Consumer complaint received 2025-03-14 00:00:00
Product: Student loan — Private student loan
Issue: Improper use of your report — Reporting company used your report improperly
Company: SLM CORPORATION
State: NV

Complaint narrative:
I am filing a formal complaint regarding unauthorized access to my private financial data and predatory lending practices by Sallie Mae. My private student loan information appears to have been improperly accessed, potentially in violation of the Fair Credit Reporting Act, the XXXX XXXX, and other federal privacy protections. 

On XX/XX/year>, I took out a private student loan of {$19000.00} from Sallie Mae at a 13.250 % interest rate. The loan terms included an outrageous finance charge of {$24000.00}, bringing my total repayment obligation to $ XXXX excessive and unreasonable amount compared to the principal borrowed. 

In addition to the predatory nature of this loan, I am also deeply concerned about the unauthorized access and misuse of my personal financial data. I have reason to believe that my private student loan information was accessed or misused without my consent through unauthorized third-party entities, possibly linked to the Department of Education XXXX XXXX unrelated financial institutions. 

My concerns arise due to : 1. Unexplained access to my financial data. My private student loan data should not be accessible by any entity outside of Sallie Mae, credit bureaus, and authorized loan servicers. However, I have noticed irregular activity related to my financial accounts, unexplained communications, and potential third-party involvement without my consent.

2. I am aware that the department of education should not have my private loan Information. Since Sallie Mae only services private student loans, there should be no reason for the Department of Education to have access to my loan details. However, I have reason to believe that my loan data may have been improperly shared or accessed by unauthorized entities.

3. Under the FCRA, my personal financial data should only be accessed for legally permissible purposes. If any third party accessed my private loan details without my consent, this is a direct violation. The GLBA requires financial institutions to safeguard my private financial information. If Sallie Mae or another entity allowed unauthorized access to my data, this is a serious violation of federal privacy laws.

Actions Taken by Me : 1. I have attempted to review XXXX XXXX policies on data access and sharing, but they provide no clear process for investigating unauthorized access to private student loan data. 

2. I have attempted to resolve this issue but found no clear resolution. Sallie Mae has not provided any transparency regarding who has accessed my loan data and under what circumstances.There is no way for me to verify if my private student loan data has been improperly shared with unauthorized entities, including government agencies or third-party companies.

3. I am filing this complaint as an urgent step to protect my rights. Since I have no way to determine who accessed my private loan data or why, I am requesting the CFPB conduct an immediate investigation into this matter.

Resolution Sought I request the CFPB to take the following actions : 1. Investigate the unauthorized access of my private loan data to determine whether Sallie Mae, the Department of Education, or any third party ( including any entities linked to XXXX Musk ) accessed my loan details without my knowledge or consent. I would like the CFPB to identify who accessed my data and why it was accessed. 

2. Review the predatory loan terms and lending practices of XXXX XXXX . Specifically the XXXX XXXX interest rate and excessive finance charge of {$24000.00} which place an unfair burden on borrowers like myself.

3. Investigate whether Sallie Mae engaged in unfair, deceptive, or abusive lending practices in issuing this loan.

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