Please read my Good will letter to Sallie Mae. I recently had a 90 day appear that I thought was being paid through Automatic Debit. ( Apparently only one loan group was being paid) My score dropped 77 points. Apparently they don't report until 90 days and they sent all correspondece to an old email address which is why I was unaware of the 90 day late until I recieved an alert from MY FICO. This had to be removed. I'm sending the letter to the CEO and Boards of directors along with copies of my perfect payment history. Any feeback you can provide would be extremely helpful. Here is my letter.

I am writing to you today regarding my Student Loan Accounts that are currently in repayment. The purpose of my correspondence is to see if you would be willing to make a "goodwill" adjustment on the reporting of this account to the three credit agencies.

I am hoping that my excellent payment record with you will show that I am a responsible customer who simply misunderstood the repayment terms of one of my loans.

All of my loans were in repayment status and enrolled in your Automatic Debit program since May of 2002. The ease of this payment option ensured that my monthly payments would be paid on or before the due date. It also reduced the amount of communication needed between Sallie Mae and myself regarding payments. I verified my payments through my back accounts and felt confident that my monthly payments were being equally distributed to all of loans in repayment (See Attached). In August of 2006 I changed jobs and during that transition I did not receive a paycheck in the month September. In order to prevent a missed a payment on my Sallie Mae account I consolidated my federas loans and applied for a six month forbearance. However, I continued making monthly payments on my private loans through the Automatic Debit Program. I mistakenly assumed that once the forbearance period ended all of my accounts would resume being paid through the Automatic Debit program. After reviewing my credit report in June 2007, I noticed that this was not the case and when I saw that I was being reported as “90 days late on one of loans. I researched my account and found the Automatic Debit was only for one of my two billing groups.

As soon as I became aware of the balance I contacted the collections department and paid the balance in full. I provide this information not to justify why the account was unpaid, but rather to show that the issue with my delinquency is not a good indicator of my actual credit worthiness, my 5 year payment history with you, my character or ability to repay any future loans.

I know that payment was my responsibility and I am not attempting to justify this breach ofmy promissory note, I was however hoping you might review the circumstances under which this non-payment occurred and consider removing the negative trade line associated with this account from my three credit reports.

This one 90 day late reporting negates an otherwise perfect payment history on my student loans accounts. As a result the derogatory mark dropped my credit score 77 points. and is preventing me from accomplishing my dream of becoming a homeowner this year. I currently have a home under construction and if this is not removed I will not longer qualify for the financing that I was approved for just two months ago. ..

I would like to STRESS that the information currently being reported IS accurate, (I am not disputing anything with any of the 3 credit bureaus). I am simply asking Sallie Mae a courtesy gesture of goodwill in having the credit bureaus remove this account from my report. I do recognize that this request is unique and that it may not be Sallie Mae’s normal policy. Please consider that the Fair Credit Reporting Act does not demand that all accounts be reported, only that any account that is reported be reported accurately. Therefore, a company does have legal discretion and permission to remove any account it chooses from the credit report. I'm hoping that the power that be will do that in my case for this account.

Your kind consideration in this matter is greatly appreciated.

Sincerely

http://creditboards.com/forums/index.php?showtopic=263500

I really like your letter.

The date of your MPN on the FFELP groups in question, and whether or not you consented to electronic correspondence would be the deciding factors to me.

If the FFELP loans were disbursed on or after 7/1/2000, and you agreed to electronic correspondence, I could not justify any adjustment, since the applicable MPN includes a promise to notify of changes in email address, and an acknowledgment that all notifications sent the the latest electronic address on file are legally effective if you consented to electronic correspondence.

For loans disbursed earlier I would make an adjustment in your favor.

As previously stated ad nauseam, HEA and CFR provide no room for "goodwill" adjustments on FFELP or FDLP loans.

Thank You! My loans were dispused in 1996 and 1998. I spoke with someone from the Customer Advocate Group yesterday and she said that becuase this will dramatically effect my future she is going to escelate my letter. She also gave me her direct number to follow up. That's definitely better than a " Sorry there is nothing we can do" I was very humbled and stressed that there is no I way I would have knowingly paid one loan and not the other. So we'll see. Thanks for your feedback.