Credit History
Receiving financial assistance from the Federal Stafford Loan programs is never impacted by whether or not you have a positive or negative credit history. However, if you need to borrow private educational loan funds to help you with your educational and living expenses, you normally may not have an adverse credit history.
You may obtain a copy of your credit report (a fee will be charged) from one or more of the three national reporting agencies: Experian, TransUnion, and/or Equifax. You may instead obtain a credit report containing information from all three agencies once per year at Annual Credit Report or by calling 877-FACT-ACT.
Check your credit report(s) carefully for errors and incorrect information. If you find a mistake, follow the instructions included in the report. If you have a negative credit report, do not utilize the services of any company claiming to be able to 'fix' your credit profile. They won't be able to do so. All information, positive and negative, remains a part of your credit history. Only the passage of time will improve an adverse credit history.
Your credit history continually evolves. As you use credit responsibly and pay your bills on time, you'll build a positive credit history. In fact, your bill-paying pattern during the most recent 18-24 months is typically much more important than your financial activity of 3-5 years ago.
If you're having difficulty paying your bills, the non-profit National Foundation for Credit Counseling (NFCC) has member agencies that can assist you in establishing a budget and negotiating a repayment plan with your creditors.
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