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1 million credit scores lowered by Sallie Mae

Posted by Joe on May 15th, 2008

The largest provider of student loans in the United States, Sallie Mae, made a critical reporting error which artificially lowered the Equifax credit scores of approximately one million borrowers.

Like all lenders Sallie Mae reports account history information for all their borrowers to all three of the major credit bureaus including Equifax, Experian and TransUnion. In the most recent data transfer an error caused about 10% of all accounts, or about one million total borrowers, to appear delinquent.

Sallie Mae realized the issue and contacted all three credit bureaus. Equifax had already posted the information the impacted individual's accounts which immediately lowered their credit scores. Experian or TransUnion scores were not impacted.

The issue has been resolved and the Equifax credit scores have been restored for impacted individuals. Those who believe they may have been impacted are encouraged to contact Sallie Mae directly at 1-888-2-sallie. Sallie Mae will also provide credit references to impacted consuers upon request.

"We certainly and fully understand the importance of one's credit rating and we worked with urgency to resolve this situation," Said Sallie Mae spokesman Tom Joyce.

Those consumers that utilize a credit report monitoring service would have received immediate alerts when these changes were posted to their Equifax credit report and score. To learn more about credit report monitoring services we suggest visiting our credit report monitoring service reviews and comparison.

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5 Responses to “1 million credit scores lowered by Sallie Mae”

  1. Veronica Smith Says:

    Hi, I wondered why you have not spell checked your information? It is good info, but typos drive me crazy. Someone should put all your documents through a spell check. I have read two of your reports and found a typo in each. Example: Sallie Mae will also provide credit references to impacted consuers upon request. Consuers? You want people to trust your website; don't have typos in the information.

    Regards, A Consumer

  2. Joe Fahrner Says:

    Hi Veronica- thank you very much for stopping by and for your comment. We are always looking to improve and definitely appreciate your feedback.

    Thanks,
    Joe

  3. Patrick Says:

    Hi I was wondering do you know which credit company is usually the middle score? or ?
    Thank you

  4. Jewels Says:

    Have credit scores been lowered or changed due to the ecomony?

  5. Joe Fahrner Says:

    Hi Jewel,

    Thanks for stopping by and for the comment. Credit scores have not been lowered as a result of the recent credit crunch. But, awareness of your credit report and responsible credit usage is extremely important during these tough economic times for several reason.

    We published a post yesterday that covers some of these specific topics here:

    http://www.nextadvisor.com/blog/2008/10/02/why-monitoring-your-credit-score-is-more-important-than-ever-during-the-credit-crisis/

    I hope this information is helpful.

    Thanks,
    Joe

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