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OMG 75 Point Drop and I Dont Know Why!

Established Contributor

Re: OMG 75 Point Drop and I Dont Know Why!

I didn't take it that way. You were giving good advice as always! I would have never thought to contact my congressman.

This situation is definitely a credit injustice! It needs to be addressed ASAP.
Message 21 of 31
Regular Contributor

Re: OMG 75 Point Drop and I Dont Know Why!

Well I am not sure if it is due to me disputing my sallie mae account info or not, but my score has recovered as of this morning to 72 of the 75 I lost so we will see.
Message 22 of 31

Re: OMG 75 Point Drop and I Dont Know Why!

I just got a score watch alert on the same thing.  I've been on that plan almost a yr now.  And now this.  My score dropped 50pts behind this.  If anyone has an answer on this, please let us know.  You just can't get a break anywhere!!
Message 23 of 31
Established Member

Re: OMG 75 Point Drop and I Dont Know Why!

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! 
Message 24 of 31
New Member

Re: OMG 75 Point Drop and I Dont Know Why!

I just got the bomb dropped on me today.

Went from Eq score of 735 to 643 (-92).

My goodness does this feel good.

I CANT believe they are making us report this to
the credit agencies. They need to help those of us
who have made timely payments for years now.

Not that I plan or suggest this, but I bet I would have lost
about the same being delinquent on the account for corns sake.

This is beyond incredible.
Message 25 of 31
New Member

Re: OMG 75 Point Drop and I Dont Know Why!

Hi, Did you dispute to the credit agencies or just Salle? Thanks
Message 26 of 31
New Visitor

Re: OMG 75 Point Drop and I Dont Know Why!

in the same boat as you guys, went from a 685 to a 582 (-103). gnarkill, what steps did you take to recover your loss? insane... so glad i stumbled upon this board...
Message 27 of 31
Regular Contributor

Re: OMG 75 Point Drop and I Dont Know Why!

I simply got a new report through my equifax account, and disputed the info. I said the balance was wrong for my dispute and then explained in the box what was wrong. Its really only temporary since this is standard practice for equifax. But I figure with them changing it by the end of the week I should be good by the time this dispute is done in 30 days.
Message 28 of 31
New Visitor

Re: OMG 75 Point Drop and I Dont Know Why!

Yeah, this same crap happened to me... lost 67 points with a Sallie Mae "update".
 
Can we dispute this?
Message 29 of 31
Moderator Emerita

Re: OMG 75 Point Drop and I Dont Know Why!


J_Nic wrote:
Yeah, this same crap happened to me... lost 67 points with a Sallie Mae "update".
Can we dispute this?



Please check the main thread going on about this, plus Barry's thread up at the top.

The advice seems to be not to dispute, but to let the updated (corrected) tapes from SM to get loaded by EQ and correct your reports.

new error in Sallie Mae reporting
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 30 of 31