The Importance of Good Credit
You need good credit to take advantage of financing opportunities to pay for your college education, and it’s a smart idea to have good credit as you start your career. It’s also a smart idea to monitor your credit report for any inaccuracies, which may require time to correct.
You can request a free copy of your credit report from each of the three major credit reporting agencies — Equifax, Experian and TransUnion — once a year at annualcreditreport.com. You can also request a free copy of your credit report every four months from one of the agencies.
How is my credit score determined?
Your credit score is a measure of the likelihood that you will pay your bills based on your credit history. Promptness in paying bills, amount and type of credit cards, credit limit and amount owed can be used to calculate your score. Serious delinquency, proportion of loan balances to credit limits and loan amounts, and too many accounts are just some factors that can negatively affect your score.
What if I’ve been denied credit?
If you’re denied credit, you can get a free copy of the credit report used in making the decision within 60 days of denial from the credit reporting agency that created the report.
How can I guard against identity theft?
You can keep personal information, such as your Social Security number, secure by not including it on government-issued IDs. Also, never provide personal information to anyone unless you initiated the contact.
Students of Iona University may be able to get discounted identity theft protection through Credit Protection Services by Identity Force.
I got a phone call from someone offering me a scholarship. It didn't seem legit. What should I do?
The Office of the Inspector General of the U.S. Department of Education has discovered a potential fraud scheme involving persons offering scholarships or grants over the phone.
How can I become skilled at managing my money?
Free courses and information on financial literacy are available to Iona University students through the National Endowment for Financial Education at CashCourse.org.
Some other sources: