I am a recovering bad-credit-holic. I used to be about $15K in debt when I came out of college but 4 years later I am debt free! The problem now is that I have 5 negative items on my credit report. I defaulted on a bunch of accounts and they occurred here and there starting in 2005 and ended in 2007. Creditors like Discover and Department of Education have completely wiped out all delinquency history from my credit report once I paid them off in full. The only major creditor that is not willing to do this is Salliemae. I have called them and asked for a courtesy retraction on the basis that I thought my student loan with DoE and Salliemae were the same. I was not aware of the fact that I had 2 separate accounts. I was making payments to DoE thinking part of it will go to Salliemae. How stupid of me. Anyways, Salliemae said that they can do the retraction ONLY if I can show that I was in school and I was not in school. Does anyone have any advice or experience with something like this? Thank you~
Sallie Mae is FFELP lender of student loans and has no connection to the DOE. They are simply following federal law in reporting your deliquencies accurately. Sallie Mae does not do deletions.
I am a little puzzled at the fact that creditors like Department of Education and Discover fully retracted delinquent information from my credit report after I paid them off in full. Salliemae won't do it or it is illegal for them to do it?
Reporting accurately, to at least one national credit bureau, on at least a quarterly basis, is indeed mandatory for anyone who wants to keep theguarantee on their loan portfolio.
