05-14-2008 09:33 AM
Those who think they may be affected may contact Sallie Mae's customer service line at 1-888-2-sallie.http://www.bankrate.com/brm/news/college/20080514-
Mr. Joyce said contacting Sallie Mae was preferable to contacting a credit bureau because pulling a credit report can slightly lower a credit score or, in some cases, might cost consumers money.
For those in the process of trying to get loans, he said Sallie Mae would "gladly and promptly" supply credit references if the agency made errors in their cases.
Meanwhile, Sallie Mae will supply a credit reference letter for people who need one to correct their credit score or prove to a potential lender that the error is Sallie Mae's. Sallie Mae urges borrowers concerned about the mistake to call
(888) 2-SALLIE or (888) 272-5543.
05-14-2008 09:41 AM
05-14-2008 09:58 AM - edited 05-14-2008 10:00 AM
Ok it looks like Sallie Mae is correcting the problem. I am still waiting for my credit score to update especially since I am in the process of purchasing a home in August.
In regards to some earlier posts out here:
1- Equifax and other credit agencies made a lot of money from us buying our credit reports & scores due to Sallie Mae (either it was intentionally or not).
2- In my opinion Sallie Mae is making more money from students who are switching back to level plan. The reason behind this is because when a Business has the money NOW they can invest it and makes more money rather then waiting for years to collect the payments. It's economics, and the saying goes, "Time is Money, Money is Time," and the value of the dollar is worth more now then later. How many people recall gas being only $1.89 versus the $3.79? Or when it was $2.69 a few months ago?
3- As for us, the standard payment is a better option since we will be paying less interest at the long run. But of course that depends if your current financial situation allows you to do so. When you have 5 loans with Sallie Mae plus other student loans with other lenders it helps out to have it on the graduate level plan until your income increases as you progress in your career.
For me, just as long this is corrected and erase completely out like it never happen I'll be glad at this moment. However, I expect Sallie Mae to be extremely cautious and not allow this to happen ever again.
I feel sorry for those who have recently been declined and hope they can get their loans approved once this is updated on the credit reports. If I was closing this month or next month I would be nerve wrecking. Luckily, I don't close till August and hope everything will be fine at that point.
BTW I live in the DFW area Texas.
05-14-2008 10:14 AM
delfonic wrote:My score still has not gone up...waiting......again, though, I agree SM should be held accountable for the incompetence that led to this issue and the complete lack of capacity for the India call center to handle this effectively. However I never agreed with the reactionary cries of malfeasance and I still do not agree that this was any sort of veiled attempt to increase payments in the near term. I think it was a genuine guffaw on their part that should be looked at seriously so that it does not reoccur and that there should be restituation for anyone seriously affected during this 3-4 day period, but I don't think there should be any kind of criminal investigation...
05-14-2008 10:55 AM
05-14-2008 10:55 AM
05-14-2008 11:32 AM
05-14-2008 11:41 AM
MichelleRichards65 wrote:I call our local new station, and told them about this Salle Mae Mess. They are coming over to my house to do a story on it. I have also called my congress-women, they have not even heard of this problem. They said they are looking into it. My credit score can not take a 100 point hit. I am very upset by this and I am not going to stand by and let my good name shoved to the ground.Michelle
05-14-2008 12:38 PM
05-14-2008 02:13 PM