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Sallie Mae Reporting Wrong (help Lynn!)


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Well - where do i start. Here goes. As you all know, I have been trying to repair my credit for months. Thanks to the wonderful people on these boards I have come a long way. My scores went from the 400's/low 500's to high 500's/high 600's. I am repairing to obtain a mortgage. Well I had six Sallie Mae student loans for nursing school. Two taken out in 1992 (which aren't even on my report anymore); two taken out in 1994 and two in 1997. All of the remaining four loans were transferred various times; I had a couple of late payments in 1998 and 2001 (which I fixed and had the loans consolidated. All four of the loans were closed in 12/2003 with a zero balance and were transferred to PHEAA (who I paid off through consolidation. The four Sallie Mae loans were reporting correctly (i.e., a couple late payments in 1998 and 2001. It also shows a zero balance and zero due). HERE IS THE BIG PROBLEM -- I JUST RECEIVED MY REPORTS IN JULY and Sallie Mae has reported that I was late in June 2005 (still reports a zero balance and that the account was closed.) On two of the loans it says 120 late and the other two show 90 late all in June 2005. This made my score drop 100 plus points (just when i didn't need it to drop). I called the CRA's and Sallie Mae. Sallie mae states that they never reported to the CRA's that the accounts were late in June 2005. They went as far as to say that they have my accounts closed and the only negative reporting was the lates in 1998 and 2001. They requested that I send them copies of the current CR's with the negative information on them. I sent them and MY ONLY request was that they report to the CRAs correctly. I also informed them that they made me lose a mortgage for 200,000 related to the huge drop in my score.

The CRA's only tell me that they report what sallie mae tells them. I asked them -- how can i be late on a closed account with a zero balance -- and they have no answer. Just continue to read off of their script that they report what the creditors send them. I said why not report what i tell you. I said this is blatantly wrong. How can i be late -- if something doesn't exist.

I just received a letter from Sallie mae in the mail -- in reference to my complaint to them. The letter states that they cannot remove the tradeline from my CR's because it is illegal or something. I NEVER ASKED THEM TO REMOVE IT -- I ONLY ASKED THAT THEY REPORT IT CORRECTLY.

Well, Lynn, what can i do here? This is severely affecting my life.

Thanks in advance melissa

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