I just hit 360 Monday night, and after Tuesday's update my light level says 331 and I'm getting drops based on that number. I double checked all my gear and had friends check it too, it's all the same gear that got me to 361, but my legend says 331. Just when I was getting all excited about doing the raid!
First complaint I've had with the game, Bungie, you guys have awesome developers and an amazing product.
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Check your class item Exotic faction class items count as Zero if you're no longer aligned to that faction