Student-Loan Credit Reporting To
Resume for Seven Million Borrowers
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"Student-Loan Credit Reporting To
Resume for Seven Million Borrowers"

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 S. 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.financial-education-icfe.org.

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 S. Richard - ICFE Executive Director at 619-239-1401..
.

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.financial-education-icfe.org 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.

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.financial-education-icfe.org 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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