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Moderator Emerita
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Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007

Re: No update on myFico yet but TC shows my report as updated...

For those of you who were trying to close on mortgages and so forth and were caught, these quotes are from the links back on screen 15. I hope you will go ahead and request your letters and get back with your lenders:

http://www.post-gazette.com/pg/08135/881459-28.stm
Those who think they may be affected may contact Sallie Mae's customer service line at 1-888-2-sallie.

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.
http://www.bankrate.com/brm/news/college/20080514-sallie-mae-credit-score-a1.asp
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.

* 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
New Contributor
smg53
Posts: 70
Registered: ‎06-23-2007

Re: No update on myFico yet but TC shows my report as updated...

Just an FYI -
 
I received a call from the office of one of my state senators about the issue (I had written an email to him).  He is very concerned because it a federal student loan.  I let his office know that Sallie Mae has promised to fix the problem.  He wants me to call if it is not fixed and the Senator will get involved.
 
I just received a ScoreWatch notification but it was about another account, so no credit score change yet.  I know that SW is usually delayed so I'm going to give it a few days before I go and buy another report.
New Member
lost1dream
Posts: 4
Registered: ‎05-10-2008

Re: No update on Fico Score

[ Edited ]

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.

 

 



Message Edited by lost1dream on 05-14-2008 10:00 AM
Member
Kit
Posts: 5
Registered: ‎05-01-2007

Re: Sallie Mae Reporting Error



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...





Criminal? No.

Negligence on Sallie Mae's part? Yes.

This negligence has cause millions of people mental stress and monetary loss.

You know what happens when you are in the process of getting a new lease or signing for a new loan when your score suddenly drops 100+ points? You know how much mental stress you have to go through when the home of your dreams falls through because your credit score no longer qualifies you for the loan? What about the monetary loss of having to pay more over the course of the loan because your credit score dropped? The lending company and leasing company are not just going to readjust your monthly payment after you signed the lease or loan.
New Contributor
prudentone
Posts: 53
Registered: ‎07-12-2007

Re: *new error in Sallie Mae reporting* WTH happened - why is FICO contradicting itself?

I just got a call from Sallie Mae.  I was told that the problem as been officially fixed and would NOT be happening again.  I was informed that it was truly a mistake and they had no intentions to make another mistake that would hurt any of its customers.  In fact, the lady told me that she planned on joining this site.
Regular Contributor
MichelleRichards65
Posts: 104
Registered: ‎04-17-2008

Re: *new error in Sallie Mae reporting* WTH happened - why is FICO contradicting itself?

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
10/28/08 TU-701, EX-699, EQ 673 Never Pay Late!!!!
New Visitor
mygoal850
Posts: 1
Registered: ‎06-26-2007

Re: *new error in Sallie Mae reporting* WTH happened - why is FICO contradicting itself?



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



I just checked my credit report to see that my numbers are back from a 107 point hit with no explanation. I feel bad for those SM customers who were looking for new credit within the last couple of days.I already sent a letter to Equifax and hope it does not adversely affect my score. Also, I am out of pocket for 2 score power reports ($18).... Overall, I am just happy they fixed the problem quickly. I wonder if any of my current creditors saw the 107 point loss and something is coming in the mail :-(
Established Member
kevinh
Posts: 21
Registered: ‎04-23-2008

Re: *new error in Sallie Mae reporting* WTH happened - why is FICO contradicting itself?

I have not received an alert that my score has went back to normal.  I know myfico is a little slow.  I don't want to pay for my score just yet.  Has anyone who has not purchased their score, received an alert from myfico stating that your score has changed due to the SM thing? 
Established Member
pil
Posts: 25
Registered: ‎05-09-2008

Re: *new error in Sallie Mae reporting* WTH happened - why is FICO contradicting itself?

I have no intention of paying a dime for this. I haven't received a ScoreWatch update. I had planned to cancel my ScoreWatch trial already ,but I will give it another week so as to see the alert come through. SM said the end of this week, so I am fine with waiting. I only got my three scores now because I was looking to consolidate, and by some odd coincidence this happened shortly after I signed up. Otherwise, I would probably never have known about this whole fiasco...

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