Sallie Mae makes error on credit reports

May 14, 2008 7:20:32 PM PDT
A warning is out to a million people across the country about their credit ratings.

A coding error lead to some student loans serviced by Sallie Mae to be incorrectly listed as delinquent on credit reports, even when payments were made on time--and that could trash a credit rating.

Several hundred students at both the University of San Francisco and Stanford University currently have Sallie Mae loans.

But this primarily affects alumni since most don't begin paying off their loans until after graduation.

It's also possible graduates from other schools may have Sallie Mae loans if Sallie Mae purchased those loan from the original lender.

Sallie Mae says the mistake was corrected on Tuesday night.

But consumer Credit Counseling of San Francisco is still urging those concerned to take action to protect themselves.

"I would definitely get a free credit report from annual credit report.com," said Dan Parrish from Consumer Credit Counseling.

For anyone who needs to prove to a lender that the error is Sallie Mae's.

To learn more about Sallie Mae's credit report or for informaton, click on The Back Story.


Load Comments