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Your credit rating plays an essential role in helping you achieve your financial goals.  Building and maintaining a good credit history while you are a student is important since lenders may run a credit check on applicants for student loans. After graduation, your credit will be used to secure a car loan, mortgage and any other major financing venture. Even potential landlords and employers are checking your credit before offering housing or employment.

  • Credit Reports

    We strongly encourage you to obtain a copy of your credit report from all of the three major credit data services: Equifax, Trans Union, and Experian. The Fair Credit Reporting Act (FCRA) allows you to request a free copy of your credit report from each of the national credit bureaus once per year. The Federal Trade Commission, which is the nation’s consumer protection agency, has Facts for Consumers regarding this important legislation. There is only one web site authorized by the FCRA and the FTC to provide these free annual reports. That web site is Requesting a copy of your credit report is a good exercise even if you think you have good credit. It has been our experience that some students find erroneous derogatory information on their report. It will take a few weeks to eradicate these errors and it would be to your advantage to work on these matters as early as possible in the loan application process.

    If you decide to request a copy of your credit reports more than once per year, you will have to pay for the additional request(s). You may request your report online, over the phone, or in writing by using the information listed below. Methods of payment will vary according to the way you request your report.

    Special Note: If you have been denied credit within the past 30 days, you are entitled to a free credit report from the agency that that provided the information for the denial.

  • Credit Scores

    To determine borrowing eligibility many lenders use a process called credit scoring. This process takes into account potential/current salary, past record of financial behavior, and number of credit cards/credit limits. The Fair Isaac Company pioneered the credit score. Many lenders use the Fair Isaac score when determining a student’s eligibility. You can obtain a copy of your credit score, which will give you a good idea of your creditworthiness, and will include explanations and commentary on the report, via the web at

    This information is provided to help you understand the general policies of these loan programs. We do not have access to your credit history, and we are not involved in a lender’s decision whether or not to approve your supplemental loan application. We are however, always available to speak with you regarding the issue of credit and would be happy to help you interpret your credit report. If you have been denied a loan, you will need to contact the lender directly to discuss the issues involved in the denial of your application.