HUGE Sallie Mae Screw Up!

May 14th, 2008 by Luke | in Personal Finance, Student Loans with 3 Comments

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Just a quick head’s up: if you have Sallie Mae federal student loans, you may want to get in contact with Sallie and make sure that they didn’t report your account delinquent to the credit bureaus. Apparently the enormous student loan lender accidentally reported 10 million borrowers as being delinquent (they weren’t).

Some borrowers reported that their credit score dropped by as much as 100 points. While Sallie maintains that the mistake only affected borrowers who have graduated payment plans, it may be worth getting in touch with them even if you have a different repayment plan. Sallie Mae intends to fix the problem by the end of the week, and it’s possible that Experian — the national credit reporting agency — could have updated information in their system within ten days. But, if you’re concerned about your credit score, remember that you’re entitled to one free credit report a year.

If you’re one of the 10 million affected, good luck!

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Comments

  1. 3
    Hops // May 15th, 2008 at 12:08 pm

    Oh. My. God.

    DAMNIT!

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