MSN: Lender’s goof slams credit scores
MSN Money has this report regarding a glitch with certain Sallie Mae loans: Lender’s goof slams credit scores; and suggestions of what to do if you’re caught up in that error.
A snippet:
A blunder by student lender Sallie Mae briefly trashed the credit scores of hundreds of thousands of unwitting borrowers who signed up for the company’s graduated-payment loans.
The loans allow borrowers to make smaller payments, sometimes covering only the interest owed, for a few years before increasing to full payments. But within the past week, Sallie Mae began reporting the loans to credit bureau Equifax as essentially delinquent, sending borrowers’ scores plunging.
I found out about this story at Credit Law Network.
Posted: May 15th, 2008 under Credit cards and credit reports, In the Blogosphere, In the News.
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