Here's the situation - 7 long years and much work had left me with only one derogative on my Equifax report and I had gotten my FICO up to 660 range. The one derogative was a USA Group Services student loan which was last delinquent in February of 1998 but had always had a status TOO NEW TO RATE and had been closed in 11/2000 when Sallie Mae bought USA Group and posted their own entry. About a month ago the loan status mysteriously changed to 120 Days Past Due and my score dived to 625. The reason FICO gave was that there was evidence of a late payment 31 months ago. This is untrue so I called Equifax and they said that the status of 120 Days Past due is interpreted as meaning that the loan was delinquent at the time it was closed(11/2000) and if this was incorrect I could dispute it. So I disputed results came in yesterday - No change and now my score had nose dived to 587!!!!! I called Sallie Mae and explained the situation to a remarkably unhelpful women who couldn't seem to grasp what I was saying but finally she had me fax her my report and she said if it was incorrect then they would fix it. She called back later and said they were reporting correctly. I am at my wit's end as my wife and I had felt that we were finally going to be able to buy a house. If anybody has any suggestions on how to break this logjam it would be greatly appreciated. Has anyone had a similar situation.
The loan was not defaulted, it was transferred to Sallie Mae when they bought USA Group(11/2000) and it was then included when I consolidated(3/2002) all my student loans. The only negative information on the loan was the late payment in early 1998.
This is a tough one. Can you prove that the late payment was not 120 days late? If you can, then call Ms Congeniality back and tell her you will sue her for damages for reporting erroneously to the cra. You might want to tell her that anyway - even if you don't have proof. Let her know that she can't just ruin your credit after you have worked so hard. You have got to fight to get your good credit back!
I'm not disputing that it was 120 days late in early 1998. The problem is that the account status that they are reporting makes it appear that the account was late in November of 2000 at the time Sallie Mae acquired USA Group. It makes it look like I had a late payment 30 months more recent than I actually did
Re: Re: FICO Equifax,Sallie Mae AAARRRGGHH I see. So what you're saying is that you want the CRA to report the 120 days late correctly as 60 months ago instead of 30 months?
