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sallie mae surpressed?


humdinger
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Here is KB's explanation from awhile back:

"There is a reason for this; they are no longer subscribing to report data to Experian or TransUnion .... Only EQUIFAX from now on.

For a good reason too, the mortgage industry which uses 3 bureau merged reports where having a major problem with duplicate reporting caused by their the student loan tape format. They could not fix the problem so they pulled out of reporting all together.

Some people where actually showing up one account 4 times or more, and this was causing trouble with figuring up debt to income ratio without having to call the student loan company to verify. And they where getting over run with their reporting & customer service department providing this service of verifying every time someone went for a mortgage loan.

SO unfortunately in this case you can't get it back. This is sad that only one CRA will not benefit for these tradelines."

_________________

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Yes, the mortgage industry which uses 3 bureau credit reports (which are merged) and rely on account numbers being reported the same across all 3 bureaus was having problems with Salle Mae, because on a regular basis, the accounts numbers where being reported different amoung all three bureaus.

So the merge programs, could not identify these accounts as being the same, so they would be showing up in the credit reports as duplicate tradelines, and would off set the debt to income ratios for those mortgage loan officers that did not catch the oversight of the program. Resulting in people getting turned down.

Each individual bureau was also resulting in duplicates, especially if someone had a deffered account, or if it was transferred or such. Each time the creditor made a change in the terms, a new account number was being issued and that would duplicate the reporting by each bureau, then compounded by the duplicates created by the software used by the mortgage industry.

I could easily see one account duplicated up to 4 times or more, just because one was reported by:

Salle Mae

FLEMA

Student Loan

It just broke down so many different ways, that they could not keep on top of this matter, they where getting over run by 3rd parties calling in to clarify this matter - so they just decided to quite reporting to all three to try and get some control back over the reporting problems.

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Sorry, KB! I just didn't want you to have to answer the same question again. I should have known you would be willing to patiently do so. It took me a few minutes to locate the old thread and I guess you were writing your post. Oh well. The new post had some extra clarification in it, so it wasn't a total waste!!!

Thanks for all your help, as always. You are a saint!!! :D

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Sallie Mae happens to be one of the more sinsitive companies to BBB and other forms of complaints, I don't know why that is, but I have noticed that they go by peer pressure,

Just wish some of the other companies out there could be wipped into line like that,

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I have used BBB once against another company, and it did not phase them one bit, not one bit - they just reported back to BBB that they had resolved the problem. Dircway - run away from this company everything is bad about them, I mean EVERYTHING!

Which Bureau where they trying to keep the account on & how long ago?

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