Building Creditworthiness and Avoiding Identity Theft

Building Creditworthiness & Avoiding Identity Theft

Building credit and maintaining financial health will positively affect many aspects of your future, and mistakes you make now may hinder your ability to reach many of the goals you have, such as buying a house or even renting an apartment. Credit is one’s ability to obtain goods or services before actually paying for them.  Having “credit” is based on the trust that someone will make payment in the future.  Someone who has honored their financial commitments in the past will have good credit– or in other words – they will be deemed creditworthy.

Someone’s creditworthiness is easily revealed in their credit score, a 3-digit score assigned to the individual based on their past behavior with money.

This score is calculated using several factors:

Sources: AAMC &

Your credit score is a snapshot of your financial health and history, but your credit report provides a complete view of your financial responsibilities.  Your credit report includes your:

  • Name and aliases
  • Employer
  • Contact information
  • Addresses (current and previous)
  • Credit inquires
  • Detailed information on loan payments, including amounts borrowed and payment histories
  • Public records

We recommend that students review their credit reports on, where you are provided with one free credit report from each of the credit reporting agencies (TransUnion, Equifax, and Experian). To best keep tabs on your credit, check one report at a time, so that you can space your free reports out throughout the year.

To build good credit, you must establish the following habits:

  • Pay bills on time
  • Pay before the due date, preferably with automatic withdrawals
  • Pay down outstanding balances
  • Check your credit report periodically
  • Protect your identity

Disputing Errors and Avoiding Identity Theft

It is important to review your credit report so that you can be cognizant of errors and can dispute them in a timely manner. Typical errors found on credit reports include duplicate accounts, inaccurate payment history, and negative information that should have “aged off.” You can dispute the errors with the credit agency who issued the report.

  • TransUnion: 800-888-4213 (general) or 800-680-7289 (fraud); P.O. Box 2000, Chester, PA 19022;
  • Equifax: 800-685-1111 (general) or 800-525-6285 (fraud); P.O. Box 740241, Atlanta, GA 30374;
  • Experian: 888-397-3742 (general and fraud); PO Box 2002, Allen, TX 75013,

Identity theft is a serious matter that occurs when someone steals your personal information to use for themselves, usually to obtain lines of credit in your name.  It is a crime that can take years to resolve and can severely damage your finances.  Consumer information regarding identity theft can be found on the Federal Trade Commission’s website.

A good educational resource on credit & other personal finances is

Did you know?

A typical student borrowing federal loans can expect to pay back 167% of what they borrowed over approximately a 10 year period!  By limiting borrowing now, and paying for expenses out of pocket, students can avoid this 67% increase due to interest and fees.

Planning for $uccess and Financial Wellness Newsletter


2017 Winter Newsletter