Understanding FICO® Scoring

[gary4872]

I was just on the phone with Penfed requesting a CLI (I'm still within 60 days of the initial pull, just refinanced my car with them and figured I may as well go for it all!) and I get a scorewatch notice that my FICO dropped 38 points. I log in to check and there are no notices. I checked on TC also and nothing.

The only thing I can think of is that I sent a dispute re Sallie Mae but it hasn't been 30 days yet and SM verified to EX.

So I just ordered my new Score Watch report and under "Understanding your FICO Score" it says:

- 1 serious delinquency 60 days past due
- Balances past due $3,013
- Recently missed a payment 2 months ago

None of that is correct!

"Credit at a glance" says no late payments and no accounts past due

"Accounts" shows Sallie Mae with a balance of $3,013 with a red flag, reporting no late payments current status "Pays as agreed" "Past Due Amount $0" and under description it says "Arrangements made with credit grantor to make partial payments" which is incorrect, I'm making full payments.

It looks like FICO thinks the account is now late and due in full. What is going on? Will this correct itself?

edited to change the thread title: I do hope that you don't mind, OP, but I edited your thread title to reflect that this is a Sallie Mae error. Please see my post #4. You might well have been the first to post about this.

Message Edited by haulingthescoreup on 05-09-2008 06:03 PM

Message Edited by gary4872 on 05-13-2008 07:23 PM

[jonmye]

I've got the same excact problem except my score dropped 91 points today. There are alot of people on other message boards that are being affected by this Sallie Mae change. I called Sallie Mae's customer advocate line at 888-545-4199. Ask for Adele at extension 6547. This is the woman whom I left my complaint with. If enough of us call about this, maybe they will look into it. Otherwise, I'm not sure what I can do?!

edited thread title

Message Edited by haulingthescoreup on 05-09-2008 06:07 PM

[pil]

Same thing here... only my score dropped ONE HUNDRED AND THREE POINTS. I contacted SM consumer advocate line as well. I don't think this will last too long with the outcry... It would make a great story to call into your local news bureau though: struggling student loan company destroys credit of remaining financially secure customers...

Edited

Message Edited by pil on 05-09-2008 02:34 PM


edited thread title

Message Edited by haulingthescoreup on 05-09-2008 06:07 PM

edit by cheddar: removed link

Message Edited by cheddar on 05-09-2008 06:44 PM

[pil]

Okay folks, good news. I contacted myfico.com over the phone and apparently they are getting a large volume of complaints and they are escalating the issue. The woman stated that it is an error and they are trying to resolve it with Sallie Mae.

Call the support line here and they will take your contact info and get back to you when they resolve the issue.

edited thread title

Message Edited by haulingthescoreup on 05-09-2008 06:08 PM

[haulingthescoreup]

Exactly what pil said! Document, document, document.

It appears that Sallie Mae has changed the way that they code some of their payment plans, and this is the result.

I would advise that if you have an earlier report where things reported properly, print that out and hang onto it.

Sallie Mae has a huge repair job ahead, and if you can show how your reports used to look, it's bound to help.

Message Edited by haulingthescoreup on 05-09-2008 06:08 PM

[gNaRKiLL]

Oh wow I just missed this thread and posted mine, took 75 point hit today and almost had a heart attack, but I am still very worried.

[cheddar]

DF has the same problem.  She went from 776 to 653 overnight because of it.

[rse2008]

SM added the below to my credit report.

Arrangements made with credit grantor to make partial payments

I have had perfect credit for years. SM says that I reduced my payment under a prior lender and that new federal goverment guidelines require that they report that fact which is killing my credit score.  I spoke with a supervisor in a call center in India and they are researching it and going to get me additonal details. The thing that kills me is if I did this it was years ago.  I  am going to dispute through the credit reporting agencies. I was hoping ot buy a home in the next year or but am I am not sure if I am screwed or if I payoff th eloan if it will help anything.

RSE

Message Edited by rse2008 on 05-10-2008 07:15 AM

[RAZ09]

The same thing happened to my BF.  His score went from 693 to 551.  This is ridiculous, In a few months we are about to buy a home.  With this low score we won't qualify for a loan or if we do it will be a very high rate.  We don't know what to do. His credit report is completly clean.  Just this Sallie Mae junk.

It looks like it hit everyone at the same time, the alert.  If its affect hundreds of people you know its a major issue.