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Sallie Mae

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Regular Contributor

Sallie Mae

I got a letter in the mail today after 5 gw's that they are going to remove the one bad that i have but they say it will take up to 90 days. Hang with the gw's you will get somebody that cares. Thanks myfico
3/04/2008: TU 555 EQ 532 EX 581
9/25/2014: TU 563 EQ 691 EX 655

Cards: CO 1500CL, CO 500CL CU 5,000CL
Message 1 of 8
7 REPLIES 7
Regular Contributor

Re: Sallie Mae

what do you guys get from this letter?
 
Please be advised that we are pleaseed to offer you a one time courtesy retraction, which we have issued in light of your situation and timely payments prior to and after this reporting. Our review indicated that sallie mae accurately reported the status of your account to the credit bureaus. Federal regulations require lenders to report the status of the education loans they hold to at least one national credit bureau a minimum of every 90 days.
 
Does this mean that they are going to report it as a negative every 90 days or that it should come off in 90 days?
 
Then it says:
 
It is our understanding that credit bureaus can take up to four weeks to update their system records. I will contact the credit bureaus in 4 weeks from the date of this letter to confirm that your credit status has been updated, and i will notify you in wiring once the correction is confirmed.
 
Comments?
 
3/04/2008: TU 555 EQ 532 EX 581
9/25/2014: TU 563 EQ 691 EX 655

Cards: CO 1500CL, CO 500CL CU 5,000CL
Message 2 of 8
Senior Contributor

Re: Sallie Mae

They just had a mess up and had to remove lates from peoples report since it was done in mass error. Could be about that. They fixed it yesterday and it should already be deleted from peoples reports. Is this something else? See Understanding Credit link and look for sticky.
If we never set higher goals we would never get as far.
sol, credit 101, acr, abbreviations, calc
Message 3 of 8
Regular Contributor

Re: Sallie Mae

i thought it was from the GW that i had sent them. not to do with the way they reported the errors on peoples reports.
3/04/2008: TU 555 EQ 532 EX 581
9/25/2014: TU 563 EQ 691 EX 655

Cards: CO 1500CL, CO 500CL CU 5,000CL
Message 4 of 8
Senior Contributor

Re: Sallie Mae

My guess it was because of your letter.  They can't offer a "one time courtesy retraction, etc" when that bigger issue, mentioned a couple hundred times on these forums, was entirely their error.
 
Fixing that blunder was anything but a courtesy.  In your case, they even mentioned "in light of your situation & timely payments prior to & following..."
 
It sounds like they are going to clean up any negatives on your report (their 1 time courtesy), but aren't admitting to putting a neg on there unlawfully. (Sal mae accurately reported the status...bla bla) Make sense?
 
I can't say for sure when they might update it. What's their last reporting date on your reports?  Let's say, for instance, it was March 08.  I'd go with it showing up by (end of) June 08. 
 
Care to share that letter?!  Seems it worked!  Congrats..


Starting Score: 02/2015 TU 709 - EQ 676 - EX 729
Current Score: 12/2017 TU 779 - EQ 779 - EX 782
Goal Score: 850

Bury me in the garden...last app 07.27.17

Message 5 of 8
Established Contributor

Re: Sallie Mae



Macchamps75 wrote:
Federal regulations require lenders to report the status of the education loans they hold to at least one national credit bureau a minimum of every 90 days.
 
Does this mean that they are going to report it as a negative every 90 days or that it should come off in 90 days?
 


They're saying that they can't go longer than 90 without reporting to at least one of the credit bureaus, legally.
 
I don't think that particular line has anything to do with removing your negative - IMO. Smiley Happy
FEB '08 FAKOs: TU 628 | EX 650 | EQ 584
JAN'09 FAKOs TU 686 | EX 705 | EQ 664
EQ FICO: FEB '08 646 | APR '08 678 | SEP '08 679
Message 6 of 8
Regular Contributor

Re: Sallie Mae

i did not save the letter or i would share. I said that i know they are not required by law to report truley after the account is closed. I got tired of the excuse that they could not take it off by law so i tried that. My account has been closed and i only had one negative for 90 days.
3/04/2008: TU 555 EQ 532 EX 581
9/25/2014: TU 563 EQ 691 EX 655

Cards: CO 1500CL, CO 500CL CU 5,000CL
Message 7 of 8
Member

Re: Sallie Mae

what address did you use for your GW? how often did you have to mail them? any advice i have several consecutive late pays in 2006. I had prepaid in advanced and did not realize i was behind until it was too late, due to moving etc.. i have 120 on both loans. as soon as i found i got current and have paid on ever since. they will be paid off in 3 months. please help? refinancing home soon. how bad will this affect my refinance?
Message 8 of 8
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