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San Diego, CA - "It's
blessing or bane, depending on your credit record," said
Skye McNeill of San Diego and a student at an area
college, "It depends on how well student loans have been
repaid. If you have a good repayment record, this move is
a blessing, however, if you have missed several payments
and even defaulted, this resumption of credit reporting on
student-loans will be a big problem," she continued.
"Sally Mae, the nation's largest student loan company will
resume reporting to all three major credit reporting
agencies (CRAs), the debt and repayment histories of its
seven million borrowers. This will have a huge impact on
credit ratings and scores of these borrowers, some
positive for the prompt payers and big problems for the
late payers and defaulters" said Paul Richard, a
registered financial consultant (RFC) and the Executive
Director of the award winning, nonprofit Institute of
Consumer Financial Education (ICFE) based in San Diego,
CA. The ICFE is dedicated to helping consumers become
better spenders, regular savers and wise users of credit.
About a year ago, Sallie Mae ceased its reporting of
borrower's repayment history to Experian and Trans Union,
however not to Equifax. Sallie Mae said its purpose to
protect the borrower's privacy, however not reporting
timely payments could depress credit scores, which is
directly related to the type of loan a borrower might
qualify for as well as the rate of interest she or he is
charged.
According to Terry Clemans, the executive director of the
National Credit Reporting Association, a trade group based
in Illinois, some credit card issuers also intentionally
fail to report customer's credit limits, which he
contends, "significantly lower credit scores." He also
stated flatly, "Sub-prime mortgage lenders report to no
one, which keeps on-time payments, out of sight of the
competition and artificially lowering scores."
As usual, it is up to the consumer to make certain that
all relevant payment information, whether it's a student
loan, a credit card or a home mortgage, is included in
their own credit reports. The only way to be certain is
for consumers to request a copy of their credit report
from all three major CRA's and review each one both for
accuracy and completeness at least once a-year.
For more information about a obtaining and understanding
your own credit reports, visit the ICFE's Web page at:
http://www.icfe.info.
To receive the same information by mail, please send $1
and a self-addressed, 60 cent stamped envelope to: ICFE,
Credit Report Review, PO Box 34070, San Diego, CA 92163.
For information contact Paul Richard - ICFE Executive
Director at 619-239-1401..
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About the ICFE:
The Institute of Consumer Financial Education (ICFE) was founded in 1982 by the late Loren Dunton (creator of the Certified Financial Planner (CFP) designation). The ICFE is dedicated to helping consumers of all ages to improve their spending, increase savings and use credit more wisely.
The ICFE is an award winning, nonprofit, consumer education organization that has helped millions of people through its education programs and resources. It publishes the Do-It-Yourself Credit File correction Guide, which is updated annually. The ICFE has distributed over one million Credit/Debit Card Warning Labels and Credit/Debit Card Sleeves world wide.
The ICFE became an official partner with the Department of Defense/Financial Readiness Campaign in June of 2004.The ICFE was an active partner in the California Student Debt Resource Awareness Project (CASDRAP) which resulted in a new web site: (studentdebthelp.org). CASDRAP disbanded in 2010, shortly after the web site project was completed. In 2011 the ICFE assumed the single sponsorship of the (studentdebthelp.org) web site and is now responsible for its content and operation.
The ICFE is also an on-line help for consumers who spend too much. ICFE's spending help was featured in PARADE Magazine in the Intelligence Report section. The money helps and tips are from the ICFE's Money Instruction Book, our course in personal finance.
Visit the ICFE's other web sites at: www.icfe.info and studentdebthelp.org. Both sites helps consumers and students with mending spending, learning about the proper use of credit, budget and expense guidelines, how to set up and implement a spending-plan and also how to access financial education courses and how to teach children about money. Other ICFE services include: Ask Mr. G, a free eNews, and an online resource center for students, parents and educators, plus financial education learning tools and a book store.
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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) and it is dedicated to helping consumers of all ages to improve
their spending, increase savings and use credit more wisely. The ICFE trains and
certifies Personal Finance Instructors for its own curriculum. It also trains
and certifies Credit Report Reviewers and Identity Theft Prevention Specialists.
The ICFE is an award winning, nonprofit, consumer education organization that
has helped millions of people through its education programs and resources. It
publishes the Do-It-Yourself Credit File correction Guide, now in its 16th
printing and has distributed over one million “Credit/Debit Card Warning Labels”
and “Credit/Debit Card Sleeves” world wide.
The ICFE became an official partner with the Department of Defense/Financial
Readiness Campaign in June of 2004.
The ICFE is also a partner in the national Jump$tart Coalition for Financial
Literacy and the California Jump$tart chapter. The ICFE staff is also active
with San Diego Saves, an offshoot of America Saves, and the California Student
Debt Resource Awareness Project (CASDRAP) (studentdebthelp.org).
The ICFE’s on-line help for consumers who spend too much was featured in PARADE
Magazine in the Intelligence Report section. The money helps and tips are from
“The Money Instruction Book,” a course in personal finance, positioned to become
among the premier programs in the new bankruptcy and debtor education
initiatives.
The ICFE Web site at:
www.icfe.info helps consumers with mending spending, learning about
the proper use of credit, budget and expense guidelines, how to set up and
implement a spending-plan and also how to access financial education courses and
videos and how to teach children about money. Other ICFE services include a free
eNews, and an online resource center of financial education learning
tools, including videos, books, software and personal finance courses.
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