Errors on student loans shouldn't prevent you from moving forward after graduation.

Don't let student loans mess with your credit.
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Student loans can cause credit errors after graduation. Have you done your homework?

The yearly cost of a college degree can be a huge financial undertaking — one that most students will require loans to manage. Student loans are a great way to pay for college, but they can cause major issues with your credit report if they’re incorrectly reported to the credit bureaus. Getting a college degree is an exciting achievement—don’t let credit errors threaten your future.

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CORRECTING A SMALL ERROR IN YOUR CREDIT REPORT CAN MAKE A BIG DIFFERENCE IN YOUR FUTURE.

After graduation, student loans move out of the deferment period and need to be repaid. This transition can lead to inaccurate data being reported to the credit bureaus that can affect many areas of your life, such as getting a mortgage or even a job. These student loans often show up as multiple accounts on your credit report, one for each semester you borrow money, creating a greater opportunity for errors. Those being paid on an income-based payment plan often find the payment amount is incorrectly reported to the credit bureaus, inflating your monthly financial obligations. If you have credit errors resulting from incorrect reporting of your student loans, correcting them could help you in the following ways:
  • Avoid credit report issues when applying for your first job.

  • Avoid being declined for a credit card, car loan or mortgage.

  • Avoid having to pay a deposit for utilities.

HOW CAN STUDENT LOANS AFFECT MY CREDIT?

Inaccurate reporting of student loans can cause credit errors that stand in the way of your goals. See the hypothetical example below:

John graduates and begins repaying his student loans.
 
 
His loan payment is $365/mo, but is inaccurately reported as $2,200.
 
 
John applies for a mortgage, but the lender receives the inaccurate credit information.
 
 
This error affects his credit score and substantially increases his debt-to-income ratio.
 
 
John is declined for the mortgage because of his high debt-to-income ratio.

Don't let this happen to you—make sure your credit report is accurate after you graduate and begin re-paying student loans.

HOW DOES MY CREDIT AFFECT MY ABILITY TO GET A STUDENT LOAN?

While a negative credit score or no credit history won’t necessarily prohibit you from getting a federal student loan, it can certainly limit your options for additional funding or refinancing of previous student loan debt. Federal loans don’t always cover all of your college expenses, such as books, room & board, housing and more. That’s where private student loans come in. When applying for a private loan, lenders will check your credit score to determine your interest rate and repayment options. The better your credit score, the lower your interest rate and the less money you’ll have to repay once your education is complete.

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Need an advocate in your corner?

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20/20 CREDIT CAN HELP YOU GET
AN A+ ON ACCURATE CREDIT.

Make sure your credit report is completely accurate before applying for student loans and after you graduate. Call 20/20 Credit for a FREE credit analysis. Let us help you reach your goals after graduation, faster than the competition.

See what else makes our credit repair
service stand out from the competition:

  • We correct errors up to 4x faster than our competitors, so you have peace of mind for your future.

  • Pay only $89 per month for unlimited error correction—more cash to pay off those student loans!

  • With our combined total of 200 years of experience, our knowledge can help you avoid unexpected credit surprises.

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