cancel
Showing results for 
Search instead for 
Did you mean: 

Single negative incident appearing on multiple accounts

tag
Anonymous
Not applicable

Single negative incident appearing on multiple accounts

Hi all,

 

My wife has a number of Sallie Mae accounts on her credit report. As best we can tell, each account was opened to service the student loans paid to her for one academic year.

 

A few years ago, due to family illness, some payments were missed. As expected, these appear on the credit report. Unfortunately, they appear for *every* Sallie Mae account. This means that a single negative incident has been amplified out of proportion.

 

Practically speaking, my wife has *one* loan with Sallie Mae and is paying it off... it's just their internal accounting that results in this being multiple accounts.

 

Also, these accounts are now closed, so trying to make headway with Sallie Mae is proving difficult. In addition, it's difficult to know exactly what we should be asking for... what we'd like is for the credit report to more accurately reflect what happened... i.e. only one account affected.

 

Does anyone have experience with resolving this kind of thing?

 

Thanks,

 

Dan

Message 1 of 4
3 REPLIES 3
laz98
Senior Contributor

Re: Single negative incident appearing on multiple accounts

a lot of people have been complaining about this same issue with sallie mae recently.

 

people feel like the loans should just be accumulated into one big bill, & paid down accordingly, because they are only making one payment anyway.  but your loans get broken up by semester, by subsidized/unsubsidized, what federal program funded it, etc.  if sallie mae hypothetically just gave you a lump sum amount that you owe, & you only made the one payment, then that would totally defeat the purpose of consolidation.  so the only way to get that one big bill is to consolidate.

 

the thing is, even though you only have one MAIN account with sallie mae, each of the loan disbursements is actually its own account.  you have to approve or decline each loan individually, they are paid out to either you or your school individually, you can pay them off separately, & they do report separately.  so if you are just making the one payment every month to sallie mae, a portion of it goes to each loan, however many you have (i have like 12, which means i will NEVER EVER be late because that will be the death of me).  if your one payment is late, it affects the payment that goes to each loan, so you are in fact late on each & every loan.

 

a lot of people are really upset about this, & you should be able to find some recent threads about this where i have posted similar (but not as in-depth) information.

Message 2 of 4
Anonymous
Not applicable

Re: Single negative incident appearing on multiple accounts

Thanks for your reply.

 

It's certainly a point of frustration. I get the reasoning behind it, it's just unfortunate that it results in a skewed view of your credit history... at least for the layman.

 

I'll check out some of your other posts, but I'm guessing there isn't much to be done, beyond waiting for those accounts to age off the credit report.

Message 3 of 4
laz98
Senior Contributor

Re: Single negative incident appearing on multiple accounts

i agree, if you don't understand the whys & hows of it, then it just seems completely stupid!  but unfortunately we just have to work with it.

Message 4 of 4
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.