Credit Scores Plunge Due to Student Loan Lender’s Coding Error
By Jill Michaux, Kansas Bankruptcy Attorney on May 14, 2008 in Consumer Protection, Credit Reporting, Personal Finance, Student Loans
Thousands of student loan borrowers could see their credit scores plunge due to a Sallie Mae coding error, Liz Pulliam Weston reported in MSN Money yesterday.
Weston reports Sallie Mae sent a computer download to the credit report service, Experian, with incorrect information that falsely reported borrowers with graduated repayment plans delinquent.. The error did not effect reports to Experian, TransUnion or Innovis, she reports.
Sallie Mae told Weston the error affected "less than 10% of the lender’s 10 million borrowers".
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