Since approval of some non-need-based education loans is based on your credit history, you may want to order a credit report in advance to see if everything is accurate. You are allowed to receive one free credit report each year from each of the three main agencies (Equifax, Experian, and TransUnion) at www.annualcreditreport.com. Check the report closely and resolve any erroneous information prior to applying for education loans. We recommend that you order a new report every four months to ensure that no fraudulent activities have occurred on any of your accounts. For example: in January, order your first report from Equifax; in May, order the second from Experian; the third from TransUnion in September; repeat. In order to receive your credit score, you will have to pay about $15. Each of the agencies uses a slightly different formula to arrive at your credit score, but they are usually only off by a few points from each other. If you pay for a credit score from only one agency, the others should be close and you won’t need to pay for all three.
Posted in: Financial Aid FAQs