San Diego, CA. Nearly half of
all the credit reports contained errors another study showed. Don't trust
your credit report, check it at least once a year and, if you are an active
credit user and seeker, do it every six months," says Paul Richard, RFC
author of a popular "Do-It-Yourself Credit File Correction Guide" and
executive director of the nonprofit Institute of Consumer Financial
Education (ICFE) based in San Diego, CA.
Many credit seeking consumers, especially home buyers, seem to underestimate
the value and importance of his or her credit rating. The credit reports
received from the three major credit-reporting bureaus (Equifax, Experian
and TransUnion) contained inaccuracies with about the same frequency and
degree of severity.
Errors and potential problems include: mistaken identities, misapplied
charges, uncorrected errors, misleading information, and inconsistencies.
Inconsistencies occur because creditors are not required to report
information about you to all three bureaus. So a problem that fails to show
up on one report may stand out in sharp relief on another as a warning flag
to a potential lender. Prying eyes is also a potential problem for consumers
because as few as four such inquiries for a credit-card approval over a
period of say, 60 days can have a negative impact on your credit prospects,
because they suggest that you may be aggressively trying to line up new
credit to support unsustainable spending.
"If you discover mistakes in your credit files and need
help, the ICFE publishes a low-cost "Do-It-Yourself
Credit File Correction Guide" in
English and
Spanish. Included in the Guide are step-by-step instructions on the
credit repair process, an explanation of consumer credit rights, and
sample letters to use when communicating with the various credit reporting
agencies about credit file questions and mistakes.
The "Do-It-Yourself Credit File Correction Guide," in both
English and Spanish, is available for $10 each plus $2 postage. The Los
Angeles Times Book Review calls the ICFE Guides "user friendly."
Send $12 to: ICFE U.S.
PO Box 34070
San Diego, CA 92163-4070.
Or please call 619-239-1401 or visit the ICFE's Web site at:
www.icfe.info and order securely on line.
($2 postage is for book rate mail, add $2 extra ($4 total postage/handling
for 1st Class Mail or Priority Mail).
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.icfe.info 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 eNewsletter, 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 Richard, RFC ICFE Executive Director at 619-239-1401.
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