Help Please

In 2003 I applied to consolidate my Sallie Mae student loans. The person I spoke with told me not to make any payments after completing the application. This sounded odd so I asked for clarification and he told me that the new company would pay the entire balance and if I made any additional payments I would not get the money back. The rep also told me that Sally Mae would not report the missed payments since the loans would be paid off.

Fast-forward 5 years and these missed payments are the only negative items on my credit report. All 5 Sallie Mae loans show missed payments for the months of July, August, and Septmeber. The loans were paid off in October. I have contacted Sally Mae and the Credit reporting agencies and they refuse to remove this derogatory information. Any suggestions?

Unfortuanately someone handed you a huge pile of crap. The borrower is responsible for all payments on the original loan until the consolidation pays off. Plus any over pays/under pays are adjusted by the lenders.

There is nothing you can do. The lates will fall off in a couple of years.