*new error in Sallie Mae reporting* WTH happened - why is FICO contradicting itself? Please help!

[Anonymous]

Raz the way I understand it they do not report to TU or EX. This was a pretty recent change, so I could be wrong. But I read an article that they no longer report to TU or EX.

[Anonymous]

Because I am focussed on having this corrected, and I believe that a back and forth with you will distract from the conversation at hand, this is the last time that I will address you directly. This will affect people nationally and should be covered nationally if nothing else just so everyone is aware. This is happening. Our Fico scores are currently in trouble. I believe that when I call a company and the only option offered to me is a higher payment - that's an unfair practice. I am watching the news right now. They are covering a story about a skydiving grandmother. I don't think it would hurt the public to have that story replaced by this one. Also it has been more than eight hours. My score was reported last friday. To those gathering suggestions for a solution, again all I can suggest is pressure to have this matter known so that all affected might protect themselves. There are many reasons why Sallie Mae is eager to increase payments made to them by borrowers. Among them their falling stock prices, the mortgage crisis etc. There are innumerable problems with Sallie Mae's practices. I include this link as evidence of one http://www3.whdh.com:80/features/articles/realdeal/DBM239. Protect yourself. Get informed. Help others

[Anonymous]

Someone inquired if this is only being reported to Equifax. According to the SM customer advocate I spoke with, It was reported to all 3 agencies, however this month's credit report from the other 2 agencies hasn't been released yet. I presume all 3 scores will be impacted if they are released this week. A couple of years ago they briefly stopped reporting to all 3 agencies but they currently are reporting to all 3.

Message Edited by corinne1981 on 05-12-2008 03:08 PM

[Anonymous]

corrine1981, my rep told me that this affected EQ and Innovis. I can't imagine they will let the others go out like this as well.

SallieMaeExtortion: You've clearly had a bad experience with SM, and it's understandable to be upset, but just try to keep in mind the facts here. Right quite a few of us have been unequivocally told that everyone's CRs will have this notation removed this week. Whether in the long term you need to change to Level payments to avoid lowering your score is unclear. What I think is clear is that if it is supposed to impact your score, it's not supposed to in this matter or to this degree. And again, call the Consumer Advocate Unit if you want a knowledgable response. We all seem to have gotten rational, informed answers from them to this point (in contrast to the India call center).

If things do not clear up as expected in a week, then SM is not going to like me. If someone can convince them to post this on their website or send out emails to everyone affected, that would be nice too...

Message Edited by pil on 05-12-2008 03:39 PM

[Anonymous]

On Friday the call center in India said the change in reporting was due to new federal government guidelines. This seems to be b.s. I hate being lied to. Today the advocate unit said they were not sure why this happened and perhaps it was requested by the credit reporting agencies. When speaking to my advocate Molly she said she was not sure what they were going to do and it was not necessarily a mistake so be leery of the people who are saying this is an mistake. I pointed out to Molly on their website right now people could elect graduated options without being warned of the impact on their credit she did not have an answer for that. I am screwed because they say I do not have enough months left on my loan to switch to a level payment so my only option is to pay off the total and even then I have no assurance from them they will remove the new language from my credit reports. Bottom line is this could and probably has already had massive implications for many people increased cost of credit, lost access to credit, increased insurance rates and perhaps being denied for jobs. They can do whatever they like but I just ask for a heads up and chance to act. So for all you SM apologists get real.

Message Edited by rse2008 on 05-12-2008 06:50 PM

[Anonymous]

I hope you're right, pil, I really do. I hope SM steps up and fixes this. I have my reservations though. I can't leave my score in SM hands, so I've already called them and gone back to the level payment. Btw, the CSR I talked to didn't seem the least bit concerned and basically said, 'although you're in grad choice 4 that's not a full payment'. Ok, they didn't warn us or tell us this at the time when we chose the option. And yes, they blindsided us with the "partial payment" notation on our credit reports. Fine, now that I know though, I won't be trusting them again. I'll make my fixed payments until the loan is paid off and that's that.

Message Edited by kevin3344 on 05-12-2008 03:52 PM

[sony]

I was on the phone today with the India call center and they told me the same thing, so the only thing I could do was switch back to the level payment plan.  I though my -101 loss was bad.  When I changed my payment plan back in January my exact words to the rep were, "And your sure this won't effect my credit in any way since I'm going to be applying for a mortgage".  His response was, no everything will be the same!!! It's nice when people assure you that everything will be ok, when they don't have a clue.

[Anonymous]

The government basically bailed them out a few weeks ago and their stock has been sinking. This opens my eyes to the dangers of debt and these quasi private public enterprises designed to "help" people.

Message Edited by rse2008 on 05-12-2008 07:10 PM

[Anonymous]

Message Edited by kam on 05-12-2008 10:14 PM