I am in the same EXACT same situation. I got a score watch alert, and my score dropped 51 (625 to 574). I have two factors -- first, the Sallie Mae account showing "arrangement made with credit grantor to make partial payments" presumably because I chose a graduated payment plan, and they are also showing under "factors negatively effecting your credit" that I have the full amount of that loan past due, which is not true. I have nothing past due and no late payments. When you look at the detailed info within the credit report, it shows a past due amount of $0, so why is it showing up in the first few "understanding your score" pages??? I am on the phone with Sallie Mae right now (on hold). OK - they just came back and said that they were very sorry, and will remove the "comments" section to get rid of the "arrangement made with credit grantor to make partial payments" language, but that it would take a few days or a week -- they would try to correctly report it as soon as possible. I am guessing I'd get another score watch alert when it has changed, so I will let you all know!
Secondly, the other dreaded creditor GMAC, posted a "date first major delinquency reported" of March 2008 and two 90 day late payments of November 2004 and February 2008, which are both incorrect. My GMAC loan was included in my Ch. 13 bankruptcy filed 10/04 and discharged 2/08. GMAC was given a secured claim of $13,000, all of which was paid through the trustee. Their unsecured claim of $7,200 was discharged through the BK. So first, they are in violation of the automatic stay by reporting a late payment in November 2004 and also in violation of the discharge order by negatively reporting any late payments post-discharge. I called them and faxed them my discharge order and the trustee's report showing the secured claim paid, and the unsecured claim discharged. Ridiculous! I told GMAC if they did not remove these references, I would pursue legal action against them. Pursuant to BK code, they can be held liable for damages and attorney fees for attempts to pursue a debt discharged in bankruptcy. I HATE GMAC! Oh, plus they said they wouldn't send me my title until the unsecured claim amount was paid, even though they acknowledged I wasn't liable to pay it. I don't THINK so!! I will see what happens with that...
Like many of you, I am getting ready to apply for a mortgage in the next 3-6 months, and this DOES NOT help one bit. Very frustrating!
