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Negative Effect Of College Loans

Negative Effect Of College Loans http://ditchthedegree.com/

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Negative Effect Of College Loans

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  1. Negative Effect Of College Loans

  2. It is necessary for a student to get a copy of their credit report once a year, to know their credit status. If you fail to repay your loans, it will give you a negative on your credit report.

  3. 3 main credit-reporting bureaus • TransUnion • Experian • Equifax Get a copy of your report from each of these 3 agencies

  4. What you’ll get from the credit reporting bureaus Details of: • student loans • car loans • credit cards This information will be used by a prospective creditor to generate a credit score. This score will compare your information to a base group of consumers who have profiles that are similar to yours. The value of your credit score will influence your credit risk. If you have a good credit score, then you will be at a good position to obtain credit at a favorable rate of interest. Failure to repay the student loan in time will affect your credit report and will leave you with a low credit score.

  5. The impact A negative credit score implies that you have a large college loan debt.

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