Consumer complaint received 2024-11-28 00:00:00
Product: Student loan — Private student loan
Issue: Incorrect information on your report — Public record information inaccurate
Company: SLM CORPORATION
State: AZ

Complaint narrative:
Re : Request for Removal of Inaccurate Credit Reporting Account Numbers : XXXX & XXXX To Whom It May Concern, I am writing to formally dispute and request the immediate removal of inaccurate information being reported to the credit bureaus regarding my private loan accounts, referenced above. Despite my efforts to resolve these issues, I have discovered that Sallie Mae continues to report negative and misleading information related to these loans. 

Loan Account # XXXX : Original Balance : {$20000.00} Settled Amount : {$10000.00}, paid in full to XXXX  XXXX  ( collection agency ). 
Taxable Settlement : I paid taxes on the settlement amount as required by law. 
Loan Account # XXXX : Original Balance : {$4000.00} Settled Amount : {$1500.00}, paid in full to XXXX  XXXX  ( collection agency ). 
Taxable Settlement : I also paid taxes on this settlement amount. 
I was under the understanding that these loans were settled in full with the collection agency, XXXX XXXX, and that Sallie Mae would no longer be involved in reporting these accounts. However, despite the full settlement and the fact that I have complied with all necessary steps ( including paying taxes on the settlement amounts ), Sallie Mae continues to inaccurately report a balance due and/or negative information related to these loans. 

This ongoing mismanagement is causing harm to my credit profile and financial well-being. I am requesting that Sallie Mae immediately : Correct the inaccurate information being reported to all three major credit bureaus ( XXXX, XXXX, and XXXX ) to reflect that these accounts were settled in full with XXXX XXXX. 
Delete any erroneous balances or derogatory marks that are currently affecting my credit history. 
Provide written confirmation to me that these corrections have been made and that all information has been updated accordingly with the credit bureaus. 
Please be aware that under the Fair Credit Reporting Act ( FCRA ), I am entitled to have accurate and up-to-date information reflected in my credit reports. I trust that Sallie Mae will take the necessary steps to rectify this situation promptly and avoid further damage to my credit. 

Should you need any documentation to support my claim, including settlement agreements, tax records, or correspondence with XXXX XXXX, please do not hesitate to contact me at the above address or phone number. 

FCRA Violations by Sallie Mae The Fair Credit Reporting Act ( FCRA ) is designed to ensure that consumers credit reports are accurate, fair, and private. It also holds credit reporting agencies ( and data furnishers like Sallie Mae ) accountable for providing accurate information. In this case, it appears that Sallie Mae has potentially violated several sections of the FCRA : Section 1681s-2 ( a ) : Duty of Furnishers of Information to Provide Accurate Information Under this section, creditors ( like Sallie Mae ) are required to provide accurate information to the credit reporting agencies. If they are aware that the information being reported is inaccurate, they must correct it. Given that you settled your loans with XXXX XXXX and the debt was paid, Sallie Mae is obligated to report this accurately. Reporting incorrect balance information or an unresolved debt after a settlement is a violation of this provision. 

Section 1681i : Procedure in Case of Disputed Information This section gives consumers the right to dispute inaccurate information on their credit reports. Once a dispute is filed, the credit reporting agencies are required to investigate and resolve the dispute within a reasonable timeframe, typically 30 days. If you have already disputed the inaccurate information, and it has not been corrected, Sallie Mae may be in violation of this provision by failing to investigate and correct the inaccuracies.

Section 1681e ( b ) : Accuracy of Information Under this section, the FCRA mandates that credit reports must be accurate and not misleading. If Sallie Mae is continuing to report a balance after the loan was settled, they are violating the FCRAs requirement that information must be accurate and not misleading.

Section 1681s-2 ( b ) : Duty to Investigate Disputes If a dispute is raised by the consumer, the furnisher ( Sallie Mae ) is required to investigate the issue with the credit reporting agencies. If youve already raised this issue directly with Sallie Mae and they have not investigated or corrected the errors, they would be violating this provision. 

I look forward to your prompt resolution of this matter.

Company public response: Company believes it acted appropriately as authorized by contract or law
Company response to consumer: Closed with explanation