San Diego, CA. "Many consumers, especially
home buyers, seem to underestimate the value and importance of his or her
credit rating" says Paul S. Richard, executive director of the nonprofit
Institute of Consumer Financial Education (ICFE) based in San Diego, CA.,
that has publishes a low-cost "Do-It-Yourself Credit File Correction
Guide" which aids consumers fully understand the importance of a good
credit rating. According to the recent Fannie Mae National Housing Survey,
however, about one half of Americans don't seem to fully understand the
negative effect bad credit has on their chances to qualify for a home
Over half of the people responding to the survey indicated they think late
payments are "a minor problem or no problem at all." "The high number of
Americans who don't connect paying bills late with the
potential for problems later when they try to qualify for a mortgage is a
new and very disturbing trend and we must find ways of reversing it," said
Franklin D Raines, Fannie Mae's chairman.
"If late payments are errors, these and other mistakes could cause unfair
denial of a loan, a mortgage, an insurance policy, an apartment or even a
job," said Ed Mierzwinski, the consumer program director for
the Public Interest Research Group (PIRG) in Washington, D.C.
"Sometimes a file may wrongly list a series of late payments. Checking
your credit file for accuracy should be done annually," says Richard. "If
you discover mistakes and need help understanding how credit files
work, the ICFE's "Do-It-Yourself Credit File Correction Guide" is there to
help consumers avoid those credit repair firms which are very costly
'credit doctors' have wrongly charged consumers up to $1,500 per credit
file to clear so-called mistakes, which often reappear afterwards.
Included in the ICFE's Consumer Credit Guide are step-by-step instructions
on the credit repair process, an explanation of consumer credit rights,
and a dozen sample letters to use when communicating with
the various credit reporting agencies about credit file questions and
mistakes in addition to a credit file request form and special bonus
section for first time credit seekers.
The ICFE "Do-It-Yourself
Credit File Correction Guide" available for $10 plus $2 postage. Also
available for $10 is "Consumer
Guide to Good Credit" (in both English and Spanish editions.) The Los
Times Book Review calls the ICFE Guide "user friendly."
For more information contact:
ICFE U.S. PO Box 3914
San Diego, CA
Or please call 619-239-1401
or visit the ICFE web site at:
About the ICFE:
The Institute of Consumer Financial Education (ICFE),
founded in 1982 by the late Loren Dunton - creator of the "certified
financial planner” (CFP) designation - is dedicated to helping consumers
of all ages to improve their spending, increase savings and use credit
more wisely. The years between 1984 and 2000, the ICFE was also known as
the National Center for Financial Education (NCFE).
The ICFE is a nonprofit consumer education organization that has helped millions of people through its education programs and Resources. Over
one million "Credit
/ Debit Card Warning
Labels” and "Credit
/ Debit Card Sleeves” are in circulation world wide.
The ICFE's on-line help for consumers who spend too much
was featured in PARADE Magazine (June 9th, 2002) in the Intelligence
Report section. The money helps and tips are from the "Money
Instruction Book," a course in personal finance, which was completely
revised and updated in 2002 and is positioned to become among the premier
programs in the new bankruptcy and debtor education initiatives.
The ICFE's "Do-It-Yourself Credit File Correction
Guide," now in its Twelfth Printing, is in use by thousands of consumer credit and debt
counselors in addition to tens of thousands of consumers. It received a
"buy” rating in July, August and November from nationally syndicated
financial columnist, Humberto Cruz in his column, "The Savings Game".
BottomLine Personal newsletter gave the Guide a "Send For” rating in
September 2001. The ICFE and our do-it-yourself approach to credit file
correction was featured on NBC Nightly News on 04-30-02. The Spanish
edition of the Guide premiered in January 2002. Syndicated columnist,
Robert Heady also gave the ICFE Guide a "buy” rating.
The ICFE Web site at: www.financial-education-icfe.org helps consumers with
mending spending, learn about the
proper use of credit, budget and expense guidelines, how to set up and implement a
spending-plan and also access financial education courses and videos and how to
teach children about money. Other ICFE services include a
free eNews, and an
on-line resource center of financial education
learning tools, including videos, books and personal finance courses.
Consumers may learn more on the Internet about the "Do-It-Yourself
Credit File Correction Guide" here, or fill out our request
form, indicating your areas of interest.
For more information contact Paul S. Richard ICFE Executive Director at 619-239-1401.