What are Your Stats? How's Your Credit History?
FINANCIAL AID QUICK LINKS
PREPARING FOR THE COSTS
ROOMMATE INFORMATION
COST OF ATTENDANCE BUDGET
OHIO RESIDENCY
MONEY MANAGEMENT TOOLS
HOW DO I APPLY?
FAQ
PRIMARY CARE LOANS
EXIT INFORMATION FOR GRADUATING OR WITHDRAWING STUDENTS
IMPORTANT RESOURCES
CONTACT US!
FINANCIAL AID HOME
STUDENT AFFAIRS HOME
 
You may know your MCAT score, blood pressure and cholesterol level, but do you know your credit score? Have you ever had your credit report checked? Did you know that to get a commercial loan, buy a car or home you need to demonstrate that you have a good credit rating? Did you know that over 86,000 credit identities are stolen each year? Or that, on average, it takes over 18 months for a person to realize his/her identity was stolen? And, it can cost thousands of dollars to fix the damage caused when this occurs!!! You are responsible for clearing things up with creditors and the credit bureaus, not the police!
 
There may actually be information on your credit report that is completely wrong and inaccurate, and you have no idea because you have never looked at your report! In fact, when several of our very own OUCOM students obtained their credit reports, many of them found some type of discrepancy! Don’t let this happen to you!
 
So, how do you order your credit report?
   
  • Most sites give your report with score for $12-$15, but be sure to add the credit score option. You can get your credit report online from Equifax, Experian, or TrueCredit (Trans Union). Most people don't know what's on their credit report, or have never seen it. The only time you get a free credit report is if you're turned down for credit, even then it's a no name bare bones report.
     
  • Here are a couple of websites to get you started in your quest for better credit!!!

    http://www.majorcreditreports.com

          https://www.annualcreditreport.com/cra/index
   
Here are the top 5 reasons why you should check your credit report regularly:
   
  1. Inaccuracies & Mixed Credit Files

    Many inaccuracies on a credit report can be the result of simple human error, and are therefore are not difficult to dispute. Of course, if you don't order your credit report, you might never know about it. Whether the inaccuracies relate to payments not credited, late payments, or data mixed in from the credit file of someone else with a name similar to yours, you will want to contact the credit bureau to dispute inaccurate information promptly
     
  2. Tracking Payments

    One of the most important elements of credit is a demonstrated history of on time payments. Once you send the check though, anything can happen--a delay in the payment being received can kick you over to a 30-day delinquency. If you call your creditor and explain the situation, they might adjust the information. Of course, if you don't read your credit report, you won't necessarily know which payments are being received and reported properly.
     
  3. Identity Theft

    This issue alone is reason to order your credit report immediately. Identity theft is an insidious crime, involving a thief who assumes your name to open new accounts, divert your card statements to another address, and run up all sorts of bad debt without you ever knowing about it until collectors come calling. Over time, identity theft could jeopardize your ability to obtain further credit. The best way to catch a thief who is using your name is by getting a copy of your credit report, which will show you if there are accounts listed you know you haven't opened. For example, if a thief has intercepted a pre-approved credit card offer in your name and sent it in with a change of address, your credit report will include the account.
     
  4. Inquiries

    If you're shopping around for a loan or more credit, you should know that when creditors check your credit, it places an inquiry on your credit report. Inquiries can add up, which is often interpreted as a negative by creditors. For this reason, too many inquiries can actually make getting credit more difficult. Moreover, if you didn't authorize someone to look at your credit report and they did, they may have broken the law.
     
  5. Credit Fraud--Unauthorized Charges

    Credit fraud involves the theft of your credit card or account number to make unauthorized charges to your account. Though consumers are protected financially from this abuse, other creditors may take note of all this activity and decide to raise your interest rates or refuse to grant you a loan. Ordering your credit report will help you catch new activity on accounts that you haven't been using, or may have closed.
   
Another point to consider:  
   
There may be a time where you need to get a commercial loan, or perhaps buy a house or new car. You need to know how you rate, credit wise, so that you won’t be hit with an unexpected surprise or charge when it comes time to make that big purchase!!!
   
When it comes to managing your credit worthiness, your credit report is your best resource. Ordering your credit report gives you the opportunity to manage your credit wisely today, while planning your credit strategy for achieving future goals--a credit-savvy move every consumer should make!
   
EDUCATION RESEARCH COMMUNITY DIVERSITY HOME
   
  Ohio University
College of Osteopathic Medicine
014 Grosvenor Hall, Athens, Ohio 45701
Tel: 740-593-2156
Last updated: 04/01/2008