Credit education course grads get listed in national data base and also become eligible for discounts on loans, mortgages and fees from participating lenders and a waiver of deposits from participating utility providers plus many other benefits.
RELEASE: February 2003
CONTACT: Paul Richard, RFC, ICFE Executive Director
"Are you unable to obtain a loan at a reasonable rate or
forced into paying a higher deposit to a phone company or
utility because of negative items in your credit report?
If so, you are not alone. Millions of Americans have
similar blemishes on their credit files causing them to be
denied for a loan or pay higher interest rates if they do
get a loan, says the nonprofit Institute of Consumer
Financial Education (ICFE), a San Diego based group that
is making the self-study credit education program
available for the first time.
Credit When Credit Is Due is a 12-lesson text, (also available in Spanish) written by Paul Strassels, one of America's premiere analysts on the subject of credit and debt, and the author of 14 books on personal finances.
The course is designed to help individuals gain a better knowledge of money issues and responsibilities revolving around the world of credit. The course is a self-study curriculum, with pass/fail tests following each lesson.
When students complete the course successfully, they will be registered in a national database and sent a registration card identifying them to lenders as graduates of a national standardized credit education program. This could entitle them to special consideration from participating utilities, mortgage companies and discounts, depending on the lenders discretion. They will also receive three cards addressed to the three major credit bureaus allowing them to add a positive statement to their credit reports.
The same theory applies to consumers who are borrowing money or asking for credit as the concept of the well-known driver's education course. When people take drivers education and learn the rules of the road and necessary driving skills, they are considered to be better drivers. Auto insurance companies recognize them as better driving risks and grant discounts on insurance premiums to those who satisfactorily complete the course.
Individuals who successfully complete the Credit When Credit Is Due program should be better able to steer their financial course in the future.
Who should consider taking this course? If you are a first-time credit seeker, a college student seeking credit, or an individual who has negative items on your credit report, this program should help you boost your credit rating and entitle you to other valuable benefits when seeking an apartment or insurance, etc.
The Credit When Credit Is Due course is also beneficial when applying for a loan, asking for a credit card account, seeking a discount on a loan from a participating lender, or experiencing a life-style change such as getting married, having a baby, getting a divorce, or thinking of retirement. Also if you are currently enrolled in a debt management program with an accredited, nonprofit credit counseling agency or thinking of declaring bankruptcy.
Now considered the nation's foremost credit education program, the 300-page Credit When Credit Is Due text will help users achieve security and financial stability by providing money management skills and proven techniques promoting an understanding of the wise use of credit.
The 12 lessons included in the Credit When Credit Is Due course are:
Lesson One: The Facts Of Life
What you need to know to get along as a financially responsible adult.
Lesson Two: Living On The Edge
How to budget and save your money, and plug your spending leaks.
Lesson Three: To Borrow Or Not To Borrow
How to decide if you should pay cash or borrow the money you need.
Lesson Four: So You Have Decided To Borrow Some Money
How to get through the credit-granting process once you decide to borrow.
Lesson Five: The Terms Of The Deal
How to determine if you are getting the deal you have bargained for.
Lesson Six: Auto Loans And Leases
One of the toughest deals to negotiate.
Lesson Seven: Home Sweet Home
The largest debt you are likely to ever have.
Lesson Eight: Credit Cards And Other Loans
What you need to know about credit cards, personal signature loans, etc.
Lesson Nine: You've Got Trouble When
How to tell you when you may have a problem.
Lesson Ten: When You Fall Behind
Dealing with delinquency and bill collectors.
Lesson Eleven: Bankruptcy
The ultimate credit overload
Lesson Twelve: Building And Rebuilding Your Credit
How to establish good credit when you have no credit history or even a bad credit past.
The cost of the 12-week self-study program is $50. Text
books may be ordered from the the ICFE at
PO Box 34070
San Diego, CA 92101
or at the ICFE s Web by clicking on the following link: Credit When Credit Is Due
From 1/8% to 1% off on loan rates, scholarships, reimbursement off all or part of the cost of books, discounts on loan closing costs, waive membership fees, no-fee checking, waive credit report fee for mortgage loan applicants and waive loan processing fees. Participating banks and credit unions include but are not limited to: Kern Schools Federal Credit Union, Bakersfield, CA., Bakersfield City Employees Federal Credit Union, Orange County Teachers' Federal Credit Union, Orange County, CA., American River HealthPro Credit Union, Sacramento, CA, 1st Bank of Colorado, Denver, CO., Florida Central Credit Union, Tampa, FL, Tampa Bay Federal Credit Union, Tampa, FL., American Trust Bank, Dubuque, IA., Iowa State Bank, Waterloo, IA., Union Planters Bank, Waterloo, IA., US Bank and Wells Fargo Bank, Waterloo, IA.
Waiving credit report fees, .25% discount
on loan origination fees, discounts of up to $1000 off
loan fees, no-cost appraisals upon loan closing and a cash
rebate of $500 once loan has closed. Participating
mortgage companies include but are not limited to:
Provision Mortgage Corporation, San Diego, CA., First
Source Mortgage / MyWebLender.com, and Security Mortgage,
Rapid City, SD
Participating real estate companies include but are not limited to: Century 21 Award and Coldwell Banker Associates Realty
Participating utilities companies include
but are not limited to: NY State Electric & Gas, Black
Hills Power & Light - Rapid City, SD Black Hills Electric
Cooperative - Rapid City, SD West River Electric
Association - Rapid City, SD Butte Electric Cooperative,
Newell, SD and Avista Utilities, Spokane, WA.
For more information about the Credit When Credit Is Due course visit the ICFE's Web page at: http://www.icfe.info. To receive the same information by mail, please send $1 and a self-addressed, 60 cent stamped envelope to:
ICFE: Credit When Credit Is Due Course
PO Box 34070
San Diego, CA 92163-4070.