Spring Break
Checking credit reports helps students avoid financial woes
Issue date: 8/7/08 Section: Athenscape
Unique college experiences for some unfortunate students include identity theft, scams and credit card debt.
However, these are easily avoidable, and many students forget to look to the local Better Business Bureau for help.
"We're reaching out to students on campus, and many don't know they can look at our Web site to see ratings and comments on local businesses," said Pam Meyer, branch manager for Athens and Northeast Georgia.
The bureau offers tips on credit reports, credit card offers and scams.
Parents and students should check credit reports to verify correct information, especially when getting student loans, Meyer said. "Also be responsible about using credit cards. Minimum payments are designed to keep you in debt," she said. "You can use a credit card and build great credit if used responsibly, but don't just charge a pizza and still pay on it months later."
What is on a credit report?:
-Current and previous addresses
-Date of birth
-Social Security number
-Current and previous employers
-Public records such as bankruptcies or liens
-Payment history on credit cards and loans
Scientific and Research Claims: Look for "More people prefer ... nine out of 10 doctors recommend ... clinically proven to reduce breakouts." These claims try to make you feel that you should buy the product because other people, or experts, think it's the best. But who did they survey? What doctors did they ask? Were those doctors paid by the company that makes the product? Just be skeptical.
Scholarship: Students get scammed by con artists who offer help in getting college scholarships or financial aid in return for fees. Watch out for companies saying, "The scholarship is guaranteed or your money back" or "You can't get this information anywhere else."
Fat-burners and Performance-boosters: Look for "Natural product burns fat away!" and "Improve your stamina and endurance!" Don't waste your money or risk your life on products that make promises. There are no safety guarantees with these products. Just because they're sold in grocery stores or health food stores doesn't mean they've been tested for safety by the government.
1-800-525-6285
www.equifax.com
P.O. Box 740241
Atlanta, GA 30374-0241
Experian
1-888-EXPERIAN (397-3742)
www.experian.com
P.O. Box 2002
Allen, TX 75013
TransUnion
1-800-680-7289
www.transunion.com
Fraud Victim Assistance Division
P.O. Box 6790
Fullerton, CA 92834-6790
However, these are easily avoidable, and many students forget to look to the local Better Business Bureau for help.
"We're reaching out to students on campus, and many don't know they can look at our Web site to see ratings and comments on local businesses," said Pam Meyer, branch manager for Athens and Northeast Georgia.
The bureau offers tips on credit reports, credit card offers and scams.
CREDIT REPORTS
Why are they important?: Insurance companies, employers, apartment managers and car dealers check your credit to decide how reliable you are.Parents and students should check credit reports to verify correct information, especially when getting student loans, Meyer said. "Also be responsible about using credit cards. Minimum payments are designed to keep you in debt," she said. "You can use a credit card and build great credit if used responsibly, but don't just charge a pizza and still pay on it months later."
What is on a credit report?:
-Current and previous addresses
-Date of birth
-Social Security number
-Current and previous employers
-Public records such as bankruptcies or liens
-Payment history on credit cards and loans
SCAMS
Modeling: An ad in the mall or in the newspaper announces an audition. Guess what? The "audition" is just a way to get you to buy modeling lessons or expensive photos for "your portfolio." Pressure to signing contracts can cost thousand dollars worth of lessons.Scientific and Research Claims: Look for "More people prefer ... nine out of 10 doctors recommend ... clinically proven to reduce breakouts." These claims try to make you feel that you should buy the product because other people, or experts, think it's the best. But who did they survey? What doctors did they ask? Were those doctors paid by the company that makes the product? Just be skeptical.
Scholarship: Students get scammed by con artists who offer help in getting college scholarships or financial aid in return for fees. Watch out for companies saying, "The scholarship is guaranteed or your money back" or "You can't get this information anywhere else."
Fat-burners and Performance-boosters: Look for "Natural product burns fat away!" and "Improve your stamina and endurance!" Don't waste your money or risk your life on products that make promises. There are no safety guarantees with these products. Just because they're sold in grocery stores or health food stores doesn't mean they've been tested for safety by the government.
CREDIT UNIONS
Equifax1-800-525-6285
www.equifax.com
P.O. Box 740241
Atlanta, GA 30374-0241
Experian
1-888-EXPERIAN (397-3742)
www.experian.com
P.O. Box 2002
Allen, TX 75013
TransUnion
1-800-680-7289
www.transunion.com
Fraud Victim Assistance Division
P.O. Box 6790
Fullerton, CA 92834-6790
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