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San Diego, CA - Free credit
reports - when they become available in December 2004 -
will be the
single most popular feature of the new Fair and Accurate
Credit Transactions Act (FACTA). It also
provides many other new protections and rights for
consumers, especially for victims of identity theft
and those who are disputing inaccuracies.
Millions of consumers who access their free credit reports
will need help in understanding what is in
them and if there is some inaccuracies, they will need
education the do-it-yourself process. Reviewing
credit reports and credit scores is now more important
because it can reveal areas where consumers
might be paying more for credit because of a lower than
deserved credit score.
About a half more million people will become victims of
identity theft in 2004 and reviewing a credit
report on a regular basis is the latest weapon in guarding
against it and, equally important, early
detection.
Financial services professionals, including credit union
and banking representatives, mortgage lenders and real
estate agents and also financial and insurance planners
plus debt and credit counselors and even finance reps from
auto dealerships.
Individuals in these professions were among the first
hundred candidates for Certification as a Credit Report
Reviewer (CRR). Additionally a Midwest insurance firm
enrolled 35 district managers to become credit report
reviewers and will eventually train many of its agents in
the field to help them get up to speed with the new law.
Credit Report Review applicants complete an educational
study program on the new law and after an
examination become certified as a Credit Report Reviewer,
by the award winning, nonprofit
Institute of Consumer Financial Education (ICFE) based in
San Diego, CA. The ICFE has been publishing do-it-yourself
credit file correction guides for counselors and consumers
for the last 12 years, updating again in March 2004.
The Credit Report Review is offered by ICFE Certified
Credit Report Reviewers. "Credit report
reviews should be conducted annually for the average
consumer, semiannually for active credit users -
those paying on three or more credit cards and/or loans
per month," said Paul Richard, a Registered
Financial Consultant (RFC) and the Executive Director of
the ICFE.
The Credit Report Reviewer Certification program, which is
being considered for college credit, is
endorsed by the International Association of Registered
Financial Consultants (IARFC). The IARFC
awards 10 continuing education credits to its members who
become certified.
The Certification course for FACTA 2004 includes an
Independent Study Guide and 30 question
Examination, two Certificates, one as a Credit Report
Reviewer and one as an Identity Theft Prevention
Specialist from the ICFE. Additional materials include
five of the ICFE's Do-It-Yourself Credit File
Correction Guides, a PowerPoint presentation on Identity
Theft and an FTC booklet on Identity
Theft.
The course prepares individuals to read and understand
credit reports, identify errors and learn
what FACTA says about how long negatives can remain on a
file and importantly how guard against
identity theft.
The ICFE Credit Report Certification program is $250,
however a $50 introductory discount is
available through June 2004. Quantity discounts and
in-house certification classes are also available.
For more information you may visit the ICFE web site at:
www.icfe.info or call:
619 239 1401.
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About the ICFE:
About the
ICFE:
The Institute of Consumer Financial Education (ICFE), founded in 1982 by the
late Loren Dunton (creator of the “certified financial planner” (CFP)
designation) and it is dedicated to helping consumers of all ages to improve
their spending, increase savings and use credit more wisely. The ICFE trains and
certifies Personal Finance Instructors for its own curriculum. It also trains
and certifies Credit Report Reviewers and Identity Theft Prevention Specialists.
The ICFE is an award winning, nonprofit, consumer education organization that
has helped millions of people through its education programs and resources. It
publishes the Do-It-Yourself Credit File correction Guide, now in its 16th
printing and has distributed over one million “Credit/Debit Card Warning Labels”
and “Credit/Debit Card Sleeves” world wide.
The ICFE became an official partner with the Department of Defense/Financial
Readiness Campaign in June of 2004.
The ICFE is also a partner in the national Jump$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:
http://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
eNewsletter, and an online resource center of financial education learning
tools, including videos, books, software and personal finance courses.
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