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Credit scores damaged by industry mishap |
| Published: May 20, 2008, 10:08 pm |
| Tags: news, blemish, borrowers, credit bureaus, credit grantor, credit score, credit scores, credit scoring, delinquent, former students, glitch, graduated payments, holler, loan holder, mishap, one million, partial payments, sallie mae, spokeswoman, stigma, thousands of dollars, u |
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One million consumers affected: If you are a loan holder with Sallie Mae, you should immediately check your credit score to see if it has decreased because of this mishap. A mistake last week by student loan firm Sallie Mae temporarily wrecked the credit scores of a million loan holders, with some victims saying their scores had sunk 100 points or more. While the scores have since been fixed, the Sallie Mae mishap provides a startling look at the impact of credit scores, how fragile the credit-scoring business is and how severe the punishment can be for one credit-related error: a potential cost of hundreds of thousands of dollars to individual consumers. Earlier this week, Sallie Mae said it had changed the way it sends monthly payment information to the credit bureaus, and that change inadvertently caused about one million loan holders to end up with a serious blemish on the credit reports. The college lending giants offers borrowers graduated payment plans that allow former [ Full article ] |
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