Credit When Credit Is Due graduates report improvement
in their credit rating/score and finances in addition to getting listed
in a national data base as eligible for discounts on mortgages and
loans from participating lenders and a waiver of deposits from
participating utility providers plus many other valuable benefits.
 

San Diego, CA  Many of the 33,339 Credit When Credit Is Due graduates, who used the credit education course to improve creditworthiness and rebuild credit scores, report their finances and credit ratings/scores are on a dramatic turn around, says the nonprofit Institute of Consumer Financial Education (ICFE), an award winning, San Diego based consumer education foundation, which makes the Credit When Credit Is Due course available worldwide on the ICFE’s Web site at www.icfe.info.

The Credit When Credit Is Due course is based on well known financial writer Paul Strassels’ book of the same name. It was written to help individuals become more knowledgeable and better managers of their personal finances. The program is a series of twelve lessons or sessions that covers a wide range of topics from credit and debt management to handling personal finances responsibly. It is available from the ICFE in English or Spanish and is also online.

“The bottom line is,” said Paul Richard, a registered financial consultant (RFC) and executive director of the ICFE, “Credit When Credit Is Due works. It empowers those who complete the course to immediately change the direction of their finances plus improve their credit rating and score. An overwhelming number of graduates report numerous positive outcomes in finances since completing the study-at-home or classroom course.”

In order to determine the program has made a positive impact on those who have completed the program, the American Center for Credit Education (ACCE) commissioned an independent evaluation of the program. The Institute for Educational Leadership & Evaluation, a project of the Chiesman Foundation and an independent program evaluation organization, performed a study in the spring of 2001 and a second in the spring of 2003. A sample of 3,400 graduates was randomly selected to complete the same questionnaire as in 2001 with minor modifications. 711 graduates responded resulting in a return rate of 20.9%.

The evaluation process asked many questions about the program, however answers to three key questions were very encouraging.

(1) After completing the Credit When Credit Is Due, did your payment history change?

There was a statistically significant change in the way individuals pay bills on time after completing the Credit When Credit Is Due course in both the 2001 and 2003 survey results. There was a 96.2% increase in 2001 and a 112.5% increase in 2003 by program graduates when it came to paying their bills on time.

(2) Did your credit standing improve after completing the Credit When Credit Is Due Program?

There was also a statistically significant change in the individuals’ credit standing. More than 37.3% of the respondents indicated a positive change in their credit rating from poor to an improved rating in 2001. The percentage of 2003 respondents reporting an improvement in their credit rating was 34.1%.

(3) Would you recommend this program to other individuals?

98.7% Yes 2001
95.0% Yes 2003

Other significant findings in the Credit When Credit Is Due Evaluation Report are:

1.9% more reported completing the course through home study in 2003 than in 2001.

After completing Credit When Credit Is Due, more than 95% of respondents understood the importance of saving money in both studies.

In 2001 and 2003, the largest percentage of respondents (43.0% and 49.2%, respectively) took the course as part of a debt management program (administered through nonprofit consumer credit counseling services) and to gain personal financial education and information.

98.0% of the females in 2001 are making progress or achieving their financial goals.
91.5% of the females in 2003 are making progress or achieving their financial goals.

91.2% of the males in 2001 are making progress or achieving their financial goals.
92.7% of the males in 2003 are making progress or achieving their financial goals.

2001, ages ranged from 16 to 74 years, with an average age of 39.1 years.
2003, ages ranged from 17 to 85 years, with an average age of 40.8 years.

2001 Females 67.9% 32.1% Males
2003 Females 74.6% 25.4% Males

68.8% of the 2001 respondents had one or more years of college or technical education.
71.4% of the 2003 respondents had one or more years of college or technical education.

8.4% had a Masters or higher degrees in 2001.
4.4% had a Masters or higher degrees in 2003.

76.2% were Caucasian and 23.8% being of minority ethnicity in 2001.
70.4% were Caucasian and 29.6% being of minority ethnicity in 2003.

85.7% developed more confidence about handling their money after taking the course in 2001.
84.1% developed more confidence about handling their money after taking the course in 2003.

In 2003, there is no association between gender and positive management practices after completing Credit When Credit Is Due.

43.0% in 2001 learned about the program from their credit counselor.
49.2% in 2003 learned about the program from their credit counselor.

53.4% in 2001 would like to take an advanced course on investing.
35.5% in 2003 would like to take an advanced course on investing.

The 2003 respondents also wanted advanced courses on buying major items (38.2%)
and retirement (37.2%).

37% in 2001 reported a positive change in their credit rating and score.
34% in 2003 reported a positive change in their credit rating and score.

Overall, the 2003 evaluation results substantiates the Credit When Credit Is Due course is making a difference in the lives of the individuals who complete the course. The high percentage of graduates (95.0%) who would recommend this course to another person confirms the value graduates place on the program. The data provided in both studies shows consistent patterns in the effectiveness of the course.

Who should consider taking this course? If you want to buy your first home, or are a first-time credit seeker, a college student seeking credit, or an individual who has negative items on your credit report, this program should help you boost your credit rating and entitle you to other valuable benefits when seeking a mortgage, a car loan, an apartment or insurance, etc.

The Credit When Credit Is Due course is also beneficial when applying for a loan, asking for a credit card account, seeking a discount on a loan from a participating lender, or experiencing a life-style change such as getting married, having a baby, getting a divorce, or thinking of retirement. Also if you are currently enrolled in a debt management program with an accredited, nonprofit credit counseling agency or thinking of declaring bankruptcy.

The cost of the 12-week self-study program is $50. Text books in English or Spanish may be ordered from the ICFE at PO Box 34070, San Diego, CA or at: http://www.icfe.info.

For more detailed information about the Credit When Credit Is Due course, visit the ICFE's Web page at: http://www.icfe.info. To receive the same information by mail, please send a self-addressed, 60 cent stamped envelope to: ICFE: Credit When Credit Is Due Course, PO Box 34070 San Diego, CA 92163-4070.


Credit When Credit Is Due course outline:

Now considered the nation's foremost credit education program and available from the ICFE in English or Spanish, the 300-page Credit When Credit Is Due text will help users achieve security and financial stability by providing money management skills and proven techniques promoting an understanding of the wise use of credit.

The 12 lessons included in the Credit When Credit Is Due course are:

Lesson One: The Facts Of Life
What you need to know to get along as a financially responsible adult.
Lesson Two: Living On The Edge
How to budget and save your money, and plug your spending leaks.
Lesson Three: To Borrow Or Not To Borrow
How to decide if you should pay cash or borrow the money you need.
Lesson Four: So You Have Decided To Borrow Some Money
How to get through the credit-granting process once you decide to borrow.
Lesson Five: The Terms Of The Deal
How to determine if you are getting the deal you have bargained for.
Lesson Six: Auto Loans And Leases
One of the toughest deals to negotiate.
Lesson Seven: Home Sweet Home
The largest debt you are likely to ever have.
Lesson Eight: Credit Cards And Other Loans
What you need to know about credit cards, personal signature loans, etc.
Lesson Nine: You've Got Trouble When
How to tell you when you may have a problem.
Lesson Ten: When You Fall Behind
Dealing with delinquency and bill collectors.
Lesson Eleven: Bankruptcy
The ultimate credit overload
Lesson Twelve: Building And Rebuilding Your Credit
How to establish good credit when you have no credit history or even a bad credit past.