03-18-2013 10:37 AM
I was just told by Sallie Mae that they must report all 90+ days delinquent accounts due to the Fed Family Education Act persuant to Higher Education Act. 1965.
Has anyone heard of this?
03-18-2013 11:08 AM
03-19-2013 05:30 AM
I'd look into that before you hire them. Sallie Mae is saying it would be illegal to remove them; they are obligated by law to report 90+ days late, even with retroactive forbearance.
03-19-2013 04:04 PM
I'm not completely familiar with the law, but I will say this: many people here and on other forums have reported that Sallie Mae does NOT remove lates and/or the original account associated with a defaulted student loan that has been rehabilitated. They stick to a strict interpretation of the law, which only specifically requires them to remove the default status.
Other people have reported that other services sometimes DO remove those accounts and/or lates.
The moral of the story is that, there are multiple policies and interpretations out there, and your mileage may vary.
03-20-2013 07:17 AM
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO