Building a Credit Score: College Students May Find It More Challenging This Year

Share Article advises that even with the new law in place to protect students, they still need an understanding of their credit report and score

Although the Credit Card Act of 2009 put measures in place intended to protect individuals under the age of 21 as it pertains to them obtaining their own credit cards,, a leader in credit report, credit score and credit monitoring services, reminds them that a key element to responsibly managing credit and building a good credit score for college students is to have a good understanding of their credit report and score.

The reforms, which went into effect in February 2010, now require anyone under the age of 21 to prove that they have income in which to pay their credit card debts or have adult co-signers on their accounts.

“This legislation was enacted to help prevent credit card debt and the effects of a bad credit score on college students,” said Samuel S. Ambrose, Vice President of Marketing and Operations of “However, the students who weren’t able to access credit cards will not have the credit score that they will need upon graduation.”

Ambrose explains that it’s important for students to have understanding of their credit report and score and how they’re derived: A credit report shows information that the 3 major credit bureaus (Experian™, Equifax™, and TransUnion™) collect about an individual’s credit card accounts, money borrowed, credit applications and debt repayment history. Lenders check a credit report when determining whether to issue someone a line of credit or a loan. This information from the 3 major credit bureaus can also be viewed by potential landlords, insurers and employers.

Parents who are being asked by their student to co-sign should be cautious and know that if their student pays their bill late, it will also affect their credit score. Parents can play a role in educating their student about their finances, paying bills on time and possibly sharing their own finances with them to help them understand their credit report and score.

In addition, the reform now limits how credit card companies can market to students. “Gone are the days of free food and t-shirts in exchange for signing up for a credit card on campus,” said Ambrose.

Since 2004, has specialized in providing credit information and credit monitoring services to consumers to help them understand their credit report and score. encourages consumers to check their credit report from the 3 major credit bureaus on a regular basis.

Allison Tomek


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