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Why does tuition committee need credit authorization form?

 
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amother




Babyblue


Post  Tue, Feb 05 2019, 9:29 am
I am applying for deduction of tuition because I pay almost full tuition but need a little reduced...

I give in tons of information /documents. Which is fine, but I'm curious,.

One of the forms I fill out is the credit authorization form. What does this allow the tuiton committee to do??
Do they look at my credit report??
What would they see? What are they looking for??
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ra_mom




 
 
 


Post  Tue, Feb 05 2019, 9:36 am
amother wrote:
I am applying for deduction of tuition because I pay almost full tuition but need a little reduced...

I give in tons of information /documents. Which is fine, but I'm curious,.

One of the forms I fill out is the credit authorization form. What does this allow the tuiton committee to do??
Do they look at my credit report??
What would they see? What are they looking for??

Sounds like they will be pulling a credit report.
They'll be able to see all assets under your names (any properties that have you on title or co-signer, LLCs you're associated with), accounts that you have with various institutions whether credit card, bank account of loans, as well as your credit payment history, if there has been any bankruptcy, etc.
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amother




Babyblue


Post  Tue, Feb 05 2019, 9:40 am
ra_mom wrote:
Sounds like they will be pulling a credit report.
They'll be able to see all assets under your names (any properties that have you on title or co-signer, LLCs you're associated with), accounts that you have with various institutions whether credit card, bank account of loans, as well as your credit payment history, if there has been any bankruptcy, etc.


Thanks for replying. I didnt know my credit reports shows all that. I didn't know if I owned a house(and finished paying the mortgage) it comes up with a credit report??

I thought a credit report just shows loans and credit cards and if I paid on time .
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Iymnok




 
 
 


Post  Tue, Feb 05 2019, 10:15 am
Ask the. If you could just give them a screenshot of your report since a pull reports to the bureaus and could slightly lower your score. You don’t know if they will do a hard or soft pull.
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amother




Slateblue


Post  Tue, Feb 05 2019, 10:35 am
My school makes us sign that too, but I don't think they check credit regularly. Probably only in certain circumstances where they suspect they're not getting the full truth. They've never pulled my credit.

I don't think loans that are paid off would show. They most likely want to see if you're claiming to make $5000 a month, but are spending $8000 a month. In which case either you have debt, which will show up, or you're not being honest about your income.
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ra_mom




 
 
 


Post  Tue, Feb 05 2019, 10:42 am
amother wrote:
Thanks for replying. I didnt know my credit reports shows all that. I didn't know if I owned a house(and finished paying the mortgage) it comes up with a credit report??

I thought a credit report just shows loans and credit cards and if I paid on time .

It depends on the type of report they pull. If it's a LexisNexis risk management report it, it shows all connections to the person or entity, even links up some names of relatives.
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amother




Babyblue


Post  Tue, Feb 05 2019, 11:19 am
ra_mom wrote:
It depends on the type of report they pull. If it's a LexisNexis risk management report it, it shows all connections to the person or entity, even links up some names of relatives.


Ok I understand. Thanks for replying. So basically there are many different reports that they could request which will show different things...
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amother




Babyblue


Post  Tue, Feb 05 2019, 11:21 am
amother wrote:
My school makes us sign that too, but I don't think they check credit regularly. Probably only in certain circumstances where they suspect they're not getting the full truth. They've never pulled my credit.

I don't think loans that are paid off would show. They most likely want to see if you're claiming to make $5000 a month, but are spending $8000 a month. In which case either you have debt, which will show up, or you're not being honest about your income.


Thanks for replying. You are right. They probably just use it if they suspect something /if they think someone is being dishonest....
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amother




Smokey


Post  Tue, Feb 12 2019, 7:12 am
Can they see loan payments (from college or grad school)?
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