*new error in Sallie Mae reporting* WTH happened - why is FICO contradicting itself? Please help!

[Anonymous]

RSE - That is exactly how I felt. I had friends over last night and got the email that I dropped over 140! It put me in quite a funk, especially because the deal is almost done on this house. I've even bought a new bed! But I refuse to let this derail my plans! But today I feel empowered and sprung into action and I plan on calling Sallie Mae's Customer Advocate number tomorrow along with MyFico. These forums are an incredible resource and I know that things are going to get done!

[kilowatt1]

  One valuable yet under-used resource for problems with Federal student loans is the Federal Student Aid Ombudsman.

http://fsahelp.ed.gov/

Good luck.

Kilowatt

Message Edited by kilowatt1 on 05-11-2008 04:13 PM

[Anonymous]

I should clarify on the response I got from the Consumer Advocate Unit. The rep there was guessing that it was due to my graduated payment plan, but she said she needed to verify it and get back to me. I didn't mention that it caused my score to drop over 100 points. She also called it a 'rule change' so whether that means a government regulation or some internal policy, who knows.

According to the SM website, they service over 10 million loan customers, you figure a large percentage of those are affected by this. I'm an engineer, so I usually am the one to ask well why can't this be fixed in 10 minutes? But I'm sure it will takes weeks to sort out just because of red tape if nothing else.

I'm not ready to sue anyone, I'm not expecting this to impact my life, though it was a bit upsetting initially. However, I agree that calling up local tv station investigation units is probably a great idea, so we can get the media on SM's back.

[Anonymous]

Seems like if Sallie Mae does not fix this problem quickly, there needs to be some kind of class action. This little glitch of theirs is causing damage to peoples financial reputation and will soon start costing in the pocket book!

Even if they are required to post that comment, how can they do it on existing accounts without first warning that they are going to have to giving people the option to change? Seems like they should only be able to post it on new accounts after disclosing that the comment will be posted.

Sallie Mae needs to be held accountable for this mess they are causing.

[gary4872]

Wow, I was away for a few days and come back to all these responses! I can't say I'm glad that this is affecting others but there is some comfort in knowing that this is part of a much larger issue and gives me much more hope that this can be worked out.

PS has anyone given thought that this may be a good time to file dispute with other SM problems (maybe try to get off some old baddies) if they are bogged down with this problem?

[Anonymous]

---

gary4872 wrote:

Wow, I was away for a few days and come back to all these responses! I can't say I'm glad that this is affecting others but there is some comfort in knowing that this is part of a much larger issue and gives me much more hope that this can be worked out.

PS has anyone given thought that this may be a good time to file dispute with other SM problems (maybe try to get off some old baddies) if they are bogged down with this problem?

---

DF sent her dispute to EQ yesterday.

I'm not sure what you mean about old baddies.  What does this have to do with old baddies?

[Anonymous]

I posted this in another Sallie Mae Thread but thought I would here too:

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!

[Anonymous]

http://salliemaebeef.com/ Check this site out

[Anonymous]

Sallie Mae has to fix this issue ASAP!  My credit score dropped by 142 points!(since I have 5 loans with them).  So far I contacted MyFico leaving my information with them and I will be contacting Sallie Mae tomorrow to make a complaint and get some answers.  We just have to keep calling Sallie Mae until they fix their huge mistake. Even if it takes the media help.

I find that odd that Sallie Mae stated to someone it was due to new federal guidelines.  I have other student loans service by the US Dept. of Education and I chose the same plan, graduate level, and I was not affected by it.  Moreover, I had that plan with them the prior month with no credit score change.

[haulingthescoreup]

I work for a really large (really, really, really large) bureaucracy, and every day I have to untangle a mess that was created because someone umpty-diddle departments away read a memo that told them that they needed to do something, tried to figure out what the correct action would be, punched a couple of buttons, and went happily home at the end of the day, not realizing that all hell has broken loose somewhere else, because this bureaucrat did not realize the consequences of this button-punching.

I keep visualizing the Sallie Mae person who started all this as being a bit like the Dwight Schrute character on The Office. Someone who obsessively follows rules, dotting i's and crossing t's, without caring how things work out in real life.