The largest provider of student loans in the United States, Sallie Mae, made a mistake of critical statement that artificially reduced the scores Equifax credit of about one million borrowers.
Like all Sallie Mae lenders reports account history information of all borrowers to all three major credit bureaus including Equifax, Experian and TransUnion. In the most recent data transfer error caused about 10% of all accounts, about one million borrowers in total, to be published in suffering.
Sallie Mae realized the problem and contacted all three credit bureaus. Equifax had already posted information from the affected individual accounts that immediately lowered their credit scores. Experian or TransUnion scores are not affected.
The problem was resolved and the Equifax credit scores have been restored for those affected. Those who believe they may have been affected are encouraged to contact Sallie Mae directly at 1-888-2-sallie. Sallie Mae will also provide credit references to consuers touched upon request.
"We certainly and fully understand the importance of its credit rating and we worked with the urgency to address this situation," said spokesman Tom Joyce Sallie Mae.
Consumers who use a credit report monitoring service would receive immediate alerts when these amendments were published in their Equifax credit report and score. For more information on the credit report monitoring services, we suggest you visit our credit report monitoring service reviews and comparison.