Access to alternative educational loans has become increasingly important to many students and good credit determines who can borrow and who cannot under private and Graduate PLUS educational loan programs. Recent legislation mandates that an individual may obtain a free credit report every 12 months. Free credit reports can only be obtained at the following: via the Web at www.annualcreditreport.com; by phone at 877-322-8228; or by written request to Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281.
Note: You are also entitled to a free copy of your credit report if you have been denied credit within the past 60 days.
Credit Reporting Agency Information:
Be advised that credit criteria used to review/approve student loans can include the following:
absence of negative credit
no bankruptcies, foreclosures, repossessions, charge-offs, or open judgments
no prior educational loan defaults unless paid in full or making satisfactory progress in repayment
absence of excessive past due accounts, i.e., no 30-, 60- or 90-day delinquencies on consumer loans or revolving charge accounts within the past two years.
We recommend that you get a copy of your credit report once a year, paying particular attention to the number of accounts, account balances, and the timely manner in which monthly payments have been paid. Comprehensive credit information on a wide variety of topics, as well as information on identity theft, is available at the Web site of the Federal Trade Commission.
The above information is correct as of January, 2012.