Sallie Mae's Slip Up Leads to Credit Score Drop

Many Sallie Mae student loan borrowers have seen a drop in their credit scores in the past week. It seems there was an error when the lender was reporting data to the credit bureaus. Possibly one million accounts were reported delinquent when they were actually on time. The error happened to borrowers who have the graduated repayment plan.

Even though Sallie Mae tried to stop the data transfer, the erroneous data made it into Equifax's system and onto borrowers' credit reports.

If you have a Sallie Mae student loan, check your Equifax credit report to make sure your payment history and any comments are correct. You can order a free credit report from www.annualcreditreport.com. You can dispute any inaccurate information online by following the instructions included with your report.

Sallie Mae will provide a credit reference for borrowers who plan to apply for credit or loans before their credit report and score reflects the update. Contact Sallie Mae at 1-888-2-sallie.