May 14, 2008

Sallie Mae falsely labels some accounts delinquent – hurts customer’s credit!

Posted in Misc at 7:13 AM by Joe From Boston

In a major “oops” moment, Sallie Mae accidentally mis-labeled some accounts delinquent causing these customer’s credit ratings to suffer as a consequence of the lender’s screw-up.

Read the full article from the Pittsburgh Post Gazette or read the excerpt below.

As many as 1 million student loan borrowers from Sallie Mae may have found that their credit scores plunged after the loan company erroneously reported they were delinquent in their payments.

Tom Joyce, senior vice president of corporate communications for Sallie Mae, said yesterday that the lender discovered Friday that a recent download of account information to one of the credit bureaus, Equifax, included a computer code that caused some accounts to be considered delinquent when they were not.

some reported sudden drops of more than 100 points in their credit score.


1 Comment »

  1. davidtum said,

    It boggles my mind how student lenders enjoy shooting themselves in the foot! Perhaps it was something out of their control but SM doesn’t need any more bad press. Better yet lenders in general don’t need any more bad press!

    I’m sure you heard the recent news?

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