TU FICO disaster.... Very discouraged

[CreditBuilder01]

Hello everyone,

I really need help to get a full understanding of how TU calculates scoring.  The indicator states recent missed payment 1 month ago.  However the only thing I see that has been consistent is Sallie Mae updating monthly with IIB description, status paid as agreed no balance and Cap 1 updating monthly with status as Unrated $0 balance description IIB.  Although ST Loan was not discharged in 2006 BK from my understanding reading thru BK forums is that they can legally rpt BK. 

Would someone confirm the following:

1. Will this reporting updating monthly translate to TU FICO classifying it as a Recent Missed Payment?

2. Does it matter if the status is Unrated or Paid as Agreed? 

If this is true how in the world can I ever get my score up if each month I have a major derogatory updating as a missed payment?   All of my open credit cards are reporting at >9% and have been since Nov 2010. 

This seems completely unfair.  I really appreciate anyone's assistance.

Thank you in advance!

[AndySoCal]

On the Sallie Mae accounts they were included but not discharged was there reaffermation of debt on these account(s)? Call customer service and se if they tell where that missed pyament comment is coming from. What does the balance show on the credit report for the Cap 1 account?

[CreditBuilder01]

Hi AndyCoSal,

Well that is a good question, I assume the sallie mae loan was reaffirmed since I am responsible for it and repaying and student loans can not be discharged.  The Cap 1 has no balance.  I did find a post from 2009 that said if the closed date is missing which it is on the sallie mae account TU pulls in the date the account is updated each month as a default if no date is populated and with the derog description of IIB results in the "recent missed payment 1 month ago".  Sallie Mae is updating each month the closed date does show March 2011 as well as the date updated.  The 09 post had a reply and told the person to contact TU CSR and ask that the Closed Date be changed to the date the BK discharged.  I think that maybe the issue because the Cap1 closed date is the BK discharged date and Cap1 is updating each month but the closed date remains 2006. Now the person having the same issue as me replied and said TU CSR did not show a missed payment but they never stated if the issue was resolved by TU.  My point with TU is that how can the pay status be "paid as agreed" with a current closed date and description of IIB?  Like the other person I am only having the issue with TU all other CRR are ok with both accounts.  I am going to contact TU and see what happens, With the original post from 2009 I am hoping TU maybe aware of the issue and willing to correct the reporting.  But as I know nothing is ever that easy.  My TU score is 50 points lower than all others and the only CRR reporting a recent late each month.  I know Sallie Mae is hard to deal with which is why I am going to try TU first. 

Any other suggestions or insight on the TU reporting a current closed date theory causing TU Fico to calculate as recent missed payment please let me know.

Thank you for reading the post I appreciate it!

[AndySoCal]

After a internet search on the subject of studnet loans and BK's I found out this. According to Lawyers.com student loan is a non dischargeable debt. The was included but not discharged in the BK. So the reporting is correct.  On the capital 1 reporting try contacting Capital one and ask them why this account continues to report after the trade line some 5 years after the discharge of BK and ask them why no date closed is being reported. You might see if you can find a backdoor number for Cap 1 to assist in getting this corrected. I suggest contacting Cap 1 if TU corrects the date closed the next time Cap 1 reports the problem comes back. One more queston

you wrote

My point with TU is that how can the pay status be "paid as agreed" with a current closed date and description of IIB?

To which account are you referring to student loans or Cap 1?

[CreditBuilder01]

Thank for looking the information up.  But it is the student loan that is missing the closed date which I think is causing TU Fico to interpret a recent late one month ago. I do understand that Sallie Mae can leave the description of IIB however they should not be updating a current months closed date when in fact the account is not closed.

I did reach out to a Sallie Mae Advocate however no one has called me back.  I think the issue lies with TU reporting, if Sallie is not providing a date in the "closed" field TU is pulling in the updated date as a default since nothing is populated by Sallie Mae.  Of course this is only a theory and combined with the 09 post I read I think this is what is occurring. 

[AndySoCal]

In my opinion, that student loans would not be considered closed accounts.they are not a dischargable debt. Sallie Mae would have not reason to close the account.. You are making payment(s) on these loans each month so they are paid as agreed.  I have been wrong before I will interested in the ressponse. One more question where on your credit report are you seeing payment missed 1 month ago?

[CreditBuilder01]

Hi.

I do agree that the date closed should not be reported because the loan is open, however I think the issue lies with TU CRR reporting.  The fact that the loan is not closed however Sallie Mae is updating monthly TU is pulling in the date updated into the closed field I think due to the IIB description and causing it to appear as a recent late.  Yes the most recent late is one month ago.  In fact I have pulled my older reports that I purchased here on My Fico and TU CR is showing most recent late between one month and two months old and it corresponds with the months Sallie Mae as updated.  It looks like Sallie Mae is updating every other month. 

Does that make more sense? 

Thank you for your input.  I will update you as soon as I contact TU CSR dept.  I am not sure what the remedy can be but I feel I should not be penalized every time Sallie Mae updates.  Especially since the current status is "paid as agreed".   In fact the loan has never been delinquent since I had it, but the IIB description has been there I suppose since 2006. 

Thank you again!

[CreditBuilder01]

Update.....

I contacted Sallie Mae Advocate and faxed over copies of my TU and Exp CR's and they were very helpful, called today stating they had a "computer issue" and have sent the adjustments removing all IIB references.  I will wait a few days to pull TU report to see if it made a difference in my score and if the most recent late does not state 1 month ago.  The Advocate did state that an independent audit was going on and had identified my Exp account and updated this month, the Exp CR I sent was from 12/2010 however the TU correction was just submitted.  From the other posts I have read it seems to be TU that has the issue.  I hope the audit was prompted by consumers calling in and questioning or possibly disputing.  Just thought I would mention this piece in case anyone else out there does not what to do.

Thanks for listening!

[AndySoCal]

Once the correction is made I think you should get some sort of score increase. With the removal of the BK on the Sallie Mae accounts this should push the BK back in time which in turn should help your TU score. I wouldbe interested in the amount of the increase.