Kind of off topic, but I read this the other day:
Thursday, May 8, 2008
Sallie Mae Collections And Lending Under Investigation
If you are a former Sallie Mae collector or other employee, the James-Hoyer Law Firm would like you to contact them.
They are investigating the following issues on behalf of all Sallie Mae student loan borrowers:
# Unfair collection practices
# Discriminatory lending practices
# Failure to timely disclose terms of loans
# No choice in selecting your student loan lender
# High or excessive interest rates
# Unexplained increase in the balance of your student loans
# Improper fees assessed on your student loans
Maybe someone should call this law firm and let them know about the reporting mess!
More importantly, I would urge all of you to contact your US senators and representative! This needs to be brought to the attention of your legislators. The links to help you find your congressmen and -women are in the main thread that is stickied at the top of this forum.
This isn't a FICO scoring error. The scoring formula has to deal with the way that the creditors code and submit the information. Sallie Mae has miscoded the graduated payment plan to make it appear like an account where you negotiated extended payments, and now your reports are displaying this horrible mess.
Sallie Mae must be held accountable and required to change their coding. While I'm sure that an attorney would love to get in on this, I think you need something a lot quicker than that. I think that you're going to do a lot better with your reps and with the media (the three main networks, CNN, Fox, MSNBC, etc.)