Credit Management
Good Credit
Many of the private educational loans require the student and/or the borrowers to be credit worthy. Typically, these lending institutions or guaranty agencies will request a report from a credit bureau in order to determine the student's credit information such as outstanding balances and promptness of payments. The borrower must meet the established credit criteria usually set by the lender or agency. The information on your credit report can impact your eligibility to receive private educational loans. The purpose of the credit check is to screen out those applicants or borrowers who have derogatory credit items, delinquent accounts or patterns of poor credit practices.
Before deciding on which law school to attend, and well before applying for educational loans, we recommend that students request a copy of their credit report from a major and/or local credit bureau. Should the report reveal derogatory information, students should contact the reporting credit bureau and the creditor(s) to see if any items are in error or can be corrected.
There are several major credit bureaus and hundreds of small local credit reporting agencies. We have provided the telephone numbers and addresses for the major credit bureaus, but the borrower should research the bureaus in their local yellow page directories as well.
Requesting Your Credit Report
When requesting your credit report, be sure to include the following identifying information.
- Your full name, including generation (Jr., Sr., III, etc.)
- Your current and previous addresses for a five-year period
- If married, your spouse's first name
- Your Social Security number;
- Your year of birth
- A copy of your drivers license
To obtain a copy of your credit report, contact these major credit bureaus.
Equifax Information Services, LLC
P.O. Box 740241
Atlanta, GA 30374-0241
800-685-1111
www.equifax.com
Experian
(formerly TRW)
P.O. Box 2002
Allen, TX 75013-2002
888-397-3742
www.experian.com
TransUnion LLC Consumer Disclosure Center
P.O. Box 1000
Chester, PA 19022
800-888-4213
www.transunion.com
For more information about credit bureaus, your credit rights or if you experience difficulties, you may contact the Federal Trade Commission by calling 877-FTC-HELP toll free.
Federal Trade Commission
Consumer Response Center
CRC-240
Washington, DC 20580
www.ftc.gov
Students wishing to find more information about credit reports and credit scoring may do so at www.fairisaac.com and www.thecreditreportsite.com.
Repairing Credit Problems
Credit problems can be overcome; however, it may require that you change the way in which you use credit. You may even need to close all of your accounts in order to get back on track. Whatever your situation, it is important to realize that you can overcome the stresses and problems you may be having with credit and improve your future ability to obtain credit, if you are willing to change your behavior. Probably the best resource for dealing with credit issues and problems is the Consumer Credit Counseling Service (CCCS).
Consumer Credit Counseling Service (CCCS)
The CCCS is a nonprofit agency that helps people develop strategies for repairing credit problems. There are approximately 1,450 CCCS offices in the U.S. These offices provide counseling on debt management, budgeting, and other principles of personal finance that can help you improve your overall credit record. To locate the office nearest you, call Money Management International at 1-866-889-9347 or visit their website at www.moneymanagement.org.
(Note: Money Management International is the national accrediting organization for all CCCS offices.)
Reprinted with permission from Access Group Inc.
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