University Daily Kansan, September 17, 1982
Page 7
Bad checks hurt students Agency maintains credit files
By DONNA KELLER Staff Reporter
Many students may have a credit record and not know it, a supervisor at the Lawrence credit reporting agency said recently.
Lyn Chance of the Credit Bureau of Lawrence said that although many students did not have credit cards or credit through banks, several things could activate a file on them in order to obtain student loans could be requested by a credit bureau in another city after the student had either graduated or left town.
"I don't think a lot of students think about their credit records," Chance said.
Chance said writing bad checks or applying for credit could activate a file
She said information given to a creditor might include records on bad checks, poor payment on a credit card, or failure of a lease agreement with a landlord.
Chance said that among students, bad checks were more of a problem than anything else, simply because credit cards or other forms of credit.
She said the number of bad checks being written was increasing.
"BECAUSE OF the economy, some people just can't pay their bills, but some people are just lackadaisical," she said.
Chance said some people thought if they left town, they were free of their obligations to the agency but said that was not true.
"A collection account is often transferred to another agency in another city."
Negative information is dropped seven years after the file date even if the obligation has not been satisfied, she said.
Chance said a credit rejection did not work against the applicant.
She said many creditors were declining credit applications because of a lack of information in the file.
"They have nothing to go by, so they turn you down," Chance said "'If you don't have money, then you don't have money."
Chance said that the entire file was reported and that neither good nor bad data were found.
"ALL CREDITORS have different ways of dealing with credit," Chance said. "They have different standards that are set within the companies. For example, an application for a mortgage can be differently from a small installment loan."
Almost all reporting and collecting laws are federal laws, Chance said.
The credit bureau office serves two purposes, she said. One is to report credit records and the other is to collect on delinquent accounts or bad checks.
Chance said anyone who wanted his good credit record listed in the file should contact the creditor and request that it be sent to a reporting agency.
Chance said when a file was requested by a creditor, the information was reported by order of importance, usually with bank and financial information given first. The files contain trade references, or those creditors with whom an individual has a credit account, collection information and legal information, such as a divorce or any lawsuits the individual has been involved in. She said criminal cases were not recorded.
department_stores, could not send credit cards to anyone without first contacting that person to ask whether a credit account with the company.
She said that although inquiries and standards were stricter than before, several department stores run prepaid phone cards to help graduating seniors obtain credit.
BEN BIGLER/Kansan Staff
Chance said creditors, such as
GEORGE STEALY, manager of Sears' credit customer relations office for the midwestern territory, said Sears sent invitations to graduating seniors to apply for a credit account with Sears.
"We have opened accounts for literally thousands of graduating seniors." Stealy said. "The payment records have been extremely satisfactory. We welcome those accounts with open arms."
Stealy said Sears did not open accounts automatically for new applicants, but only sent invitations to apply for Sears credit.
Many students do not realize credit records established while in college can follow a person for the rest of his life like a ball and chain.
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appointments with Larry, Lori & Lisa
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Get kinky with a friend for half-price.
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NOW Open Mon.-Sat.
and Evenings
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hair gallery
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Phone 842-8372
Try Our All-You-Can-Eat Salad Bar for $2.49 or try:
- Big Tex 1/3 lb. Hamburger $1.49
- Sizzlin Sirloin Steak $4.09
Also look for our daily luncheon & dinner menu specials
10% discount for students, staff, & faculty with K.U. identification card.
New hours for your convenience:
Sunday-Thursday 11 a.m.-10 p.m. Friday & Saturday 11:00 a.m.-11:00 p.m.
Under new ownership-locally owned & operated
843-2550
2620 Iowa
2nd Annual Moped Run
Sponsored by Horizons, Inc. & New Horizons, Inc. Saturday, September 25, 1:00 p.m. Riders meeting 12:30 Limited to Mopeds only
Stops & Prizes
1. Alvamar Nautilus Club
West 23rd Clinton Parkway
*1 year Nautilus membership
2. Kief's
2100 West 25th, Holiday Plaza
2 *sets Kenwood headphones*
3. Pizza Hut
1606 West 23rd
*5 $10 gift certificates
4. Petstep
'711 West 23rd, Malis Shopping Center
*Canary and cage
5. Richardson Music Co.
18 E. 9th
*Yamaha guitar and case*
6. Horizons, Inc. (start)
1400 North 3rd
*Helmet, cover, lock & basket*
7. New Horizons, Inc. (finish)
1811 West 6th
*OT-50 Yamahopper
For more information contact Roger Davis, 749-0001, New Horizons, Inc.
$5.00 Entry Fee
This is not a race, but rather a scenic tour of Lawrence. At each stop, you will draw only one sealed playing card. Envelopes must not be opened. The best five (5) of seven (7) cards will be your poker hand. The best poker hand wins the 1982 QT-50 Yamahopper. Other prizes will be awarded to the next six best poker hands. In the case of an exact tie, we draw for high card. All judges' decisions are final.
All traffic & safety rules must be observed.
To enter return this form with $5.00 entry fee to:
New Horizons, Inc.
1440 North 3rd
Lawrence, Ks. 66044
Name
Name
Address
Address ___
City ___
Phone
Phone ___
Moped Model ___