2004-2005 Financial Aid

Good Credit Information

In order to qualify for most private loans, you must have a good credit history. When you apply for your private loan, your lender may request a copy of your credit report and/or obtain your credit score.  Credit scoring is the process by which your credit is assigned a score that identifies your level of future credit risk to the lender.  This score is based on such factors as credit card payment history and outstanding debt as well as the number of open lines of credit you currently have.  This information will be used to evaluate your credit worthiness and determine whether you will be approved for a private loan.  For a more comprehensive explanation of credit scoring, please refer to www.myfico.com.

If you have had credit problems in the past or if you think you may have negative information on your credit history, you may want to consider obtaining a copy of your credit report from one of the three major national credit reporting agencies as listed below. It should be noted that there is a fee charged for obtaining a copy of your credit report. In some instances, if you have been denied a loan you may be able to get a copy of your credit report free of charge. By obtaining your credit report, you are then able to review your credit history and identify and address any problems, inaccuracies and/or discrepancies that may prohibit you from being approved for loans.

Equifax	1-800-685-1111	www.equifax.com
Experian (TRW)	1-888-397-3742	www.experian.com
Trans Union	1-800-888-4213	www.transunion.com

Should you need assistance in resolving credit problems with creditors, you may call the National Foundation for Credit counseling at 1-800-388-2227 or visit their website at www.nfcc.org.

The following resources have excellent information on how to maintain a good credit history.

• Article - Good Credit Does Count!
   
• Quiz - Do You Know the Score?

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