What does SALLIE MAE mean on my credit report?
Learn about SALLIE MAE, an creditor offering loans for financial assistance. Check the impact to your credit report and financial status.
What is SALLIE MAE?
SALLIE MAE is shorthand for Sallie Mae, with the company name being Sallie Mae Inc
SALLIE MAE is a Creditor provider. They could be on your report for a number of reasons, for example:
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⚫ You missed a repayment.
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⚫ You opened an account with Sallie Mae.
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⚫ You opened a credit card / loan / mortgage with this company.
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⚫ Someone fraudulently opened a credit line under your name.
About the account
The account is classified under the following METRO2 categories:
- ⚫ Education
- ⚫ Collection Agency/Attorney
How do I contact them?
Here is the current contact details for Sallie Mae:
Address:
- P.O. Box 3319 Wilmington, DE 19804-4319
Website:
Email:
Phone:
Payments
Customers can make payments by mail, online, or enroll in auto debit. You can also make payments by phone, using a mobile app, or with a prepaid debit card. Wire transfers are also an option. If payments are late, there are additional fees and interest.
| Question | Answer |
|---|---|
| Do they offer a monthly payment plan? | No |
| Can I make payments over the phone? | Yes |
| Can I make payments online? | Yes |
| Do they offer a discount for automatic payments? | No |
| Can I make a payment using a mobile app? | Yes |
| Can I make a payment using a prepaid debit card? | Yes |
| Can I make a payment using a wire transfer? | Yes |
Forgiveness and Cancellation
they do not offer loan forgiveness or consolidation. To qualify for loan forgiveness, you must go through the student loan application process and make sure to follow the steps after the loan is approved. Additionally, you must make sure you send payments to the correct address, make sure your life change updates are processed, and check the status of your deferment request.
| Question | Answer |
|---|---|
| Do they offer loan forgiveness? | No |
| Do they offer loan consolidation? | No |
How to Apply
It is possible to apply for a loan online, over the phone, or in person. You can also use a mobile app to apply for a loan. If you need help understanding the application process, there are details available online. You can also contact us at 800-472-5543.
| Question | Answer |
|---|---|
| Can I apply for a loan online? | Yes |
| Can I apply for a loan over a phone call? | No |
| Can I apply for a loan in person? | Yes |
| Can I apply for a loan using a mobile app? | Yes |
| Can I apply for a loan with a cosigner? | Yes |
IdentityIQ Report Example
- This is an example of what this creditor will look like on your IdentityIQ report.
Will this affect my credit score?
Whether this account affects your credit score depends on a variety of factors, such as:
- Account Open Date: If you opened this account recently it will impact your credit, the only way to prevent this from impacting your credit score is to remove the account from your report.
- Derogatory Markings: If this account has any derogatory markings such as:
Lates, Charge Offs, Collections and others.
However, there are could be some potential positive aspects to this account which could lead to improving your credit score, such as:
- Account Age: If your account is quite old, then the age of it will positively impact your credit score
- Repayment History: If the account has no
Late Payments, Charge off Payments, then it may reflect a positive impact onto your credit score.
Can it be removed from my credit report?
Yes, with the right strategy, you will be able to remove any account from your report. But you have to be careful to ensure that the account is negative to begin with, or it will negatively impact your credit score.
However, removing a negative account will positively impact your credit score, allowing you to open new credit lines and potentially removing bad debt.
How do I remove SALLIE MAE from my credit report?
You can send a dispute letter to the credit bureaus to remove this account from your report. You must send a dispute letter to all three credit bureaus, as they are legally required to remove the account from your report if it is found to be inaccurate. For best results you should send a dispute letter to the credit bureaus via certified mail, this will ensure that you have a legal record of the communication.