We recommend that students obtain a copy of their credit report at least once each year, from one of the agencies listed below. Credit-based loans require clean credit reports, and some state bar authorities will use credit reports as one criterion for bar admission.
Credit Reports
The Federal Trade Commission reports that: “A recent amendment to the federal Fair Credit Reporting Act (FCRA) requires each of the nationwide consumer reporting companies to provide you with a free copy of your credit report, at your request, once every 12 months.” For more information, see http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre34.shtm
Three large credit reporting agencies (listed below) (and a number of smaller agencies) may provide information to lenders if you apply for a credit-based educational loan (such as a private loan or Federal Graduate PLUS Loan).
Equifax
800.685.1111; www.equifax.com
Experian/TRW
800.682.7654, 800.392.1122, 800.422.4879 or 888.397.3742; www.experian.com
Transunion
800.888.4213 or 312.408.1400; www.tuc.com
If your report contains negative financial information (in error or not), the loan may be denied. We advise you to obtain a copy of at least one of your credit reports for your own review. It is important that you discover problems early so you have time to make corrections (see the Fair Credit Reporting Act for technical requirements http://www.ftc.gov/os/statutes/fcra.htm) or begin the process of repairing any damage to your credit rating. Tulane is unable to replace "denied" loans with other sources of aid, so it is critical for students to know whether their credit history will support their planned borrowing.
