topic Sallie Mae Customer Advocate in Student Loans

Sallie Mae Customer Advocate

BungalowMo — Mon, 31 Aug 2009 16:32:50 GMT

Who said they remove things?

All they remove is HOPE. They Suck.

Re: Sallie Mae Customer Advocate

Anonymous — Tue, 01 Sep 2009 01:18:27 GMT

Sorry. But I've always heard that Sallie Mae never removes anything.

Re: Sallie Mae Customer Advocate

BungalowMo — Tue, 01 Sep 2009 08:24:51 GMT

Me too, but I saw a couple posts with that phone # saying people had luck with it. Oh well, in 2 more years it will be outta here!!

Re: Sallie Mae Customer Advocate

hulamatt — Mon, 11 Oct 2010 04:28:52 GMT

anyone got this number i lost it

Re: Sallie Mae Customer Advocate

IOBA — Tue, 12 Oct 2010 12:15:13 GMT

Check your PM.

Re: Sallie Mae Customer Advocate

Anonymous — Wed, 02 Mar 2011 04:32:37 GMT

Can I get this number as well?

Re: Sallie Mae Customer Advocate

BungalowMo — Wed, 02 Mar 2011 13:23:56 GMT

I tried that # & got absolutely nowhere. I had much better luck sending an email! Which led to a phone call from them! And early removal.

Re: Sallie Mae Customer Advocate

gamegrrl — Wed, 02 Mar 2011 21:22:03 GMT

What really gets me is this: Look at the link below and check out the next to last header - How can I fix my credit

http://www.ombudsman.ed.gov/resources/faqs/fixproblem_faq.html

You'll see that it says: If you’re having credit problems you may want to consider loan rehabilitation. Under this program, a new loan is created that removes the default status from your previous loans. If you are approved for rehabilitation, all derogatory information placed in your credit bureau files by the Department of Education or any of its collection agencies will be removed.

I defaulted several years ago. I completed rehabilitation of my loans a couple of years ago. The derogatory information is still there. It's apparently the one thing standing between me and a home equity loan right now.

Lame.

Re: Sallie Mae Customer Advocate

BungalowMo — Wed, 02 Mar 2011 22:27:29 GMT

I saw that too. I was never even offered that option & it was long before I even knew what an ombudsman was! Last year I sent that dude a HUGE stack of info about my Federal loan & how DoE was saying it was a collection (for years always said ok, until I paid it off. Then it said collection) Ombudsman said he couldn't believe all the documentation I had for my proof. What happened? DoE KEPT the bad info on my file. Prior to even getting ahold of him I'd disputed with all 3 & EQ & TU removed it.

With it still on my EX, I had apped for an AMEX & because of that they denied me. Sent them the same info I sent to ombudsman, though not as much, and they approved me! They knew DoE was full of it, but how do you fight Uncle Sam (and get it removed)????

When it comes to that TL...I fight it with the creditor or company I want to do business with. And to hell with the DoE.

Re: Sallie Mae Customer Advocate

Anonymous — Fri, 04 Mar 2011 14:20:40 GMT

@gamegrrl wrote:
What really gets me is this: Look at the link below and check out the next to last header - How can I fix my credit
http://www.ombudsman.ed.gov/resources/faqs/fixproblem_faq.html

You'll see that it says: If you’re having credit problems you may want to consider loan rehabilitation. Under this program, a new loan is created that removes the default status from your previous loans. If you are approved for rehabilitation, all derogatory information placed in your credit bureau files by the Department of Education or any of its collection agencies will be removed.

I defaulted several years ago. I completed rehabilitation of my loans a couple of years ago. The derogatory information is still there. It's apparently the one thing standing between me and a home equity loan right now.

Lame.

wow, that is definitely misleading! that is not how it is done in practice and it is not consistent with the applicable law/regulation. there is nothing that requires "all derogatory information" to be removed. someone should write them a letter, because a lot of people get their hopes up only to find out that's not how it works.

20 USC § 1078–6 (C)

Upon the sale or assignment of the loan, the Secretary, guaranty agency or other holder of the loan shall request any consumer reporting agency to which the Secretary, guaranty agency or holder, as applicable, reported the default of the loan, to remove the record of the default from the borrower’s credit history.

34 CFR § 682.405 (b)(2)

The guaranty agency must report to all national credit bureaus within 90 days of the date the loan was rehabilitated that the loan is no longer in a default status and that the default is to be removed from the borrower's credit history.

the applicable law for FFEL (stafford) loans is 20 USC § 1078–6, found here http://www.law.cornell.edu/uscode/uscode20/usc_sec_20_00001078----006-.html

the applicable regulation for FFEL loans is 34 CFR. § 682.405, found here http://law.justia.com/us/cfr/title34/34-3.1.3.1.40.html#34:3.1.3.1.40.4.40.6

the terms for rehabilitation of perkins loans are essentially the same as stafford loans.

Re: Sallie Mae Customer Advocate

gamegrrl — Fri, 04 Mar 2011 16:40:19 GMT

Yes. It's incredibly misleading. And, frankly, I believe it's actionable. If I were an attorney with the proper know-how and credentials, I would go after this like a dog on a bone.

Re: Sallie Mae Customer Advocate

gamegrrl — Fri, 04 Mar 2011 18:56:06 GMT

You might find this info useful.

Re: Sallie Mae Customer Advocate

Tazman81 — Sat, 05 Mar 2011 00:36:36 GMT

@Anonymous wrote:

@gamegrrl wrote:
What really gets me is this: Look at the link below and check out the next to last header - How can I fix my credit
http://www.ombudsman.ed.gov/resources/faqs/fixproblem_faq.html

You'll see that it says: If you’re having credit problems you may want to consider loan rehabilitation. Under this program, a new loan is created that removes the default status from your previous loans. If you are approved for rehabilitation, all derogatory information placed in your credit bureau files by the Department of Education or any of its collection agencies will be removed.

I defaulted several years ago. I completed rehabilitation of my loans a couple of years ago. The derogatory information is still there. It's apparently the one thing standing between me and a home equity loan right now.

Lame.

wow, that is definitely misleading! that is not how it is done in practice and it is not consistent with the applicable law/regulation. there is nothing that requires "all derogatory information" to be removed. someone should write them a letter, because a lot of people get their hopes up only to find out that's not how it works.

20 USC § 1078–6 (C)
Upon the sale or assignment of the loan, the Secretary, guaranty agency or other holder of the loan shall request any consumer reporting agency to which the Secretary, guaranty agency or holder, as applicable, reported the default of the loan, to remove the record of the default from the borrower’s credit history.

34 CFR § 682.405 (b)(2)
The guaranty agency must report to all national credit bureaus within 90 days of the date the loan was rehabilitated that the loan is no longer in a default status and that the default is to be removed from the borrower's credit history.

the applicable law for FFEL (stafford) loans is 20 USC § 1078–6, found here http://www.law.cornell.edu/uscode/uscode20/usc_sec_20_00001078----006-.html
the applicable regulation for FFEL loans is 34 CFR. § 682.405, found here http://law.justia.com/us/cfr/title34/34-3.1.3.1.40.html#34:3.1.3.1.40.4.40.6
the terms for rehabilitation of perkins loans are essentially the same as stafford loans.

Ah, I knew I had seen someting somewhere with language such as that. But like you said, very misleading, but then again, I think it is all in who interprets the law. I also think that is probably why we have seen some people able to get the entire derogatory account removed from their credit, whereas others have only had the status changed. So, yeah, I'm still on the fence, but from now forward, any advice would be to just refer people to your links and let them read for their self as I was one of those that was sure the entire account was removed, and based that off of other items I had read and the many experiences I've come across. Anyhow, thank you both for the good information.

Re: Sallie Mae Customer Advocate

gamegrrl — Sat, 05 Mar 2011 01:00:18 GMT

Two things that I discovered over the past 24 hours that have made a HUGE difference:

You can have the feds mail you a letter stating that you have rehabilitated those loans. I would think that might be good to attach to your CRs, if that's possible.
Much, much better is the National Student Loan Data System www.nslds.ed.gov - Go in there and look at the report page for each of your rehabilitated loans. It says there plain as can be: Not in default or "non-defaulted". Just right click on the page and save as a PDF. I did this today and within two hours was approved for the home equity line of credit I'd been hoping for.

That Federal data system IS the bottom line. That is what dictates EVERYTHING about the status of your student loans, and is the final authority. I found all my info there to be dead on perfect. And now I have something official to show the CRAs and whoever else needs 'proof'.