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Sallie Mae Still Reporting After Direct Loans Consolidation

Established Member

Sallie Mae Still Reporting After Direct Loans Consolidation

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? 

Message 1 of 15
14 REPLIES
Frequent Contributor

Re: Sallie Mae Still Reporting After Direct Loans Consolidation

They are doing the same thing to me.
Message 2 of 15
Frequent Contributor

Re: Sallie Mae Still Reporting After Direct Loans Consolidation

Your loans will not come off.  The balance should be zero'd out and if you had any lates it will continue to report those as a final status.
Ex-Financial Aid Officer

Ex-Student Loan Collector
Message 3 of 15
Established Member

Re: Sallie Mae Still Reporting After Direct Loans Consolidation

Okay, that's fair--I can see why the loans themselves would stay, but the balance hasn't zeroed out yet.  That's what troubles me because, as I said, the loans are reporting with amounts which has doubled my installment loans balance.
Message 4 of 15
Established Member

Re: Sallie Mae Still Reporting After Direct Loans Consolidation

Have you contacted them?
Message 5 of 15
Frequent Contributor

Re: Sallie Mae Still Reporting After Direct Loans Consolidation

After my rehab loan completed, but before Sallie Mae took them over, my student loans DISAPPEARED entirely for a week or two.  Give SM a month to update the balance.  Have you spoken to SM about this?
Message Edited by PayingTheBills on 03-15-2009 02:32 PM

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Current Score: 668 EQ 726 TU
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My Credit Repair Journal
Message 6 of 15
Established Member

Re: Sallie Mae Still Reporting After Direct Loans Consolidation

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. 

Message 7 of 15
Frequent Contributor

Re: Sallie Mae Still Reporting After Direct Loans Consolidation

I pay SM on the 28th of every month, and it usually doesn't reflect in my reports until the 21st or 22nd of the following month.

Starting Score: 540 EQ 517 TU on 11/17/08
Current Score: 668 EQ 726 TU
Goal Score: 760 EQ 760 TU


My Credit Repair Journal
Message 8 of 15
Valued Contributor

Re: Sallie Mae Still Reporting After Direct Loans Consolidation


rmbrown 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.


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Message 9 of 15
Established Member

Re: Sallie Mae Still Reporting After Direct Loans Consolidation

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? 

Message 10 of 15