SLC sharing with credit reference agencies?

financial_warrior

melancholly wrote: »

if the money just goes every month, then most students would show a good record for paying back the loan? or am i missing something?

WRONG AGAIN! The SLC only want to record defaults. If you're a good payer they'll make no record of that. Fair huh?

melancholly

i don't think you're chasing a non-issue at all - i just want to understand the facts before signing something. that's what most people do. you might want to try explaining a bit more and lecturing a little less with capital letter shouting. that way your message wouldn't be lost in the way it is being conveyed. if anyone asking for clarification is shot down in flames, you will get little support, for something that should concern a lot of students.

financial_warrior

The intention is not to shoot people down in flames at all. I was asked to provide more information and I have. I completely agree with the sentiment of 'knowing what you're signing up to'.

My primary concern here is to ensure that people are aware of legislative changes to student borrowing that could mess them up far more than they ever thought possible. The problem we face is that a large percentage of the current student population, and a significant proportion of recent graduates, suffer from apathy. They'll sit and watch it happen now, and only feel the need to do something about it when it's way too late.

I'm not for one minute saying we can prevent the defaults being recorded (though that is objective 1), but I think it should be possible to change the way that the SLC is regulated. At the moment it answers to no-one, and that shouldn't be allowed in a country with conventionally tight financial controls.

melancholly

i guess it seems like the real problem is the general incompetency of the way in which student loan deductions are being taken. if that was properly managed, then it wouldn't really matter whether credit reports included their info - it's their mess ups that cause the defaults.

personally, i don't think them coming under the scrutiny of the FSA will change a thing - they did nothing about equitable life or nothern rock. they seem to be a particularly toothless organisation! i think aiming to stop the defaults being recorded would be more useful - i don't think the FSA will change much and stopping the change would be the only way to 'protect' students.

it's also particularly interesting that one of the articles says this will only effect those who took out loans pre 1998 - so pre fees. can that be clarified?