporting all my old loans with them which were recently consolidated with Direct Loans, so my installment loans is reporting double what I owe!
Should I give SM time to take them off or contact them right away?
They should show closed, paid and closed, or transferred to another lender at the very least. But they most certainly should show a 0 balnace and closed in some form or another. Unfortunately my experience with Sallie Mae has been they are very awful in updating the information correctly and they are very hard to get to act compliant, I have had nothing but tough luck with them.They must however correct this and you can write them demanding they update the status properly.
I did receive an e-mail back from them after I contacted SM about this.
The reply stated that my credit reports should reflect a zeroed out balance 30 days after the final disbursement to them was made. I believe Direct Loans made a final disbursement around the end of February, so the way I figure it, if I'm lucky, perhaps Sallie Mae will have corrected this by the end of April. We'll see. It's frustrating, though--they've been paid, so why can't they update accordingly and promptly?