topic Re: Completed Student Loan Rehab, but Sallie Mae didn't delete original negative marks in Student Loans

Completed Student Loan Rehab, but Sallie Mae didn't delete original negative marks

Anonymous — Thu, 08 Dec 2011 17:23:46 GMT

Quick question. I completed my student loan rehab and am now enrolled with ACS to pay off my loan. OCAP (Oklahoma College Assistance Program) deleted my negative marks off of my credit (as per the rehab agreement) and they told me the Sallie Mae marks should come off with it. Well this was last month, and they still haven't come off. Should I send a Goodwill delete letter? Has anyone had a similar issue?

Re: Completed Student Loan Rehab, but Sallie Mae didn't delete original negative marks

coluccim — Fri, 09 Dec 2011 14:32:45 GMT

Everyone that had Sallie Mae as guarantor has this problem. Sallie Mae will not budge. But, don't let this discourage you from trying. Someone has to get lucky, right?

Re: Completed Student Loan Rehab, but Sallie Mae didn't delete original negative marks

Anonymous — Fri, 09 Dec 2011 14:44:14 GMT

Yea I've never had much luck with them. They've got 4 loans listed, when I only had 2. I called them, I disputed it, and it remains. But I think that if the terms of loan rehabilition are that all negative marks would come off "like it never happened" (quote from OCAP) then legally Sallie Mae should cooperate with that. Guess not.

Re: Completed Student Loan Rehab, but Sallie Mae didn't delete original negative marks

Anonymous — Fri, 09 Dec 2011 15:24:41 GMT

So I just got off the phone with OCAP (Oklahoma College Assistance Program) and they told me that legally Sallie Mae has to take it off as part of the loan rehab progam. She said to check my report again at the first of the year and if it's still on there to contact OCAP and they will send the information and have them delete it!!!

Re: Completed Student Loan Rehab, but Sallie Mae didn't delete original negative marks

coluccim — Fri, 09 Dec 2011 15:56:16 GMT

The rehab wording states that they only must remove the default status from the reports, which they do. They get to keep all the lates.

Sallie Mae sticks to this - and sticks it to us.

http://www2.ed.gov/offices/OSFAP/DCS/rehabilitation.html

Your rehab paperwork will only mention the deletion of default status also.

Re: Completed Student Loan Rehab, but Sallie Mae didn't delete original negative marks

princessornurse — Fri, 09 Dec 2011 22:12:00 GMT

Yeah, I have that issue with Sallie Mae too. Sucks.

Re: Completed Student Loan Rehab, but Sallie Mae didn't delete original negative marks

Anonymous — Sun, 15 Jan 2012 01:53:41 GMT

Any updates as of the first of the new year?

Re: Completed Student Loan Rehab, but Sallie Mae didn't delete original negative marks

Anonymous — Thu, 05 Apr 2012 16:23:55 GMT

Any updates on this?? I am in the same situation and have disputed multiple times. I busted my butt paying out almost 600/month for Student Loan rehab, and now I feel it hasn't helped in anyway. The rehab was completed 4 months ago and I have not seen even a 1 point increase in my score. Help!! Any advice would be greatly appreciated.

Thank you!

Re: Completed Student Loan Rehab, but Sallie Mae didn't delete original negative marks

Anonymous — Fri, 20 Apr 2012 08:20:58 GMT

I rehabbed my loan in 2006 and all the late payments for Sallie Mae stuck like glue. I then disputed with Ex/Eq/Tr to no avail in 2006/2008/2010, I attempted to call a few times but Sallie Mae had no real answers.

I've been really upset for a long time with the lies and misrepresentation of this program, for one I opted to rehab because it would clean up my credit and as a business owner good credit is very important however in doing so I had to consolidate my loans with the late fees however if I opted to just consolidate without taking advantage of rehab benefits my balance would be 20k compared to 30k with the rehab that includes 10k in penalties.

Since 2006 my loans have been paid on time and my credit is strong but i paid dearly with high interest rates and high deposits.

Surprisingly in Feb 2012 Ex/Tr removed the late payments from their reports now my fico is 761/726 and Equifax is 676 because the history stayed with Equifax. I have disputed twice w/ Equifax since Feb and just found out an hour ago Equifax payment history is sticking. Upside the negative remarks fall off this year sequentially in Sept, Oct, Nov, Dec (7years)

However there was no point in rehabbing my loan because i still paid dearly to obtain credit. If anyone considers Student Loan Rehabilitation I would think twice if you have a loan through Sallie Mae just consolidate and wait seven years for those negatives to fall off. Oh if you just consolidate you cannot obtain another student loan (needs to be verified).

If anyone is interested and has the wherewithal to file a class action suit for damages let me know i would even be will to assist in funding a case against Sallie Mae with a competent attorney.

Re: Completed Student Loan Rehab, but Sallie Mae didn't delete original negative marks

webhopper — Fri, 20 Apr 2012 22:38:43 GMT

@Anonymous wrote:

I rehabbed my loan in 2006 and all the late payments for Sallie Mae stuck like glue. I then disputed with Ex/Eq/Tr to no avail in 2006/2008/2010, I attempted to call a few times but Sallie Mae had no real answers.

I've been really upset for a long time with the lies and misrepresentation of this program, for one I opted to rehab because it would clean up my credit and as a business owner good credit is very important however in doing so I had to consolidate my loans with the late fees however if I opted to just consolidate without taking advantage of rehab benefits my balance would be 20k compared to 30k with the rehab that includes 10k in penalties.

Since 2006 my loans have been paid on time and my credit is strong but i paid dearly with high interest rates and high deposits.

Surprisingly in Feb 2012 Ex/Tr removed the late payments from their reports now my fico is 761/726 and Equifax is 676 because the history stayed with Equifax. I have disputed twice w/ Equifax since Feb and just found out an hour ago Equifax payment history is sticking. Upside the negative remarks fall off this year sequentially in Sept, Oct, Nov, Dec (7years)

However there was no point in rehabbing my loan because i still paid dearly to obtain credit. If anyone considers Student Loan Rehabilitation I would think twice if you have a loan through Sallie Mae just consolidate and wait seven years for those negatives to fall off. Oh if you just consolidate you cannot obtain another student loan (needs to be verified).

If anyone is interested and has the wherewithal to file a class action suit for damages let me know i would even be will to assist in funding a case against Sallie Mae with a competent attorney.

Wow it seems that someone needs to file suit... seems like a deceptive busiess practice to me. Claiming one thing and then doing another.

Re: Completed Student Loan Rehab, but Sallie Mae didn't delete original negative marks

Anonymous — Tue, 24 Apr 2012 18:27:00 GMT

Hi,

I'm having a similar problem. You can report Sallie Mae to the Consumer Financial Protection Bureau. That's what I did for my private student loans. I tried to have them put into forbearance and they refused. They said I ran out of Forbearance time (which they never listed a limit or sent info stating). I was unemployed and couldn't afford the $1,100 payment or the interest only payment of $500 a month. It was hard enough paying $150 to keep the loans in forbearance. I reported them to the FDIC and got more forbearance time, but couldn't get the negative marks off. They refused. So I'm waiting for the CFPB to make a determination. Good luck with them. It's hard, I've talked to everyone at Sallie Mae and finally gave up. Decided to have an agency look at their policies.

Re: Completed Student Loan Rehab, but Sallie Mae didn't delete original negative marks

Anonymous — Fri, 02 Nov 2012 18:40:40 GMT

Sallie Mae is a private company. You can find their registered agent in your state and if the terms of the rehab were not fully explained to you, and if you have disputed it with the bureaus and Sallie Mae has still not corrected the derogatory information, you can sue them by serving their registeted agent in your state of residence either in state court for breach of contract, or federal court for violation of FCRA 15 USC 1681s-2(b), or all in federal court combining the state breach of contract case along with the FRCA violation. Ta't will definitely get their attention!!!!

Their litigation phone number is : 800 251 4127

If someone needs a sample federal complant, email me here, and I will send it to you.

Re: Completed Student Loan Rehab, but Sallie Mae didn't delete original negative marks

Anonymous — Wed, 31 Oct 2012 20:30:51 GMT

Has anyone done that and had success?

Re: Completed Student Loan Rehab, but Sallie Mae didn't delete original negative marks

Anonymous — Tue, 06 Nov 2012 03:50:13 GMT

They did me the same way and refuse to fix it. I called the rehab company today and they informed me that Sallie Mae is to correct the problem. I guess I will be calling Sallie in the morning

Re: Completed Student Loan Rehab, but Sallie Mae didn't delete original negative marks

Anonymous — Tue, 06 Nov 2012 03:53:21 GMT

just wanted to let yall know I'm tuned into this thread and sometime in the next week I'll attempt get in contact with the departments you have listed. Thanks.