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San Diego, CA. - Credit scores are playing an
increasingly more important role when it comes to making
credit granting decisions. The Fair Isaac Corporation
set the initial standards when they introduced the
consumer’s so-called FICO score. There are many scoring
models used by a variety of lenders but all use the same
Fair Isaac formulas.
The different scoring models and regulations governing
credit scores found in the Fair Credit Reporting Act (FCRA)
and the Fair and Accurate Credit Transactions Act of
2003 (FACTA) is the motivation behind developing a
special course of study aimed at credit and lending
professionals. The Institute of Consumer Financial
Education (ICFE), a San Diego based public education
organization is introducing its latest certification
program known as the ICFE Certified Credit Score
Manager™. It is an on-line curriculum consisting of an
independent study guide and a 100 question exam. It was
created and developed by FutureTec, Inc. a credit
research and analysis firm in Wilkes Barre, PA.
The ICFE Certified Credit Score Manager™ (CCSM™) program
has four main areas of study and testing. They are: the
credit industry and its history, credit reports, credit
practices for lenders and their clients and credit
scores. CCSM is designed to help the credit
professionals and lenders gain the knowledge and insight
about this vital aspect of credit and lending. Enrollees
will also learn and be examined on how the credit system
functions and also its nuances. Certificants will have a
full understanding of the FCRA/FACTA laws, credit
reports, credit scoring practices, the Fair Debt
Collection Practices Act (FDCPA) and the wide variety of
applications and uses by different lenders.
Importantly, one of the areas of learning in the CCSM
program are adverse actions, steps taken by a borrower
might cause a credit score to decline or be temporarily
depressed, and how to reverse the adverse action,
thereby increasing the credit scores, a vital aspect of
credit score management.
Credit Score Manager applicants who complete the on-line
educational study program must pass a 100 question
examination by answering a minimum of 80 questions
correctly. The test has a bank of over 200 questions and
each test has the questions randomly assigned. After
successfully completing the examination individuals
become recognized as an ICFE Certified Credit Score
Manager and are presented with certificate suitable for
framing. The program has been submitted to a variety of
state licensing boards and professional associations for
acceptance as Continuing Education (CE) credits.
The CCSM™ program is exclusive thru the nonprofit ICFE
which also has two other important and popular
certification curriculums for credit and financial
services industry professionals: The ICFE Certified
Credit Report Reviewer™ and the ICFE Certified Identity
Theft Risk Management Specialist™.
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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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