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

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Anonymous
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Re: *new error in Sallie Mae reporting* WTH happened

One for the little guy, Well i am happy to report that I was contacted by a news reporter and I told her what happened....and she knows about this forum. It is not certain that something will come of this but it is great to know that someone is listening and curious about our sitation. Still the more information that comes out the better. This forum has really helped me feel not alone as well, and our efforts are beginning to take real form. As long as we stay on top of this.
Message 131 of 214
Anonymous
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Re: *new error in Sallie Mae reporting* WTH happened

The blogs are starting to report on this as well: www.consumerismcommentary.com/
Message 132 of 214
Anonymous
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Re: *new error in Sallie Mae reporting* WTH happened

Well, at least someone got a call back from the media!  It is a start.  I found one blog out there under google news, blog section about it.  But other than that...I haven't seen anything.  I can understand that the media will be a little leary on this at first and I am sure if they try to call SM's media relations...they probably won't get anywhere.  From a previous post from someone...they are definitely not saying much and not really admitting that they made a mistake because of legal implications.  If I were right in the midst of buying a house right this second and got turned down at the last minute before closing due to this...I would be shopping for a lawyer.  This is really frustrating because we are putting our house on the market next month and signing a contract for a pre-construction home.  I can only imagine the people out there who are in similar situations this week and are shocked when their lenders call them back to tell them there is no way in hell they are getting pre-approved. 
Message 133 of 214
Anonymous
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Re: *new error in Sallie Mae reporting* WTH happened

Thanks for the insight.
Message 134 of 214
Anonymous
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Re: *new error in Sallie Mae reporting* WTH happened

So, just to clarify...this is only impacting our Equifax scores, right?  I just checked my fako through experian and no change there and I actually looked at their coding on the bottome and experian has one (looks really bad) that is coded PP for in Payment Plan.  This probably corresponds to what Equifax uses but just different verbiage and codes.  Hmmmm.  I am so sick of this right now.  I just want them to send their "tape" in today to Equifax.  Why do they have to wait until Friday? 
Message 135 of 214
Anonymous
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Re: *new error in Sallie Mae reporting* WTH happened

I was contacted by a local NYC news station NY1 by email indicating they are interested in this story and requested additional information. They also contacted Sallie Mae on my behalf but Sallie Mae just told them they would pull my credit report to see what was going on (As if they didn't know!) Any New Yorkers should contact NY1 For You to give this some momentum. http://www.ny1.com/ny1/OnTheAir/ny1_for_you.jsp
 
I am furious with SM right now because I have an appointment for mortgage approval tomorrow and the SM rep I spoke with yesterday promised me a letter by today explaining the situation so that I could provide it to the bank. When 430 EST rolled around I called back asking where my letter was and  I was told they would not be putting anything in writing today. First they blamed it on the responsible rep being gone for the day and then when I asked for a supervisor the supervisor said they are not allowed to at the moment. They kept saying they are not being evasive but it sure seems like it! I feel sorry for people who do not subscribe to credit monitoring services and go in to apply for credit or mortgages. They are being terribly unethical with their borrowers. I am currently waiting for a call back from that person's superior.
 
 
Message 136 of 214
Anonymous
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Re: *new error in Sallie Mae reporting* WTH happened

Please pass along whatever solid legal advice you come up with. Over the weekend, my husband also learned that his CR dipped about 90 points for the same reason...the verbage used reSmiley Tongueartial payment, when he has been paying the loan as agreed, never missed a payment, never been late...It has caused us a lot of stress. We all work so hard now to build and protect our credit. He did call SM and was told that the matter would be addressed. No specific time frame was given. My questions now are: 1)Do we document this and how if they (SM) are reportedly discouraging others from formally filing disputes? 2)Should we cave and switch to the level payments? (Although this feels like succumbing to extortion and totally being bullied...) 3)How long do we wait until we see some form of action on SM's part? What do we do if we don't hear anything about this in say, a week? This forum has been helpful, but I have warned my husband that just because it has happened to a number of people, there's no reason to be complacent about the issue.
Message 137 of 214
beep315
Established Member

Re: *new error in Sallie Mae reporting* WTH happened - why is FICO contradicting

My EQ went down 76 points yesterday because of this fiasco. It's unnerving because I have brought all of my scores up from the 530 range to the 680s in a matter of 4 months. I too called the Consumer Advocate at Sallie Mae. Adele confirmed that only Equifax was affected and that the "tapes" should be updated this week. Little consolation for those of us that meticulously watch our credit. Good thing I don't need to apply for credit in the immediate future. I feel for those that do.
Message 138 of 214
Anonymous
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Re:

Ran my Experian report, and nothing showed up. Ran my Equifax, and my score had plummetted to 655 (I believe it was 780). The ONLY Negatives listed were: 1. You have serious delinquency, 2. You have balances on accounts past due. 3. You recently missed a payment. 4. You have a consumer finance account on your credit report. I checked all my payments for all accounts, and all were on time. The ONLY thing I could find was under Sallie Mae, and it was the: Arrangements made..
Message 139 of 214
Anonymous
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Re: Re:

Today I was contacted by my old Financial Aid advisor, who contacted their representative at Sallie Mae. They told her that they contacted me on this issue. It strikes me that alerting your previous financial aid advisors may be another good means of getting out the word. After all they have a direct line to Sallie Mae customers and may feel a more ethical responsibilty to alert people.
Message 140 of 214
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