Loan getting transferred to Sallie Mae--effect on credit reporting??

[valley_man0505]

I have a student loan with Citibank that I have been paying on for 6 years (never late).  I just received notice that this loan is going to get transferred to Sallie Mae.  How will this effect credit reporting?  Will Sallie Mae continue reporting?  How will the existing Citibank TL be shown on my reports in the future?  If Sallie Mae reports, will it show as a new account, or will it keep the same account age?

[Anonymous]

I dont know how this is going to change your score, but I just got that notice, too.   It was kind of rash, but I just decided to pay the whole thing off in one shot!  I just didnt want to deal with another company, another set of passwords, and another possibility of mess-ups.  I hope that it will help my credit score to have paid them off.

[tpatterson2k9]

It really doesn't seem right to me that lenders are allowed to sell your loan off to basically any other creditor they want.  Generally speaking, when you take out a loan with a creditor, you usually do it because of 1) favorable terms and 2) your previous experience and feelings of good will toward the lender.  Even so, it seems like there is nothing to stop that lender you signed up on the loan with from selling it to Sallie Mae just so Sally can mess up people's payment histories and slap them with lates that might not be valid (from several posts I've read, anyway).  Our system is so screwed up...

[laz98]

---

@valley_man0505 wrote:

I have a student loan with Citibank that I have been paying on for 6 years (never late).  I just received notice that this loan is going to get transferred to Sallie Mae.  How will this effect credit reporting?  Will Sallie Mae continue reporting?  How will the existing Citibank TL be shown on my reports in the future?  If Sallie Mae reports, will it show as a new account, or will it keep the same account age?

---

citibank should show as closed, zero balance, & a new tradeline with sallie mae should appear.  i believe that on the accounts i have that were sold/transferred, they showed the original open date, just not the payment history (so empty boxes instead of green boxes or check marks or whatever).

[anniev2]

Can I bump this old one? I had Citibank Loan purchased by Sallie too. What came of the Citibank TL in your CR?