Results tagged “fico”

Many of us with loans through Sallie Mae have nightmarish stories regarding our dealings with the company, but we're hearing word of a new, special kind of financial screwing of which our readers may want to take note. Yesterday a college friend sent me this article, screaming that her FICO score suddenly dropped 120 points overnight. Apparently Sallie Mae switched the way they describe the "status" of loan holders who use the graduated payment plan to report as "arrangements for partial payments." Equifax, one of the three major credit reporters, read this as notice of delinquency and started docking FICO points -- people are reporting anywhere from 30 up to 150 point drops. Naturally, Sallie Mae hasn't bothered to notify anyone affected.